FEED Validator

for Atom and RSS and KML

Congratulations!

This is a valid RSS feed.

Recommendations

This feed is valid, but interoperability with the widest range of feed readers could be improved by implementing the following recommendations.

line 41, column 0: description should not contain aria-label attribute (10 occurrences) [help]
```
					<description><![CDATA[When it comes to applying for Social Security  ...
```

Source: https://deftangle.com/feed/

<?xml version="1.0" encoding="UTF-8"?><rss version="2.0"
xmlns:content="http://purl.org/rss/1.0/modules/content/"
xmlns:wfw="http://wellformedweb.org/CommentAPI/"
xmlns:dc="http://purl.org/dc/elements/1.1/"
xmlns:atom="http://www.w3.org/2005/Atom"
xmlns:sy="http://purl.org/rss/1.0/modules/syndication/"
xmlns:slash="http://purl.org/rss/1.0/modules/slash/"
>
<channel>
<title>DEFTANGLE</title>
<atom:link href="https://deftangle.com/feed/" rel="self" type="application/rss+xml" />
<link>https://deftangle.com</link>
<description></description>
<lastBuildDate>Fri, 02 Feb 2024 18:43:00 +0000</lastBuildDate>
<language>en-US</language>
<sy:updatePeriod>
hourly </sy:updatePeriod>
<sy:updateFrequency>
1 </sy:updateFrequency>
<generator>https://wordpress.org/?v=6.6.1</generator>
<image>
<url>https://deftangle.com/wp-content/uploads/2023/01/cropped-deftangle-site-identity-32x32.png</url>
<title>DEFTANGLE</title>
<link>https://deftangle.com</link>
<width>32</width>
<height>32</height>
</image>
<item>
<title>SOCIAL SECURITY BENEIFTS AT AGE 62 – UNITED STATES</title>
<link>https://deftangle.com/2024/02/02/social-security-beneifts-at-age-62-united-states/?utm_source=rss&utm_medium=rss&utm_campaign=social-security-beneifts-at-age-62-united-states</link>
<comments>https://deftangle.com/2024/02/02/social-security-beneifts-at-age-62-united-states/#respond</comments>
<dc:creator><![CDATA[Saadsarimshazil]]></dc:creator>
<pubDate>Fri, 02 Feb 2024 18:42:59 +0000</pubDate>
<category><![CDATA[OUR BLOGS]]></category>
<category><![CDATA[Social Security USA]]></category>
<guid isPermaLink="false">https://deftangle.com/?p=262</guid>
<description><![CDATA[When it comes to applying for Social Security benefits, many people wonder what is the best age is to apply. Most individuals are uncertain whether to apply at the earliest possible age of 62 or wait a few more years to claim their benefits. In this article, we will explore the benefits of applying at ... <a title="SOCIAL SECURITY BENEIFTS AT AGE 62 – UNITED STATES" class="read-more" href="https://deftangle.com/2024/02/02/social-security-beneifts-at-age-62-united-states/" aria-label="Read more about SOCIAL SECURITY BENEIFTS AT AGE 62 – UNITED STATES">Read more</a>
The post <a rel="nofollow" href="https://deftangle.com/2024/02/02/social-security-beneifts-at-age-62-united-states/">SOCIAL SECURITY BENEIFTS AT AGE 62 – UNITED STATES</a> first appeared on <a rel="nofollow" href="https://deftangle.com">DEFTANGLE</a>.
]]></description>
<content:encoded><![CDATA[
When it comes to applying for Social Security benefits, many people wonder what is the best age is to apply. Most individuals are uncertain whether to apply at the earliest possible age of 62 or wait a few more years to claim their benefits. In this article, we will explore the benefits of applying at age 62 and why it may be the best time for you to do so.
<h2 class="wp-block-heading">Why should you apply Social Security Benefits at age 62?</h2>
After working for years, you may feel tired and want to retire, but you may be uncertain about <a href="https://deftangle.com/2024/01/07/most-common-asked-social-security-question-for-retirement/">claiming your Social Security benefits</a> due to various factors, such as lack of other income sources, your current financial situation, and the dependence of family members on you.
However, if you are financially stable and can manage your expenses in retirement, consider claiming your social security benefits at the earliest possible age, i.e. 62. Remember, no one knows what the future holds, and the decisions you make today will shape your tomorrow.
In my personal opinion, 62 is the ideal age to claim social security benefits. By this age, you may have endured unpleasant experiences like poor working conditions, a toxic work environment, and working extra hours to earn more. Thus, you might feel exhausted and ready for a well-deserved break. Claiming your benefits at 62 offers some of the following <a href="https://money.usnews.com/money/retirement/social-security/articles/reasons-to-take-social-security-early" target="_blank" rel="noopener">advantages</a>:
<ul class="wp-block-list">
<li>It allows you to retire earlier and enjoy a longer period of leisure</li>
<li>It can reduce stress and provide a more relaxed pace of life</li>
<li>You can focus on your health and wellness</li>
<li>It allows for more years of travel and exploration</li>
<li>Reduces exposure to inflation, which can erode purchasing power over time</li>
<li>With a steady income stream from social security, you can take less investment risk</li>
<li>If married, claiming benefits at 62 can potentially unlock spousal benefits</li>
<li>With social security income, you will have a safety net during market volatility</li>
<li>You have the luxury of time to travel and explore the world with your family and loved ones</li>
<li>Now it’s time to fulfil all your incomplete dreams, the ones you once wished for</li>
</ul>
<h2 class="wp-block-heading">Drawbacks of claiming Social Security benefits at age 62</h2>
There are following some of the <a href="https://www.investopedia.com/4-reasons-not-to-delay-social-security-payments-4687576" target="_blank" rel="noopener">drawbacks</a> of claiming Social Security benefits at age 62:
<ul class="wp-block-list">
<li>Claiming Social Security benefits at age 62 will result in reduced benefits, compared to waiting until your full retirement age.</li>
<li>Taking benefits at age 62 may result in a lower total payout over your lifetime.</li>
<li>If your claim your Social Security benefits early, it may result in higher Medicare Part B premiums.</li>
<li>Delaying your Social Security benefits allows your benefits to grow by about 8% each year until your full retirement age.</li>
<li>If you claim your Social Security benefits at age 62 and pass away, your surviving spouse and dependent children may receive reduced survivor benefits.</li>
</ul>
<h2 class="wp-block-heading">Monthly Social Security benefits at Age 62 vs 67</h2>
It is important to note that the difference between <a href="https://www.ssa.gov/benefits/retirement/planner/agereduction.html" target="_blank" rel="noopener">age 62 and 67</a> can be significant. According to Social Security Administration, the maximum monthly benefit for a retired worker at age 62 is $2,710 while the maximum monthly benefit at age 67 is $2,710 for 2024. It may be noted that 67 is also <a href="https://www.ssa.gov/pubs/EN-05-10035.pdf" target="_blank" rel="noopener">full retirement age</a>, while 62 is the earliest possible retirement age.
So, although there is a significant difference in Social Security monthly benefits between age 67 and 62, however, money does not always guarantee peace of mind, but happiness does. So, instead of wasting six more precious years of your life, its worth retiring at 62 and enjoying your golden years.
Moreover, if we compare age 62 with 67, you are five years younger and more agile than at 67, which allows you to even work part-time while taking Social Security benefit, without worrying about losing your benefits. However, considering the key differences between ages 62 and 67, it ultimately depends on your personal preferences and financial situation to determine the best time to claim your Social Security benefits.
Another important factor to consider is your health status. If you are in good health, or have a chronic illness, serious health issues, or other health conditions that prevent you from working, it may impact your decision on when to claim your Social Security benefits.
<h2 class="wp-block-heading">FAQs</h2>
Q. Can you retire and receive Social Security benefits at age 62?
A. Yes, age 62 is earliest possible to claim your Social Security benefits. However, claiming your benefits at age 62 may result in reduced benefits.
Q. How much Social Security benefits be reduced if you retire at age 62?
A. If you retire at age 62 your benefits will be reduced by about 25% compared to waiting until your full retirement age i.e. 67.
Q. Will your Social Security benefits increase if you continue working past age 62?
A.  Yes, if you continue working and delay receiving your benefits, your benefits will increase by about 8% for each year you wait, up to age 70.
Q. How can you apply for your Social Security benefits at age 62?
A. You can apply your Social Security benefits by going to Social Security Administration’s official website, by phone, or in person at a local Social Security Administration office.
Q. What document do you need to apply for your Social Security benefits?
A. You will need to provide documentation like your birth certificate, proof of address and proof of work history.
<h2 class="wp-block-heading">Conclusion</h2>
If you are financially stable and can cover your expenses, claiming your Social Security benefits at 62 can bring peace of mind and freedom to live life on your terms. You will be free from the constraints of a job, with no boss or supervisor to dictate your schedule or undervalue your efforts.  However, before making any decision in said regard, you should always keep in mind all pros and cons of claiming Social Security at age 62.
If you have any further questions or need more clarification on anything related to Social Security, feel free to ask. You can leave your question or query in the comment section and I will respond as soon as I can.
Thanks for reading
The post <a rel="nofollow" href="https://deftangle.com/2024/02/02/social-security-beneifts-at-age-62-united-states/">SOCIAL SECURITY BENEIFTS AT AGE 62 – UNITED STATES</a> first appeared on <a rel="nofollow" href="https://deftangle.com">DEFTANGLE</a>.
]]></content:encoded>
<wfw:commentRss>https://deftangle.com/2024/02/02/social-security-beneifts-at-age-62-united-states/feed/</wfw:commentRss>
<slash:comments>0</slash:comments>
</item>
<item>
<title>SOCIAL SECURITY BENEFITS FOR SINGLES IN THE UNITED STATES</title>
<link>https://deftangle.com/2024/01/30/social-security-benefits-for-singles-in-the-united-states/?utm_source=rss&utm_medium=rss&utm_campaign=social-security-benefits-for-singles-in-the-united-states</link>
<comments>https://deftangle.com/2024/01/30/social-security-benefits-for-singles-in-the-united-states/#respond</comments>
<dc:creator><![CDATA[Saadsarimshazil]]></dc:creator>
<pubDate>Tue, 30 Jan 2024 18:27:25 +0000</pubDate>
<category><![CDATA[OUR BLOGS]]></category>
<category><![CDATA[Social Security USA]]></category>
<guid isPermaLink="false">https://deftangle.com/?p=259</guid>
<description><![CDATA[In this article, we will delve into the ins and outs of Social Security benefits for a single person, eligibility, how much you might receive and how to maximize your Social Security benefits and much more.    Eligibility Following are some of the requirements to for a single person to claim Social Security benefits: It ... <a title="SOCIAL SECURITY BENEFITS FOR SINGLES IN THE UNITED STATES" class="read-more" href="https://deftangle.com/2024/01/30/social-security-benefits-for-singles-in-the-united-states/" aria-label="Read more about SOCIAL SECURITY BENEFITS FOR SINGLES IN THE UNITED STATES">Read more</a>
The post <a rel="nofollow" href="https://deftangle.com/2024/01/30/social-security-benefits-for-singles-in-the-united-states/">SOCIAL SECURITY BENEFITS FOR SINGLES IN THE UNITED STATES</a> first appeared on <a rel="nofollow" href="https://deftangle.com">DEFTANGLE</a>.
]]></description>
<content:encoded><![CDATA[
In this article, we will delve into the ins and outs of Social Security benefits for a single person, eligibility, how much you might receive and how to maximize your Social Security benefits and much more.   
<h2 class="wp-block-heading">Eligibility</h2>
Following are some of the requirements to for a single person to claim <a href="https://www.ssa.gov/ssi/text-entitle-ussi.htm#:~:text=You%20can%20receive%20Social%20Security,do%20not%20need%20work%20credits." target="_blank" rel="noopener">Social Security benefits</a>:
<ul class="wp-block-list">
<li>You must have worked and paid into Social Security System at least 10 years of work (40 credits) to qualify for Social Security retirement benefits.</li>
<li>Must be at least 62 years old.</li>
<li>Must be a U.S. citizen, green card holder or a lawful resident with a valid Social Security number.</li>
<li>For a disabled person, he/she must have a qualifying disability or condition that prevents them from working.</li>
</ul>
It is important to note that there is some different between eligibility for a single person and a married person. Married persons may be eligible for spousal benefits, but the single person is not eligible for the same. 
<h2 class="wp-block-heading">How much money will you receive?</h2>
As of January 2024 the maximum Social Security benefit for a single person is $4,873 per month, however, the actual amount you receive will depend on different factors, such as your work history, earning history, age and any other sources of income.  
<h2 class="wp-block-heading">Benefits of Social Security for a single person</h2>
If you have a higher earning history, you will receive a higher benefit than a married person. As a single person, you also have the advantage of receiving <a href="https://deftangle.com/wp-admin/post.php?post=241&action=edit">full Social Security benefit</a> without any reduction for a spousal benefit.
Moreover, single person can also take advantage of the ‘reset’ option, which allows you to withdraw your application for benefits and re-apply at a later date for a higher amount. It is important to note that being single you have more control and flexibility when it comes to Social Security benefits.   
<h2 class="wp-block-heading">How to maximize your Social Security benefits?</h2>
There are different options to <a href="https://money.usnews.com/money/retirement/social-security/slideshows/ways-to-increase-your-social-security-payments" target="_blank" rel="noopener">maximize your Social Security benefits</a>, such as waiting until <a href="https://www.ssa.gov/pubs/EN-05-10035.pdf" target="_blank" rel="noopener">Full Retirement Age </a>(FRA), working for at least 35 years, delaying your benefits till 70 years old if you can and claiming spousal benefits first and then your own.
In order to maximize your Social Security benefits along with above options, you also need to consider your overall financial situation and tax implications when deciding when to claim your Social Security benefits. However, maximizing Social Security benefits requires personalized planning based on individual circumstances.   
<h2 class="wp-block-heading">What is the best time to claim your Social Security benefits?</h2>
Well, <a href="https://deftangle.com/wp-admin/post.php?post=197&action=edit">the best time to claim your Social Security benefits</a> solely depends on your personal circumstances, such as financial needs, health and your daily expenses. It is important to add here that some people prefer to claim benefits at early possible retirement age i.e. 62 years of age, while other delay claim the same until age 62 to receive maximum benefits.
According to some Social Security experts, if your likely pension is below than what you need to meet your expenses, such as monthly rent, utility bills and groceries etc., then you should not claim your Social Security benefits at 62 and wait until 70 years of age or at least 67 to get larger benefits.
For example, if your likely monthly pension is around $2,000 but your expenses are $2500, then it is not a wise move to claim your Social Security benefits at age 62, as it will badly hurt your financial capability to meet your expenses. Your decision to claim your Social Security benefits at age 62 is likely to be a move you will regret, as it may not be enough to meet your expenses.
<h2 class="wp-block-heading">Benefits of waiting longer to claim Social Security</h2>
The first thing you need to understand is the longer you wait to claim social security, the higher the amount will be. At your full retirement age, you are entitled to receive 100% of your Social Security benefits. It is pertinent to mention here that the current full retirement age is 67 years for people attaining age 62 in 2024.
However, if you wait till 68 years of age, you will get an 8% bonus, while until waiting until 70 years of age you will receive the maximize benefit i.e. 124%. So, as I mentioned above that in order to receive 100% Social Security benefits, you need to wait until full retirement age i.e. 67, while for maximum benefit you need to be at least 70 years old.    
Additionally, waiting beyond your full retirement age can be beneficial for you, as you likely receive a cost-of-living adjustment each year, based on inflation, which will accumulate and result in higher overall savings.
<h2 class="wp-block-heading">Conclusion</h2>
The Social Security benefits are a vital resource for single individuals, providing a safety net for retirement, disability, or unexpected life events. By understanding the eligibility requirements, benefit amounts, and strategies for maximizing benefits, you can take control of your financial future. Remember, Social Security is just one part of a comprehensive financial plan and by combining it with other sources of income and savings, you can build a secure and fulfilling life. However, as I discussed above that the best time to claim your Social Security benefits entirely depends on your personal circumstance. Before making any decision in said regard, you should always keep in mind all pros and cons of early or late retirement.
If you have any further questions or need more clarification on anything related to Social Security, feel free to ask. You can leave your question or query in the comment section and I will respond as soon as I can.
Thanks for reading
<h2 class="wp-block-heading">FAQs</h2>
Q. Who is eligible for Social Security benefits in the U.S.?
A. U.S. citizens, permanent residents and qualifying non-citizens, who have worked and paid into Social Security System are eligible to receive Social Security benefits.
Q. Can a single person receive Social Security benefits if they have other income sources of income?
A.  Yes, but other income sources may affect the taxability of Social Security benefits.
Q. Can a single person receive Social Security benefits if they have a disability?
A. Yes, a single person with qualifying disabilities may be eligible for Social Security Disability Insurance (SSDI) benefits.  
Q. How does marriage affect Social Security benefits for singles?
A. If single gets married, his/her Social Security benefits may be affected depending on their spouse’s income and benefit amount.
Q. What types of Social Security benefits are available to singles?
A. A single person may be eligible for different Social Security benefits including retirement benefits, disability benefits and survivor benefits. Additionally, they may also claim spousal benefits based on a former spouse’s earnings record.
The post <a rel="nofollow" href="https://deftangle.com/2024/01/30/social-security-benefits-for-singles-in-the-united-states/">SOCIAL SECURITY BENEFITS FOR SINGLES IN THE UNITED STATES</a> first appeared on <a rel="nofollow" href="https://deftangle.com">DEFTANGLE</a>.
]]></content:encoded>
<wfw:commentRss>https://deftangle.com/2024/01/30/social-security-benefits-for-singles-in-the-united-states/feed/</wfw:commentRss>
<slash:comments>0</slash:comments>
</item>
<item>
<title>NET WORTH OF RICH PEOPLE IN THE UNITED STATES</title>
<link>https://deftangle.com/2024/01/26/net-worth-of-rich-people-in-the-united-states/?utm_source=rss&utm_medium=rss&utm_campaign=net-worth-of-rich-people-in-the-united-states</link>
<comments>https://deftangle.com/2024/01/26/net-worth-of-rich-people-in-the-united-states/#respond</comments>
<dc:creator><![CDATA[Saadsarimshazil]]></dc:creator>
<pubDate>Fri, 26 Jan 2024 17:07:43 +0000</pubDate>
<category><![CDATA[OUR BLOGS]]></category>
<category><![CDATA[Social Security USA]]></category>
<guid isPermaLink="false">https://deftangle.com/?p=254</guid>
<description><![CDATA[In today’s article we will discuss how much net worth you need to be considered wealthy in the United States. In the recent past, various studies / surveys have been conducted to ascertain the actual figures of how much people are making in the United States and whether they are satisfied with their earnings, aiming ... <a title="NET WORTH OF RICH PEOPLE IN THE UNITED STATES" class="read-more" href="https://deftangle.com/2024/01/26/net-worth-of-rich-people-in-the-united-states/" aria-label="Read more about NET WORTH OF RICH PEOPLE IN THE UNITED STATES">Read more</a>
The post <a rel="nofollow" href="https://deftangle.com/2024/01/26/net-worth-of-rich-people-in-the-united-states/">NET WORTH OF RICH PEOPLE IN THE UNITED STATES</a> first appeared on <a rel="nofollow" href="https://deftangle.com">DEFTANGLE</a>.
]]></description>
<content:encoded><![CDATA[
In today’s article we will discuss how much net worth you need to be considered wealthy in the United States. In the recent past, various studies / surveys have been conducted to ascertain the actual figures of how much people are making in the United States and whether they are satisfied with their earnings, aiming to address the question of what is need to be considered wealth. However, two recent studies / surveys conducted by Charles Schwab and Federal Reserve covered whole aspects thoroughly. Below is detailed information on the topic / these studies:
<h2 class="wp-block-heading">What is net worth?</h2>
<a href="https://www.cnbc.com/select/what-is-net-worth/" target="_blank" rel="noopener">Net worth</a> is simply the value of your assets, excluding your liabilities. For example, if you own a home, a car, or have money in your bank account, your net worth is the value of these things, excluding the value of your liabilities. So, net worth is simply your assets minus your liabilities. In simpler terms, it is a way of figuring out how much you would have if you sold everything you own and paid off your debts, such as mortgages, credit card debts or car payments. It is important to note that there is big difference between a single net worth and of a household.
<h2 class="wp-block-heading">What is household?</h2>
A household is basically a group of people who live together and share different things like a home, meals etc. under one roof. It is pertinent to added that these people can be related or unrelated, but all have common interests. 
<h2 class="wp-block-heading">What net worth is considered wealthy in the United States?</h2>
According to two recent studies, conducted by Charles Schwab and Federal Reserve, respectively, covered the very specific question of how much net worth you need to have to be considered wealthy in the United States. Details about both studies is as follows: 
<h2 class="wp-block-heading">Charles Schwab study / survey</h2>
The first study / survey done by <a href="http://chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://content.schwab.com/web/retail/public/about-schwab/schwab_modern_wealth_survey_2023_findings.pdf" target="_blank">Charles Schwab</a> (an American investor and financial executive), involved asking a thousand households about what net worth they believe is needed to be considered wealthy? In the follow up question, they asked, ‘do you personally feel wealthy?’ And if so, what’s the net worth of your household?
In the said study, they found out that average respondent felt they need to have a $2.2 million to be considered wealthy. As far as the second question of do you personally feel wealthy is concerned, almost half, 48% answered yes to this question.
According to some financial experts, this study was very encouraging, particularly given that the average net worth for the people that answered yes was $560,000. So, a far cry from the $2.2 million that they would say that people need to have to be considered wealthy.
<h2 class="wp-block-heading">Federal Reserve Board Survey</h2>
In the second study that is called shed study/survey, conducted by Federal Reserve Board. Shed study stands for <a href="https://www.federalreserve.gov/consumerscommunities/shed.htm" target="_blank" rel="noopener">Household Economics and Decisionmaking</a> (SHED). This study/survey measured the economic well-being of U.S. households by identifying potential risk factors to their finances. The study finds that over the last decade, people tend to feel more comfortable in their financial security.
In the said survey, almost three to four people report feeling comfortable with their financial security. It is important to note that it is down from 2021 and it almost reached 80%, which is great. It is pertinent to mention here that as of 2022 it is almost 73%.
This data that reflects the fact that it is getting harder day by day as expenses are higher, but wages have not kept up with inflation. But still some financial experts think it is great as three to four percent of people were financially comfortable. According to these experts it is still great because if we compare it with rest of the world, there are many people in the different countries who do not feel financially comfortable. According to them, much of the world even does not have a retirement plan, so people in the United States are so fortunate and are in a position that they are saving up money.
It is important to add that second part of this study/survey by Federal Reserve is called <a href="https://www.federalreserve.gov/econres/scfindex.htm#:~:text=The%20Survey%20of%20Consumer%20Finances%20(SCF)%20is%20normally%20a%20triennial,%2C%20income%2C%20and%20demographic%20characteristics." target="_blank" rel="noopener">Survey of Consumer Finance</a>, where they actually looked at the actual net worth for people in retirement and at the age groups. And then they also looked at median net worth. It is important to note that there is a big difference between average and median average net worth by a couple high earners. For example, let’s say you in a family with five siblings and you are in the middle i.e. number three. And you and three of your siblings each make $50,000 a year. So, the average is $50,000, but the median half above, half below is also $50,000.
Now, for example, your brother named John comes in and he has worth $800,000. So, now your median half above half below and you are the middle child, so you and three of your siblings make $50,000. So, in this case the median has not changed. But due to your brother, the average has jumped up to $200,000 each as he makes $800,000. Your other, you and your three siblings make $50,000, totals to a million divided by five 200,000, so it is a big difference.
Now, in this part of article, we are going to discuss about the median net worth in the United States. The following is a breakdown of different age groups and their average net worth:
<ul class="wp-block-list">
<li>For ages 20 to 24 is $10,800.</li>
<li>For 25 to 29, it is a little over $30,000.</li>
<li>For 30 to 34, it is a little under $90,000.</li>
<li>For 35 to 39, it jumps quite a bit, $141,200.</li>
<li>For 40 to 44, it is 134,730.</li>
<li>For 45 to 49, it’s 212,800.</li>
<li>For 50 to 54, it is 272,800.</li>
<li>For 50 to 59, it is $320,700.</li>
<li>For 60 to 64, it is 394,000. Just a little under three over 394,000.</li>
<li>For 65 to 69, it is a little under $400,000. Median net worth $394,300.</li>
<li>76 to 74, it is $433,100.</li>
<li>While for 75 to 80, the median net worth is $316,000.</li>
</ul>
Most of the people say that they do not think they have enough money to retire, so this shows that the median net worth for 75 to 80 is over $300,000. So, if you are not comfortable to claim your retirement due to these fears, then you should wait till 70, so you are in the last bracket of people having lot of money if we compare them with other group of people. 
Next, I want to discuss another study done by broader groups for people under 35. In this study they focused on that what does it take to actually be wealthy in the United States. In this group, the median net worth is just under $40,000. It is important to note that this median net worth is for households. So, if you and your spouse live in the same household, it would be considered the two of you. But if you are single, it would be considered your net worth. Breakdown for other different ages is as follows:
<ul class="wp-block-list">
<li>For 45 to 54 is a little under 250,000.</li>
<li>For 55 to 64 is 364,000.</li>
<li>For 65 to 74 is 410,000.</li>
<li>While for 75 plus is 335,000.</li>
</ul>
But now let’s look at what does it take to be in the top quartile and then the top 10%. So, if you are in the 75th percentile, then you are above 75% of the people. And again, this is <a href="https://thehill.com/homenews/4290971-heres-the-average-net-worth-of-americans-by-age-how-do-you-stack-up/#:~:text=The%20most%20recent%20report%20includes,worth%20increased%2023%25%20to%20%241%2C063%2C700." target="_blank" rel="noopener">median net worth</a> by household and less than 35 years old is a little over 150,000, 35 to 44, it’s a little over 400,000, 45 to 54, it’s a little over 800,000. 55 to 64 is a little over $1.1 million. 65 to 74 goes up just a little bit closer to $1.2 million. And then 75 plus is just a little less than a million dollars, $975,000. So that’s to be in the upper quartile.
So, this is what the numbers would tell you actually need to have to be in the upper quartile. But it is less than that Schwab report that I discussed above, where people said they needed to have $2.2 million. And there, I think they were really thinking more about the top 10%. So, for the top 10%, then household net worth, net worth is just all of your assets minus your liabilities. This is more consistent with the Schwab number. So, under 35, if you’ve got a little over $370,000 of net worth, then you are in the top 10%.
And the survey of consumer finance, 35 to 44, it is a little over a million dollars, $1,050,000. 45 to 54 is just under $2 million, $1.974 million. You can see pretty close to that $2.2 million that the Schwab survey said. 55 to 64, to be in the top 10%, you need to have the net worth of almost $3 million, $2.96 million. While 65 to 74 is just a under $3 million. It does go up from their younger cohorts, 55 to 64, $2.997 million. And then people start spending their money. And so that median for people 75 and older is just a smidge under $2.7 million, $2.699 million.
<h2 class="wp-block-heading">Conclusion</h2>
In today’s article, we discussed different surveys / studies, particularly those conducted by Charles Schwab and Federal Reserve, aimed at ascertaining the actual net worth to be considered wealthy in the United States. If you have any further on the topic or any other related to Social Security in the United States, please feel free to leave me the same in comment section and I will respond to you as soon as I could.  
Thanks for reading my article and stay connected for more such valuable information in the future.
<h2 class="wp-block-heading">FAQs</h2>
Q. What is net worth?
A. Net worth is simply the value of your assets, excluding your liabilities.
Q. What income is considered wealth in the United States?
A. According to survey conducted by Charles Schwab, Americans said it takes an average net worth of $2.2 million to qualify an individual as being wealthy.  
Q. What is the difference between assets and liabilities?
A. Assets are resources of things of value owned by an individual or entity, such as cash, property or investments, while liabilities, on the other hand, are debts that the individual entity owes to others.
Q. Is loan an asset or liability?
A. Typically, a loan is considered a liability, not an asset.
The post <a rel="nofollow" href="https://deftangle.com/2024/01/26/net-worth-of-rich-people-in-the-united-states/">NET WORTH OF RICH PEOPLE IN THE UNITED STATES</a> first appeared on <a rel="nofollow" href="https://deftangle.com">DEFTANGLE</a>.
]]></content:encoded>
<wfw:commentRss>https://deftangle.com/2024/01/26/net-worth-of-rich-people-in-the-united-states/feed/</wfw:commentRss>
<slash:comments>0</slash:comments>
</item>
<item>
<title>A COMPLETE GUIDE TO HOW BITCOIN CRYPTOCURRENCY WORKS</title>
<link>https://deftangle.com/2024/01/20/a-complete-guide-to-how-bitcoin-cryptocurrency-works/?utm_source=rss&utm_medium=rss&utm_campaign=a-complete-guide-to-how-bitcoin-cryptocurrency-works</link>
<comments>https://deftangle.com/2024/01/20/a-complete-guide-to-how-bitcoin-cryptocurrency-works/#respond</comments>
<dc:creator><![CDATA[Saadsarimshazil]]></dc:creator>
<pubDate>Sat, 20 Jan 2024 18:21:31 +0000</pubDate>
<category><![CDATA[BUSINESS]]></category>
<category><![CDATA[Cryptocurrency]]></category>
<category><![CDATA[OUR BLOGS]]></category>
<guid isPermaLink="false">https://deftangle.com/?p=251</guid>
<description><![CDATA[In today’s article I will delve into a very hot topic – “How Bitcoin Cryptocurrency Works”. Moreover, I will also discuss whether 2024 is the right year to invest in the cryptocurrency market. And I will also cover different topics revolving around Bitcoin, such as Bitcoin mining, Bitcoin wallets and how to trade Bitcoin. What ... <a title="A COMPLETE GUIDE TO HOW BITCOIN CRYPTOCURRENCY WORKS" class="read-more" href="https://deftangle.com/2024/01/20/a-complete-guide-to-how-bitcoin-cryptocurrency-works/" aria-label="Read more about A COMPLETE GUIDE TO HOW BITCOIN CRYPTOCURRENCY WORKS">Read more</a>
The post <a rel="nofollow" href="https://deftangle.com/2024/01/20/a-complete-guide-to-how-bitcoin-cryptocurrency-works/">A COMPLETE GUIDE TO HOW BITCOIN CRYPTOCURRENCY WORKS</a> first appeared on <a rel="nofollow" href="https://deftangle.com">DEFTANGLE</a>.
]]></description>
<content:encoded><![CDATA[
In today’s article I will delve into a very hot topic – “How Bitcoin Cryptocurrency Works”. Moreover, I will also discuss whether 2024 is the right year to invest in the cryptocurrency market. And I will also cover different topics revolving around Bitcoin, such as Bitcoin mining, Bitcoin wallets and how to trade Bitcoin.
<h2 class="wp-block-heading">What is Bitcoin and how does it work?</h2>
<a href="https://deftangle.com/2024/01/16/big-boost-to-digital-money-in-the-united-states/">Bitcoin</a> is not like cash and it works like a digital currency on the internet and there is no role of any bank but instead computers, connected together are used for this purpose. When you want to buy or sell stuff using Bitcoin, you need these computers to complete your transactions. It is added here that you need to have a secret code, so only you can use your money.
It is pertinent to mention here that all transactions get written down in a big digital notebook called the <a href="https://www.blockchain.com/" target="_blank" rel="noopener">blockchain</a> making sure it is safe and secure. You just need to keep your Bitcoin in digital wallets, which is kind of like a pocket for your internet cash.
<h2 class="wp-block-heading">Why digital money is better than physical money?</h2>
According to digital currency experts, when vast majority of people especially in the U.S. are already using different <a href="https://www.nttdatapay.com/blog/types-of-digital-currency/#:~:text=Digital%20currency%20is%20rapidly%20changing,%2C%20virtual%20currencies%2C%20and%20stablecoins." target="_blank" rel="noopener">forms of digital money</a>, such as credit cards, wire transfers, PayPal, and others, its not a big deal if we fully transform into digital currency. The digital money offer convenience and increased security and accessibility as it can be managed remotely. Unlike physical cash, digital money reduces the risk of loss or theft, making it more secure than physical cash. However, it is important to note that digital systems can still be vulnerable to cyber threats, warrants increased cybersecurity measures.
It is pertinent to mention here that the amount of physical money, especially in developed countries is almost negligible and it is decreasing with each passing year. Therefore, there would be no issue with fully adopting digital currency.
<h2 class="wp-block-heading">Double-spend problem</h2>
In cryptocurrency the <a href="https://www.investopedia.com/terms/d/doublespending.asp#:~:text=Double%2Dspending%20is%20the%20risk,alteration%20can%20reclaim%20spent%20coins." target="_blank" rel="noopener">double-spending problem</a> refers to the risk of spending the same digital currency unit more than once. It is important to note that in banking systems, banks ensure that each unit of currency is spent only once, however, this is not the case with cryptocurrencies, as there is no central authority, making it extremely difficult to prevent someone from using the same funds in multiple transactions.
To elaborate further, the solution that banks use nowadays is a centralized one. Banks keep a ledger on their computer which keeps track of who owns what currency. Banks have information of every account and there are no chances of any double-spending problem and the solution is centralized on this ledger in this computer.
It is pertinent to mention here that there have been many attempts to create alternative forms of digital currencies, however, none were successful in solving the double-spending problem.
<h2 class="wp-block-heading">Solving double-spend problem</h2>
Some digital currencies experts, in the recent past have suggested a way of creating a system for Bitcoin, claiming to create digital money that solves the double-spend problem without the need for a central authority. However, due to complexity surrounding cryptocurrencies, the suggestion could not be implemented.
<h2 class="wp-block-heading">Comparison between Bicton and a bank</h2>
Since most money today is already digital, the bank basically manages its own <a href="https://www.ledger.com/" target="_blank" rel="noopener">ledger</a> of balances and transactions. However, the bank’s ledger is not transparent and it is stored on the bank’s main computer and only bank has complete control over it.
While on the other hand, Bitcoin is a transparent ledger and you can see all of the transactions and balances that are taking place. The only problem with this is that you cannot not figure out who owns these balances and who is behind each transaction. So, basically everything is open, transparent and trackable, but you cannot tell who is sending what to whom.
It is important to note that with Bitcoin, every computer that participates in the system is also keeping a copy of the ledger, also known as the blockchain. So, if you want to take down the system or hack the ledger, you will have to take down thousands of computers which are keeping a copy and constantly updating it. As I told above that bitcoin is digital, means there is nothing physical that you can touch.
But there are only rows of transactions and balances and when you own Bitcoin, it means that you own the right to access a specific Bitcoin address record in the ledger and send funds from it to a different address.
<h2 class="wp-block-heading">When was Bitcoin first used?</h2>
It was in May, 2010 when a person named Laszlo Hanyecz made the first recorded use of Bitcoin by paying 10,000 bitcoins to buy two pizzas. It is pertinent to mention that in 2010 the value of bitcoin was extremely low. However, today, the price of bitcoin is very high.
<h2 class="wp-block-heading">Why is Bitcoin so important?</h2>
Well, Bitcoin has the capability to replace physical money and you are the owner and handler of your money, unlike banks which control your all money. It is same like before the internet when system was centralized and if we wanted to get information, we could only get it from few sources like New York Time or the Washington Post and others. But thanks to internet, information is decentralized and we can get anything with just click of a button.
Bitcoin is same like the internet of money, which offers a decentralized solution to money. Moreover, Bitcoin has several advantages over the physical money. First, as I mentioned above, it gives you complete control over your money and you can easily access your funds. No bank can freeze your account or confiscate your holdings.
Bitcoin is also cheaper to use as it cuts a lot of the middlemen from the process of transferring money. Also, unlike fiat currencies, Bitcoin was designed to be digital by nature, this means you can add additional layers of programming on top of it and turn it into smart money.
Moreover, Bitcoin offers digital commerce to around two and a half billion people around the world who do not have access to the current banking system due to several reasons. Today, with a mobile phone and a click of a button, they can start trading using Bitcoin and no permission needed. There are several merchants online and offline that accept Bitcoin. Even you can buy an air ticket, book a hotel if anything else you want with Bitcoin. Today, there are even Bitcoin debit cards that allow you to pay at almost any store with your Bitcoin balance.
<h2 class="wp-block-heading">Bitcoin Mining</h2>
Bitcoin mining is the process through which new bitcoins are created and transactions are added to the blockchain. Powerful computers are used by miners to solve complex mathematical puzzles and when they successfully solve a puzzle, then they add a new block of transactions to the decentralized ledger and are rewarded with newly created bitcoins. It is important to note that this process ensures the security and integrity of the bitcoin network.
<h2 class="wp-block-heading">Bitcoin Wallet</h2>
A bitcoin wallet is a digital tool that allows users to store, receive and sent bitcoins and is consisted of two key components called a public address and a private key. A public address is same like a account number, where you can receive money from others while a private key is like a password that allows you to access and manage your bitcoins.  
<h2 class="wp-block-heading">How to buy Bitcoin?</h2>
To buy bitcoin, you typically follow different steps including choosing a bitcoin wallet, a cryptocurrency exchange, verifying your identity, depositing funds, placing an order and securing your bitcoin.
It is important to note that there are many digital wallets including online, mobile, desktop and hardware, which are used to store bitcoin. You should always use a reputable cryptocurrency exchange like Coinbase, Binance, Kraken and Gemini by creating an account on any of these.
<h2 class="wp-block-heading">Conclusion</h2>
In today’s article, I have explained how Bitcoin works and tried to address other important issues related to the topic in a simple manner. I have made it easily understandable, even for those of you without a technical background or negligible knowledge to be able to grasp the content easily. I am very much certain that after closely reading this article, you will know more about Bitcoin and how it works than vast major of the people.
Thanks for reading my article and stay connected for more such valuable information in the future.
The post <a rel="nofollow" href="https://deftangle.com/2024/01/20/a-complete-guide-to-how-bitcoin-cryptocurrency-works/">A COMPLETE GUIDE TO HOW BITCOIN CRYPTOCURRENCY WORKS</a> first appeared on <a rel="nofollow" href="https://deftangle.com">DEFTANGLE</a>.
]]></content:encoded>
<wfw:commentRss>https://deftangle.com/2024/01/20/a-complete-guide-to-how-bitcoin-cryptocurrency-works/feed/</wfw:commentRss>
<slash:comments>0</slash:comments>
</item>
<item>
<title>BIG BOOST TO DIGITAL MONEY IN THE UNITED STATES</title>
<link>https://deftangle.com/2024/01/16/big-boost-to-digital-money-in-the-united-states/?utm_source=rss&utm_medium=rss&utm_campaign=big-boost-to-digital-money-in-the-united-states</link>
<comments>https://deftangle.com/2024/01/16/big-boost-to-digital-money-in-the-united-states/#comments</comments>
<dc:creator><![CDATA[Saadsarimshazil]]></dc:creator>
<pubDate>Tue, 16 Jan 2024 19:23:50 +0000</pubDate>
<category><![CDATA[BUSINESS]]></category>
<category><![CDATA[Cryptocurrency]]></category>
<category><![CDATA[OUR BLOGS]]></category>
<guid isPermaLink="false">https://deftangle.com/?p=247</guid>
<description><![CDATA[In a major boost to cryptocurrency the the United State Securities and Exchange Commission (SEC) on 01.10.2024 approved the first United States-listed Exchange Traded Funds (ETFs) to track bitcoin. This is very interesting development and it will pave the way for more Americans to buy cryptocurrency. So, in this article we will discuss this development ... <a title="BIG BOOST TO DIGITAL MONEY IN THE UNITED STATES" class="read-more" href="https://deftangle.com/2024/01/16/big-boost-to-digital-money-in-the-united-states/" aria-label="Read more about BIG BOOST TO DIGITAL MONEY IN THE UNITED STATES">Read more</a>
The post <a rel="nofollow" href="https://deftangle.com/2024/01/16/big-boost-to-digital-money-in-the-united-states/">BIG BOOST TO DIGITAL MONEY IN THE UNITED STATES</a> first appeared on <a rel="nofollow" href="https://deftangle.com">DEFTANGLE</a>.
]]></description>
<content:encoded><![CDATA[
In a major boost to cryptocurrency the the United State Securities and Exchange Commission (SEC) on 01.10.2024 approved the first United States-listed Exchange Traded Funds (ETFs) to track bitcoin. This is very interesting development and it will pave the way for more Americans to buy cryptocurrency. So, in this article we will discuss this development and other issues related to cryptocurrency in the United States. 
<h2 class="wp-block-heading">Bitcoin is on the rise in the United States</h2>
According to some reports, <a href="https://www.cnbc.com/2024/01/01/bitcoin-btc-price-predicitions-for-2024.html" target="_blank" rel="noopener">Bitcoin</a> gained more than 150% in the year 2023 and is likely to gain further in the days to come. The currency got a big boost after the recent approval by U.S. Securities Regulator. The said development will not only have its positive impact in the digital market of the United States but also in many other countries, where cryptocurrency is legal.
<h2 class="wp-block-heading">The impact of ETFs approval on CRYPTOCURRENCY</h2>
Many cryptocurrency analysts are predicting that the approval of <a href="https://www.investopedia.com/terms/e/etf.asp" target="_blank" rel="noopener">Exchange Traded Funds (ETFs)</a> will have several positive impacts as it will increase accessibility for investors, enhance liquidity in the Bitcoin market and potentially contribute to price stability. It is added here that the U.S. government in the recent past seemed wary of Bitcoin, main due to currency’s alleged role in criminal activities, money laundering and fraud. However, the recent approval might signal a growing acceptance of cryptocurrencies, fostering broader adoption and legitimizing the asset class.
It is added that investors in the United States were waiting for this development for months and this month’s approval by U.S. Securities Regulator made them so happy and they are excited to invest in the crypto market. Moreover, the recent surge in the Bitcoin prices in the country clearly shows that the big investors are turning towards the cryptocurrency.   
Moreover, with the approval of ETF by U.S. Securities Regulator, financial entities like RAs and others that previously were not able to guide/recommend Bitcoin to their clients, get the ability to do that with the ETFs approval. This will not only boost the cryptocurrency business in the United States but also in the world in coming months.
<h2 class="wp-block-heading">The easiest way to buy cryptocurrency</h2>
Though in the recent years, people bought and sold bitcoin and other cryptocurrencies through different sites like Coinbase, however, many people still do not know how to buy it. The best to buy bitcoin and other currencies is through Exchange Traded Funds (ETFs). As ETFs are regulated by SEC, so the recent approval will have a significant impact on the currency, which is likely to see further boost and could surge to more than $100,000 in the current year.
It is pertinent to mention here that investors were anticipating ETF for almost 10 years and now they are so excited to invest in the cryptocurrency market as the uncertainty around the digital currency is almost over.

<h2 class="wp-block-heading">Grayscale’s legal action against U.S. SEC</h2>
It is pertinent to mention here that in August, 2023 Grayscale (an American digital currency asset management company) took legal action against the U.S. Securities and Exchange Commission (SEC), over its rejection of <a href="https://www.reuters.com/business/finance/whats-stake-grayscales-spot-bitcoin-etf-case-against-sec-2023-08-29/" target="_blank" rel="noopener">Grayscale’s proposed bitcoin ETF</a>. The Grayscale argued in the District of Columbia Court of Appeals that since the SEC approved surveillance agreements for preventing fraud in bitcoin futures-based ETFs, the same rules should apply to Grayscale’s spot ETF, as both spot and futures funds depend on the bitcoin’s price. According to some cryptocurrency analysts in the United States are of the view that said lawsuit by Grayscale against SEC played a major role in EFT approval, paving the way for American to invest more and free in the digital market.
Though some other analysts welcomed the approval of ETFs by SEC, they however, say that there will be no immediate impact on the digital market and it will take some more time to fully gain the momentum. But, according to them, the bad time for the cryptocurrency is over and in next few years the digital currency specifically Bitcoin will see increased adoption. 
<h2 class="wp-block-heading">Bitcoin vs Ethereum – which one is better?</h2>
Both <a href="https://money.usnews.com/investing/cryptocurrency/articles/bitcoin-vs-ethereum-which-is-a-better-buy#:~:text=Bitcoin%20is%20the%20more%20established,it%20potential%20for%20higher%20rewards." target="_blank" rel="noopener">Bitcoin and Ethereum</a> have seen a remarkable surge in their value after ETF approval by SEC and many investors believe that both currencies have potential to perform well in 2024 and years to come. However, many analysts believe that Bitcoin is likely to dominate in 2024 and it will cross $100,000 mark. But, according to them, though Bitcoin is better to buy than Ethereum, but still the later will also likely to do well in 2024.
<h2 class="wp-block-heading">What makes cryptocurrency better than cash?</h2>
When it comes to cryptocurrency, it is much better than cash because it offers advantages over cash in terms of decentralization, borderless transactions and potential for security. It is added here that cryptocurrency is like high-tech money, which can be sent anywhere within seconds and everyone can see transactions. However, both cryptocurrency and cash have their own set of pros and cons and the choice depends on individual preferences.
<h2 class="wp-block-heading">Top 10 cryptocurrencies in the United States</h2>
As of 2024 the following 10 are <a href="https://www.usatoday.com/money/blueprint/investing/cryptocurrency/top-10-cryptocurrencies/" target="_blank" rel="noopener">top cryptocurrencies</a> in the United States:
<ul class="wp-block-list">
<li>Bitcoin (BTC) was launched in 2009 and its price as of 01.16.2024 is $43,131.00.</li>
<li>Ethereum (ETM) was launched in 2015 and its price as of 01.16.2024 is $2,566.71.</li>
<li>Binance Coin (BNB) was launched in 2017 and its price as of 01.16.2024 is $0.9999.</li>
<li>Solana (SOL) was launched in 2020 and its price as of 01.16.2024 is $96.79</li>
<li>XRP (XRP) was launched in 2012 and its price as of 01.16.2024 is $0.58.</li>
<li>Cardano (ADA) was launched in 2017 and its price as of 01.16.2024 is $0.54.</li>
<li>Avalanche (AVAX) was launched in 2020 and its price as of 01.16.2024 is $35.84.</li>
<li>Dogecoin (DOGE) was created in 2023 and its price as of 01.16.2024 is $0.081.</li>
<li>TRON (TRX) was launched in 2017 and its price as of 01.16.2024 is $0.11.</li>
<li>Polkadot (DOT) was launched in 2020 and its price as of 01.16.2024 is $7.524222.</li>
</ul>
<h2 class="wp-block-heading">Conclusion</h2>
If you are looking to invest in the crypto market in the United States or any other part of the world, this is high time to invest. The recent approval of United States-listed Exchange Traded Funds (ETFs) to track bitcoin is really a big news. As Bitcoin ETFs are like investment funds that follow the value of Bitcoin and are traded on regular stock exchanges, not crypto ones. So, people can invest Bitcoin without dealing with crypto exchanges and also get some potential boost from its price movements.
Thanks for reading
The post <a rel="nofollow" href="https://deftangle.com/2024/01/16/big-boost-to-digital-money-in-the-united-states/">BIG BOOST TO DIGITAL MONEY IN THE UNITED STATES</a> first appeared on <a rel="nofollow" href="https://deftangle.com">DEFTANGLE</a>.
]]></content:encoded>
<wfw:commentRss>https://deftangle.com/2024/01/16/big-boost-to-digital-money-in-the-united-states/feed/</wfw:commentRss>
<slash:comments>1</slash:comments>
</item>
<item>
<title>ALL YOU NEED TO KNOW ABOUT 401K PLAN</title>
<link>https://deftangle.com/2024/01/14/all-you-need-to-know-about-401k-plan/?utm_source=rss&utm_medium=rss&utm_campaign=all-you-need-to-know-about-401k-plan</link>
<comments>https://deftangle.com/2024/01/14/all-you-need-to-know-about-401k-plan/#respond</comments>
<dc:creator><![CDATA[Saadsarimshazil]]></dc:creator>
<pubDate>Sun, 14 Jan 2024 19:23:50 +0000</pubDate>
<category><![CDATA[OUR BLOGS]]></category>
<category><![CDATA[Social Security USA]]></category>
<guid isPermaLink="false">https://deftangle.com/?p=222</guid>
<description><![CDATA[The 401(k) is well known retirement savings plan in the United States, offering employees a tax-advantaged way to invest for their future. So, in this article, I will specifically cover 401k withdrawal rules, alternative options, like a 401k rollover to an IRA. Moreover, we will also see how you can access and use the money ... <a title="ALL YOU NEED TO KNOW ABOUT 401K PLAN" class="read-more" href="https://deftangle.com/2024/01/14/all-you-need-to-know-about-401k-plan/" aria-label="Read more about ALL YOU NEED TO KNOW ABOUT 401K PLAN">Read more</a>
The post <a rel="nofollow" href="https://deftangle.com/2024/01/14/all-you-need-to-know-about-401k-plan/">ALL YOU NEED TO KNOW ABOUT 401K PLAN</a> first appeared on <a rel="nofollow" href="https://deftangle.com">DEFTANGLE</a>.
]]></description>
<content:encoded><![CDATA[
The 401(k) is well known retirement savings plan in the United States, offering employees a tax-advantaged way to invest for their future. So, in this article, I will specifically cover 401k withdrawal rules, alternative options, like a 401k rollover to an IRA. Moreover, we will also see how you can access and use the money you saved for your future. 
<h2 class="wp-block-heading">What is 401(k) plan?</h2>
<a href="https://www.investopedia.com/terms/1/401kplan.asp" target="_blank" rel="noopener">401k</a> is a retirement plan that allows employees to contribute a portion of their pre-tax earnings to a tax-advantaged investment account. 
<h2 class="wp-block-heading">Why 401k plan is so important? </h2>
Your 401k might be one of your biggest savings assets which you saved after years of making contributions, so it is very important to know how to effectively use it. So, in this article I will let to know the rules around the 401k, and how you can use that money that you have saved up of years of working. To make best of your 401k in retirement, its crucial you should have a well-thought-out strategy. You need to gradually shift your investment portfolio towards a more conservative mix as you approach your retirement to minimize risk.
It is important to note that you should always stay informed about changes in regulations and should only consult with a financial advisor to ensure your plan is aligned with your retirement objectives. Moreover, you need to regularly review and adjust your plan according to market conditions and financial goals.    
<h2 class="wp-block-heading">What is Tax-Deferred Account?</h2>
It is pertinent to mention here that the 401k is a <a href="https://www.empower.com/the-currency/money/five-reasons-take-advantage-tax-deferred-retirement-savings-plans#:~:text=What%20does%20tax%2Ddeferred%20mean,money%20you%20withdraw%20in%20retirement." target="_blank" rel="noopener">tax-deferred account</a>. Tax-deferred account means that when you put money into your 401k, you actually got a tax deduction in the year that you put that money in. For example, if your taxable gross income was $100,000, and you put $10,000 into your 401k, it actually reduced your taxable income down to $90,000.
Now, since all of the money that you put in, you have not yet paid taxes on it, all of that money, plus all of the growth in your 401k, when you go to make withdrawals, you will owe income tax on every dollar that you decide to take out.
<h2 class="wp-block-heading">What are the rules around withdrawing your money?</h2>
So, let’s talk about when can you actually use the money that you have worked so hard to save up, and what are the <a href="https://www.investopedia.com/articles/personal-finance/111615/how-401k-works-after-retirement.asp" target="_blank" rel="noopener">rules around withdrawing your money</a>? It is added here that the primary rule is that after age 59 and a half, you can make as many withdrawals as you need for whatever you need. It is important to note that if you make too many withdrawals or too big of withdrawals, you could potentially run your bucket out of money.
<h2 class="wp-block-heading">Rule of 55</h2>
Prior to age 59 and a half, you might incur a 10% tax penalty, but that is where a special rule comes in, called the <a href="https://time.com/personal-finance/article/rule-of-55/#:~:text=Under%20the%20rule%20of%2055,you%20have%20left%20your%20employer." target="_blank" rel="noopener">rule of 55</a>. Now, this is all plan specifics. You will have to check with your employer and your specific plan, but some employers and plans allow a withdrawal from your current jobs 401k with no penalty if you were to leave that job in or after the year that you turn 55.
It has to be the 401k of your current employer that you left in or after the age of 55. This could be retired, this could be let go, or maybe that you have just decided to leave and you have gone to another company, but again, the job that you are in or after at age 55, that specific employer’s 401k.
So, if you have got multiple 401ks, again, it’s just the one specific to the employer that you just left. The other is that there is also some, I will say other rules or non-age-based rules are there that allow you to withdraw from your 401k. It could be if the employee is totally or permanently disabled, if you were to, or the employee were to pass away.
And then other is that if you were to maybe experience significant hardships, and in regards to that kind of detail, you are really going to have to see your specific 401k plan details. The other could be is that if the plan was terminated, well then they would allow you before those ages to <a href="https://www.schwab.com/ira/rollover-ira/rollover-options#:~:text=Roll%20over%20your%20401(k)%20to%20a%20Roth%20IRA,any%20earnings%20grow%20tax%2Dfree.&text=You%20can%20roll%20Roth%20401,a%20Roth%20IRA%20tax%2Dfree." target="_blank" rel="noopener">roll it over to an IRA</a> or to another plan.
Another age-based rule regarding your 401k is the required minimum distributions. Now this is going to be required at age 72. This is the trigger for required minimum distributions where you are going to be required to take withdrawals from your 401k.
<h2 class="wp-block-heading">Exception to this rule</h2>
There is an exception to this rule. Some employers, if you are still working, you can avoid taking your required minimum distributions from distribution for, as long as you remain employed. However, not all plans allow this. You really need to check with your specific employer and your plan, but if you are still working, still employed, contributing to your 401k, you might have an <a href="https://www.schwab.com/ira/rollover-ira/rollover-options#:~:text=Roll%20over%20your%20401(k)%20to%20a%20Roth%20IRA,any%20earnings%20grow%20tax%2Dfree.&text=You%20can%20roll%20Roth%20401,a%20Roth%20IRA%20tax%2Dfree.https://www.irs.gov/retirement-plans/retirement-plan-and-ira-required-minimum-distributions-faqs" target="_blank" rel="noopener">exception to the required minimum distribution rule</a>, especially if you do not necessarily need the money right now because you are still working. But again, check with your employer, check with your plan, however, you might not have to take the 401k withdrawals required distributions if you are still working.
<h2 class="wp-block-heading">Your options</h2>
It is added here that when it comes to your money in the 401k plan, you have a couple options. One is, as long as that plan stays in place, you can leave your money in the employer-sponsored plan. Or another option is that you can do a rollover to an IRA. If done properly, a rollover to an IRA is a non-taxable event. That is where you are taking your funds from your 401k, and then you are putting them into an IRA in your name.
It is important to note that if you have left your employer, you can do a 401k to an IRA rollover at any age. However, if you are still employed, some plans allow you to do this rollover starting at age 59 and a half, and they call that an <a href="https://www.investopedia.com/terms/i/inservicewithdrawal.asp#:~:text=In%2Dservice%20withdrawals%20refer%20to,take%20distributions%20even%20without%20hardship." target="_blank" rel="noopener">in-service withdrawal</a>.
<h2 class="wp-block-heading">Why a rollover?</h2>
You need to look at your specific plan to see if they allow this or not and why is it that you would want to potentially do that, even if you are still working? Moreover, why rollover?
First of all, one of the reasons that you may wish to rollover 401k to IRA is to take control of your money. The other is, it allows you then to start consolidating and getting organized, consolidate all of your qualified plans into one IRA. By doing this, there might be some additional tax efficient strategies available to you, the ability to potentially look at your funds now and maybe shift money between buckets, between the <a href="https://www.investopedia.com/ask/answers/100314/whats-difference-between-401k-and-roth-ira.asp#:~:text=a%20Roth%20IRA.-,The%20Bottom%20Line,higher%20tax%20bracket%20later%20on." target="_blank" rel="noopener">IRA or Roth IRA bucket</a>.
Now if you do this, again, that is a taxable event, but the reason why you may wish to consider that is to pay tax today to help reduce your potential long-term tax burden. Another reason is that you have access to more, you may have access to more investment options in an IRA than you would have in your 401k. Another reason is you might be able to have potentially lower investment fees, fund fees in the IRA. And then I find that people are looking to rollover to an IRA to, again, help optimize the investments to their financial picture, their retirement plan.
So that is why some actually do it prior to their retirement. They use that in-service withdrawal so they can take control of their funds and money and start investing them and optimizing them according to their specific retirement plan.
<h2 class="wp-block-heading">Social Security and 401k</h2>
It is pertinent to mention here that both <a href="https://deftangle.com/2024/01/07/most-common-asked-social-security-question-for-retirement/">Social Security</a> and 401k are retirement-related, however, these two operate differently. Social Security is a government program that provides financial support to eligible individuals during retirement, while 401k is a private employer-sponsored savings plan.
Social Security is funded through payroll taxes while 401k is funded by the employee with contributions deducted from their pay and also include employer contributions.  
<h2 class="wp-block-heading">Conclusion</h2>
Today’s article is again so important as in this article I tried to cover all information and rules related to withdrawal of 401k. It is important to note that 401k is so important for your future. So please read it carefully to gain important knowledge about 401k.  
I hope you found value and benefit in this article. If you need more information regarding 401k and other topics related to Social Security please visit my website: <a href="http://www.deftangle.com">www.deftangle.com</a>. I regularly post different articles and if you have any questions about any issue related to Social Security and other financial benefits, you can leave me a comment with your name and email and I will respond you as soon as I could, please.
Thanks for reading
FAQs
Q. What is 401k Plan?
A. A 401k plan is retirement savings account, offered by employers for their employees.
Q. What are the benefits of 401k plan?
A. It has many benefits, including tax breaks, high contribution limits, contribution limits and shelter from creditors along with many other benefits.
Q. How does 401k work?
A. It is so simple, employees put money into their retirement plan, sponsored by their employers. The money will grow with a tax advantage over time and you will have substantial money at your retirement.
Q. Is 401k plan mandatory?
A. No it is not. Employers have no legal obligation to offer a 401k plan for their workers, however, many do.   
The post <a rel="nofollow" href="https://deftangle.com/2024/01/14/all-you-need-to-know-about-401k-plan/">ALL YOU NEED TO KNOW ABOUT 401K PLAN</a> first appeared on <a rel="nofollow" href="https://deftangle.com">DEFTANGLE</a>.
]]></content:encoded>
<wfw:commentRss>https://deftangle.com/2024/01/14/all-you-need-to-know-about-401k-plan/feed/</wfw:commentRss>
<slash:comments>0</slash:comments>
</item>
<item>
<title>CALCULATION OF YOUR SOCIAL SECURITY BENEFITS</title>
<link>https://deftangle.com/2024/01/14/calculation-of-your-social-security-benefits/?utm_source=rss&utm_medium=rss&utm_campaign=calculation-of-your-social-security-benefits</link>
<comments>https://deftangle.com/2024/01/14/calculation-of-your-social-security-benefits/#respond</comments>
<dc:creator><![CDATA[Saadsarimshazil]]></dc:creator>
<pubDate>Sun, 14 Jan 2024 18:56:24 +0000</pubDate>
<category><![CDATA[Social Security USA]]></category>
<category><![CDATA[OUR BLOGS]]></category>
<guid isPermaLink="false">https://deftangle.com/?p=241</guid>
<description><![CDATA[Today’s article is so important as I will explain in this article that how your monthly Social Security benefits are calculated. If you are receiving retirement, disability, or even spousal benefits, in the United States, you need to know how your benefits are calculated in order to receive the correct amount of your Social Security ... <a title="CALCULATION OF YOUR SOCIAL SECURITY BENEFITS" class="read-more" href="https://deftangle.com/2024/01/14/calculation-of-your-social-security-benefits/" aria-label="Read more about CALCULATION OF YOUR SOCIAL SECURITY BENEFITS">Read more</a>
The post <a rel="nofollow" href="https://deftangle.com/2024/01/14/calculation-of-your-social-security-benefits/">CALCULATION OF YOUR SOCIAL SECURITY BENEFITS</a> first appeared on <a rel="nofollow" href="https://deftangle.com">DEFTANGLE</a>.
]]></description>
<content:encoded><![CDATA[
Today’s article is so important as I will explain in this article that how your monthly Social Security benefits are calculated. If you are receiving retirement, disability, or even spousal benefits, in the United States, you need to know how your benefits are calculated in order to receive the correct amount of your Social Security benefits.
<h2 class="wp-block-heading">Social Security Benefits’ Calculation </h2>
There are not many people who know how exactly <a href="https://deftangle.com/2023/12/02/major-social-security-changes-2024/#comment-68">Social Security benefits</a> are calculated due to different misunderstandings or not having enough knowledge of the same. Even most people do not know the basics about calculating their Social Security benefits and they only rely on information they receive from others. So, it is very important that you know all the information regarding calculation of your Social Security benefits, in order to receive correct monthly benefits.
<h2 class="wp-block-heading">Misconceptions about calculation of Social Security benefits</h2>
Most of the people think that it is the last five years or last three years is what Social Security Administration (SSA) use to determine how much your Social Security benefits is, however, it is not correct. It is important to note here that Social Security benefits are calculated based on your highest <a href="https://www.ssa.gov/oact/cola/Benefits.html#:~:text=Up%20to%2035%20years%20of%20earnings%20are%20needed%20to%20compute,of%20months%20in%20those%20years." target="_blank" rel="noopener">35 years of earnings</a>, adjusted for inflation. Moreover, age is an important factor in determination of your Social Security benefits. Early retirement results in a reduced benefits while delaying it till 70 years of age will give you maximum benefits.
It is, however, pertinent to mention here that you do not necessarily need continuous 35 years of earnings, as SSA considers your highest 35 years of earnings, regardless whether they are continuous or not. Another important point to note is that everyone does not get the same amount and the benefits are based on individual earnings history.
<h2 class="wp-block-heading">Checking your 35 years Earnings History Record</h2>
Before doing anything else, you first need to check your 35 years earnings record with Social Security Administration. And to do so, you need to create a personal <a href="https://deftangle.com/2023/12/24/how-to-apply-for-u-s-social-security-benefits/">Social Security account</a> on the official website of Social Security Administration. After creating the account, you can access many things including your <a href="https://www.ssa.gov/myaccount/statement.html" target="_blank" rel="noopener">Social Security Statement</a>, which provides a detailed record of your earnings history. make sure your benefit, your benefit, your earnings record is correct.
Another way to get your Social Security statement is by directly contacting Social Security Administration, either by visiting your local SSA office or by phone. The Social Security will then mail your paper copy to your home or email address. The statement will help you to a great extent in understanding that how it contributes to your Social Security benefits.
<h2 class="wp-block-heading">The Average Indexed Monthly Earnings (AIME)</h2>
The Average Indexed Monthly Earnings (AIME) is an important factor in calculation of your Social Security benefits. It is pertinent to mention here that Social Security Administration uses this indexed average to determine your <a href="https://www.ssa.gov/oact/cola/piaformula.html#:~:text=The%20%22primary%20insurance%20amount%22%20(,nor%20increased%20for%20delayed%20retirement." target="_blank" rel="noopener">Primary Insurance Amount</a> (PIA), which serves as the baseline for your monthly benefit. It is important to note that AIME represents your average earnings over the highest 35 years of your working life, adjusted for inflation.
<h2 class="wp-block-heading">Full Retirement Age</h2>
As I mentioned above that you are eligible to receive 100% of your Social Security benefits after reaching full retirement age. However, it varies person to person based on birth of years.
<h2 class="wp-block-heading">Early Retirement Reduction</h2>
You are eligible to receive your Social Security benefits after reaching 62 years of age, however, claiming Social Security benefits at 62 will result in reduced monthly amount. While delaying your benefits beyond your full retirement age will increase your monthly payments.  
<h2 class="wp-block-heading">Spousal Benefits</h2>
Married individuals are eligible for <a href="https://deftangle.com/?s=spousal+benefits">spousal benefits</a>, which an be up to 50% of their spouse’s Primary Insurance Amount (PIA), depending on many various other factors, including claiming age, work history, indexed earnings, full retirement age, maximum earning limit and total years of marriage.
<h2 class="wp-block-heading">Government Pensions</h2>
If you are federal, state or local government employee and receive pension, it may affect the calculation of your Social Security benefits. It may be added here that the impact of government pensions on Social Security benefits is often influenced by the <a href="http://chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.ssa.gov/pubs/EN-05-10045.pdf" target="_blank">Windfall Elimination Provision</a> (WEP) and the <a href="https://www.ssa.gov/policy/docs/program-explainers/government-pension-offset.html#:~:text=BACKGROUND%3A%20The%20Government%20Pension%20Offset,local%20governments%20or%20non%2D%20U.S." target="_blank" rel="noopener">Government Pension Offset</a> (GPO).
<h2 class="wp-block-heading">Windfall Provision and Government Pension Offset</h2>
It is important to note that Windfall Elimination Provision (WEP) mainly affects the calculation of an individual’s own Social Security retirement benefits, while Government Pension Offset (GPO) affects spousal or survivor benefits. These two provisions only come into play when individuals have pensions from non-covered government employment in addition to potential Social Security benefits.    
<h2 class="wp-block-heading">How to know your exact Social Security benefit amount?</h2>
It is important to note that you do not need to do your Social Security calculations by yourself. You just need to go to Social Security Website: <a href="https://www.ssa.gov/OACT/quickcalc/" target="_blank" rel="noopener">SSA.gov</a> where you can find your exact benefit amount at your full retirement age. Moreover, you can also find over there that what will be the total amount if you take early retirement i.e. 62 years of age.
It is pertinent to mention here that if you retire at 62, there will be around 30% reduction in your monthly benefits. Moreover, every month you retire early, it’s reduced a little bit, while every month you wait after your full retirement age, it increases up until 70 years of age. However, after you reach 70 years of age it will not get any further increase and will automatically stop, except COLA increase, cost of live allowances.
<h2 class="wp-block-heading">Conclusion</h2>
In today’s article I explained that how your Social Security benefits are calculated. In order to receive correct amount, you need to first know how these benefits are collected, as Social Security Administration sometimes makes mistake in calculation of your Social Security benefits. So, you should know all the different methods used to calculate Social Security benefits. In today’s article I made it very easy to understand how Social Security benefits are calculated.
I hope this article would benefit. However, if you need more information on this topic or any other related to Social Security, I have many articles on my website which might be beneficial to you. Moreover, if you have any questions about any issue related to Social Security, health insurance and other financial matters, you can leave me a comment with your name and email and I will respond you as soon as I could, please.
Thanks for reading
The post <a rel="nofollow" href="https://deftangle.com/2024/01/14/calculation-of-your-social-security-benefits/">CALCULATION OF YOUR SOCIAL SECURITY BENEFITS</a> first appeared on <a rel="nofollow" href="https://deftangle.com">DEFTANGLE</a>.
]]></content:encoded>
<wfw:commentRss>https://deftangle.com/2024/01/14/calculation-of-your-social-security-benefits/feed/</wfw:commentRss>
<slash:comments>0</slash:comments>
</item>
<item>
<title>TERMINATION OF SOCIAL SECURITY DISABILITY BENEFITS</title>
<link>https://deftangle.com/2024/01/13/termination-of-social-security-disability-benefits/?utm_source=rss&utm_medium=rss&utm_campaign=termination-of-social-security-disability-benefits</link>
<comments>https://deftangle.com/2024/01/13/termination-of-social-security-disability-benefits/#respond</comments>
<dc:creator><![CDATA[Saadsarimshazil]]></dc:creator>
<pubDate>Sat, 13 Jan 2024 18:47:09 +0000</pubDate>
<category><![CDATA[Social Security USA]]></category>
<category><![CDATA[OUR BLOGS]]></category>
<guid isPermaLink="false">https://deftangle.com/?p=238</guid>
<description><![CDATA[In today’s article we will discuss different factors that may permanently terminate your disability benefits. Some of the main reasons include criminal convictions, medical improvement, return to work, failure to cooperate, reaching retirement age, and death of beneficiary. Detailed information is as follows: Criminal convictions The first thing that could hurt your social security disability ... <a title="TERMINATION OF SOCIAL SECURITY DISABILITY BENEFITS" class="read-more" href="https://deftangle.com/2024/01/13/termination-of-social-security-disability-benefits/" aria-label="Read more about TERMINATION OF SOCIAL SECURITY DISABILITY BENEFITS">Read more</a>
The post <a rel="nofollow" href="https://deftangle.com/2024/01/13/termination-of-social-security-disability-benefits/">TERMINATION OF SOCIAL SECURITY DISABILITY BENEFITS</a> first appeared on <a rel="nofollow" href="https://deftangle.com">DEFTANGLE</a>.
]]></description>
<content:encoded><![CDATA[
In today’s article we will discuss different factors that may permanently terminate your disability benefits. Some of the main reasons include criminal convictions, medical improvement, return to work, failure to cooperate, reaching retirement age, and death of beneficiary. Detailed information is as follows:
<h2 class="wp-block-heading">Criminal convictions</h2>
The first thing that could hurt your <a href="https://deftangle.com/2024/01/04/survivor-and-divorce-social-security-benefits/">social security disability</a> claim is police report over different crimes/violations like narcotic drug abuse at extreme level and reckless driving. And what that means is that they then have to apply a materiality test to see if these drugs are essentially creating a scenario where they are making your impairments worse. Therefore, if you were to take away the drugs, your impairments would not be as severe. In that case you cannot receive social security disability benefits.
Another reason that could affect your benefits is going to jail for more than 30 days. So, if you remained in jail for more than 30 days in any case you could lose your social security disability benefits. It is pertinent to mention here that if were in jail it will make a strong case against you and will be used against you by Social Security administration, which may ask your capabilities when it comes to walking, standing, pushing, pulling, being with other people and all other relevant things.
It is important to note that police reports or tickets that are not consistent with your impairments, are usually relatively short and do not have a lot of details. However, police reports containing different violation like driving a car above the speed limit or other reckless violations could be very harmful to your social security benefits. There is another thing as well, which is that you will put down your SSA forms that you can or cannot do certain things. And as a result of not being able to do them, when you are then caught doing them by the police and it goes into a police report, it creates conflicting evidence.
<h2 class="wp-block-heading">Statement of inability</h2>
Making statements of inabilities followed by actions of abilities could be another thing that could hurt your social security disability benefits. For instance, you are on disability benefits but do not have that disability and someone reported the same to Social Security Administration with evidence.
<h2 class="wp-block-heading">Improvement in your health condition</h2>
If there is an improvement in your health condition while receiving social security disability benefits, you could lose your benefits. As <a href="https://www.ssa.gov/" target="_blank" rel="noopener">Social Security Administration</a> conducts periodic reviews, to assess whether you still meet the criteria for disability and if not, it could terminate your benefits.
It is pertinent to mention here that SSA takes into account not only the medical evidence but also any other relevant information provided by you or your healthcare provider. It is important to note that if Social Security Administration terminated your benefits due to improvement in your health condition, you can still appeal the decision with provision of medical reports stating that you still have problem and cannot work.
<h2 class="wp-block-heading">Returning to work</h2>
You cannot get social security disability and work at the same time. If you were previously getting social security disability benefits but later returned to work, your disability benefits will be terminated. It is important to note that when you return to work, the Social Security Administration considers the level of your earnings and if your earnings exceed a certain threshold, it might lead to a suspension or termination of your disability benefits. It is important to report your work activity and earnings to the Social Security Administration promptly.
<h2 class="wp-block-heading">Failure to cooperate</h2>
It is important to note that another factor that could your disability benefit is if you do not cooperate with Social Security Administration. You are required to provide accurate and timely information to the Social Security Administration and the failure to do so could lend you in trouble.
It is crucial to adhere to reporting requirement, attend medical examinations and respond to inquiries from the Social Security Administration well within the stipulated time. In case you have any issue in giving information to SSA, you should reach it out as soon as possible and seek assistance to address any issues.   
<h2 class="wp-block-heading">Reaching to retirement age</h2>
If you are receiving social security disability benefits but later reach your <a href="https://www.ssa.gov/benefits/retirement/planner/agereduction.html" target="_blank" rel="noopener">full retirement age</a>, then Social Security Administration will automatically convert your disability benefits to retirement benefits at the full retirement age. It is important to note that the transition from disability benefits to retirement benefits generally does not result in interruption of your payment. The social security administration will notify you about the change in your benefit status and provide details about your new monthly payment amount. It is pertinent to mention here that if you choose to delay receiving retirement benefits beyond your full retirement age, your monthly benefit amount may increase until you reach 70 years of age.
<h2 class="wp-block-heading">Death of beneficiary</h2>
If the deceased was receiving Social Security disability benefits, the benefits will cease upon their death and family members cannot get disability benefits. However, surviving family members, such as spouses or dependent children may be eligible for survivor benefits. The family members are required to promptly notify the death of recipient of disability benefits to Social Security benefits and claim survivor benefits after completing all necessary documentation.  The Social Security Administration can provide guidance on the steps to take and the documentation required when reporting and death and claiming survivor benefits.
<h2 class="wp-block-heading">Conclusion</h2>
In today’s article I tried to enlighten you about factors that could lead to termination of your social security disability benefits. In some cases, you can appeal the decision of termination of your benefits, but in most cases, you will not be able to do so. Always try to follow all the regulations of Social Security Administration, otherwise you could lose your disability benefits.
I hope this article would benefit you and if you need more information on this topic or any other topics related to Social Security in the United States, I have many articles on my website which might be beneficial to you. Moreover, if you have any questions about any issue related to Social Security, health insurance and other financial matters, you can leave me a comment with your name and email and I will respond you as soon as I could, please.
Thanks for reading
The post <a rel="nofollow" href="https://deftangle.com/2024/01/13/termination-of-social-security-disability-benefits/">TERMINATION OF SOCIAL SECURITY DISABILITY BENEFITS</a> first appeared on <a rel="nofollow" href="https://deftangle.com">DEFTANGLE</a>.
]]></content:encoded>
<wfw:commentRss>https://deftangle.com/2024/01/13/termination-of-social-security-disability-benefits/feed/</wfw:commentRss>
<slash:comments>0</slash:comments>
</item>
<item>
<title>THE BEST HEALTH INSURANCE PROVIDERS IN THE UNITED STATES</title>
<link>https://deftangle.com/2024/01/12/the-best-health-insurance-providers-in-the-united-states/?utm_source=rss&utm_medium=rss&utm_campaign=the-best-health-insurance-providers-in-the-united-states</link>
<comments>https://deftangle.com/2024/01/12/the-best-health-insurance-providers-in-the-united-states/#respond</comments>
<dc:creator><![CDATA[Saadsarimshazil]]></dc:creator>
<pubDate>Fri, 12 Jan 2024 16:56:22 +0000</pubDate>
<category><![CDATA[Insurance USA]]></category>
<category><![CDATA[OUR BLOGS]]></category>
<guid isPermaLink="false">https://deftangle.com/?p=234</guid>
<description><![CDATA[This article is all about health insurance in the United States. In this article, I will tell you how health insurance works in the United States and different top health insurance providers in the country. You probably know that medical treatment is so expensive in the United States, so having a reliable but cheaper health ... <a title="THE BEST HEALTH INSURANCE PROVIDERS IN THE UNITED STATES" class="read-more" href="https://deftangle.com/2024/01/12/the-best-health-insurance-providers-in-the-united-states/" aria-label="Read more about THE BEST HEALTH INSURANCE PROVIDERS IN THE UNITED STATES">Read more</a>
The post <a rel="nofollow" href="https://deftangle.com/2024/01/12/the-best-health-insurance-providers-in-the-united-states/">THE BEST HEALTH INSURANCE PROVIDERS IN THE UNITED STATES</a> first appeared on <a rel="nofollow" href="https://deftangle.com">DEFTANGLE</a>.
]]></description>
<content:encoded><![CDATA[
This article is all about health insurance in the United States. In this article, I will tell you how health insurance works in the United States and different top health insurance providers in the country. You probably know that medical treatment is so expensive in the United States, so having a reliable but cheaper health insurance plan is very important. You will probably be thanking that why I said cheaper health insurance plan, so reason for that is that middle class Americans cannot afford expensive health insurance. Most of hard-earned money of Americans either go to their mortgage, rent or other necessities like groceries and utilities. So, you need to have a cheaper insurance plan to meet your other expenses.
<h2 class="wp-block-heading">How des health insurance work in the United States?</h2>
<a href="https://www.forbes.com/advisor/health-insurance/largest-health-insurance-companies/" target="_blank" rel="noopener">Health insurance</a> serves as a financial safety net for individuals seeking medical care in the United States. Mostly, individuals pay a monthly premium to an insurance provider for provision of healthcare services. It is important to mention here that there are different health insurance plans typically involve deductibles, co-payment and co-insurance. It is pertinent to mention here that a deductible is the initial amount individuals must pay out-of-pocket before their insurance starts covering costs.
<h2 class="wp-block-heading">Why choosing a right health insurance company matters?</h2>
With the rising cost of health care, it’s critical to choose a health insurance company that meets your needs and provides the coverage you need. Health insurance is a crucial aspect of our lives, and choosing the right insurance company can be a difficult task. With numerous options available in the market, it can be challenging to determine which company is the best for your needs. So, choosing the Right Health Insurance Company not only gives you peace of mind, but also protects you and your loved ones from unexpected medical bills.
<h2 class="wp-block-heading">Top health insurance companies in the United States</h2>
As we discussed earlier that choosing a right company can be a difficult task, but it is so important to choose a right one, which not only gives you better treatment options but with minimum cost. Following are some of the top health insurance providers in the United States:
<h3 class="wp-block-heading">Blue Cross Blue Shield</h3>
As the most prevalent health insurance company in the country, <a href="https://www.bcbs.com/" target="_blank" rel="noopener">Blue Cross Blue Shield</a> offers high-quality insurance policies with a wide range of plan options and types, including health maintenance organizations, exclusive provider organizations, and preferred provider organizations.
The multitude of choices makes it easier for customers to find the perfect plan that best fits their needs. If you are looking for flexibility in your medical care, Blue Cross Blue Shield could be the right fit for you.
The company boasts an extensive network of health care providers, encompassing 90% of the country’s doctors and hospitals. Although specific networks may vary, you will likely have access to a vast selection of covered doctors in your area. However, it’s important to note that their plans can be more expensive than those offered by other providers.
While the quality of care may be high, the added cost may not be a good fit for those on a tight budget. Therefore, it’s essential to compare and contrast different providers offerings before choosing a plan.
<h3 class="wp-block-heading">United Health Care</h3>
<a href="https://www.uhc.com/" target="_blank" rel="noopener">United Healthcare</a> is a reputable health insurance provider that offers high-quality plans. What sets United apart is the company’s comprehensive care, including several add-on benefits and a robust mobile app.
This can be especially useful for those who are self-employed, as it streamlines coverage, saves time, and reduces hassle. United Health Care plans often come with a range of benefits, such as free primary care, affordable prescriptions, and access to wellness programs. Additionally, you can add dental vision and disability coverage to your policy.
The company’s mobile app is a standout feature, allowing policy holders to have telehealth appointments, estimate procedure costs, compare doctors, and manage their plans. This makes it easier for users to get the most out of their coverage.
Despite its benefits, there are some downsides to United Health insurance policies. The plans can be more expensive than the average, which may not be feasible for some consumers.
Additionally, according to comments on the Better Business Bureau, interacting with the company can be frustrating at times. Nonetheless, they remain a solid option for those who value comprehensive care and the convenience of a robust mobile app.
<h3 class="wp-block-heading">Kaiser Permanente</h3>
<a href="https://www.cumedicine.us/?utm_source=google&utm_medium=tj%20ppc&utm_campaign=general%20cu%20med&gad_source=1&gclid=EAIaIQobChMIxpC5kKfYgwMV1dUWBR1jmQi0EAAYAiAAEgLJ_PD_BwE" target="_blank" rel="noopener">Kaiser Permanente</a> is a top-rated health insurance provider that operates in eight states, including California, Colorado, Georgia, Hawaii, Maryland, Oregon, Virginia, and Washington, as well as Washington, D.C.
The company is renowned for its excellent customer service and streamlined access to high-quality medical care. Kaiser Permanente consistently ranks as the most customer-satisfied insurance provider. One of the benefits of Kaiser Health Insurance is the company’s medical facilities, which can make it easier for policy holders to manage both their insurance and health services through the same online portal.
However, the downside of enrolling with Kaiser Permanente is that the network of health care providers is limited. Unlike other plans that offer access to a broad range of doctors, Kaiser Permanente typically only provides coverage when you see care from a Kaiser facility, except in emergencies.
<h3 class="wp-block-heading">ETNA</h3>
<a href="https://www.aetnainternational.com/" target="_blank" rel="noopener">ETNA’s health insurance</a> plans have average ratings and lower monthly costs than other providers, making it an attractive option for young and healthy individuals. Additionally, many ETNA plans offer rewards or gift cards for engaging in healthy activities using the attain by ETNA app on an Apple Watch or Fitbit, which can help policy holders save even more.
A notable feature of ETNA plans is the free or low-cost access to CVS Minute Clinics, located in CVS, or target retail locations. This means that policy holders can access in network care across multiple locations, such as their hometown, college town, or internship location with ease.
However, ETNA’s plans may not be suitable for individuals with ongoing medical conditions or those who require expensive medical procedures. In such cases, higher-rated insurance providers like Kaiser Permanente, Blue Cross Blue Shield, or United Healthcare may offer better customer satisfaction and fewer complaints. It’s difficult to determine which health insurance company is the best overall, as it depends on individual needs and preferences.
However, based on customer satisfaction ratings and plan offerings, Kaiser Permanente is often considered one of the top health insurance companies due to its highly rated plans and low prices. On the other hand, Blue Cross Blue Shield is another well-regarded health insurance company that offers more flexibility in its coverage and has a large provider network, making it widely available.
<h2 class="wp-block-heading">Conclusion</h2>
In today’s article I explained you all the pros and cons in detail regarding top health insurance providers in the United States. However, ultimately, it is up to you to choose a right one for you, keeping in mind your needs and financial condition. But, it is important to carefully compare plans and coverage options from different insurance companies to determine which one best fits your specific needs and budget. However, if having access to a wide selection of doctors is essential to you, you may want to consider Blue Cross Blue Shield, which has the largest network of medical providers in the country.
I hope this article would benefit you. If you need more information on this topic or any other topics related to Social Security in the United States, regularly visit my website as I regularly post different articles. Moreover, if you have any questions about any issue related to Social Security, health insurance and other financial matters, you may leave me a comment with your name and email and I will respond you as soon as I could, please.
Thanks for reading
The post <a rel="nofollow" href="https://deftangle.com/2024/01/12/the-best-health-insurance-providers-in-the-united-states/">THE BEST HEALTH INSURANCE PROVIDERS IN THE UNITED STATES</a> first appeared on <a rel="nofollow" href="https://deftangle.com">DEFTANGLE</a>.
]]></content:encoded>
<wfw:commentRss>https://deftangle.com/2024/01/12/the-best-health-insurance-providers-in-the-united-states/feed/</wfw:commentRss>
<slash:comments>0</slash:comments>
</item>
<item>
<title>SOCIAL SECURITY DISABILITY BENEFITS: ALL YOU NEED TO KNOW</title>
<link>https://deftangle.com/2024/01/10/social-security-disability-benefits-all-you-need-to-know/?utm_source=rss&utm_medium=rss&utm_campaign=social-security-disability-benefits-all-you-need-to-know</link>
<comments>https://deftangle.com/2024/01/10/social-security-disability-benefits-all-you-need-to-know/#respond</comments>
<dc:creator><![CDATA[Saadsarimshazil]]></dc:creator>
<pubDate>Wed, 10 Jan 2024 16:40:48 +0000</pubDate>
<category><![CDATA[OUR BLOGS]]></category>
<category><![CDATA[Social Security USA]]></category>
<guid isPermaLink="false">https://deftangle.com/?p=231</guid>
<description><![CDATA[In this article I will tell you what to expect when you apply Social Security disability benefits in United States. Also, I will tell you step by step process to apply for disability benefits. Applying for disability can be a confusing process, so I am going to explain five of the most common steps that ... <a title="SOCIAL SECURITY DISABILITY BENEFITS: ALL YOU NEED TO KNOW" class="read-more" href="https://deftangle.com/2024/01/10/social-security-disability-benefits-all-you-need-to-know/" aria-label="Read more about SOCIAL SECURITY DISABILITY BENEFITS: ALL YOU NEED TO KNOW">Read more</a>
The post <a rel="nofollow" href="https://deftangle.com/2024/01/10/social-security-disability-benefits-all-you-need-to-know/">SOCIAL SECURITY DISABILITY BENEFITS: ALL YOU NEED TO KNOW</a> first appeared on <a rel="nofollow" href="https://deftangle.com">DEFTANGLE</a>.
]]></description>
<content:encoded><![CDATA[
In this article I will tell you what to expect when you apply Social Security disability benefits in United States. Also, I will tell you step by step process to apply for disability benefits. Applying for disability can be a confusing process, so I am going to explain five of the most common steps that most of the people experience when they are going through the process. It is important to note that these will be general steps that you are likely to go through, but each person and each set of circumstances is different.
<h2 class="wp-block-heading">Step one (the initial application)</h2>
The initial application consists of a series of paperwork where you are going to need to explain to the <a href="https://www.ssa.gov/" target="_blank" rel="noopener">Social Security Administration</a> (SSA) that why you cannot no longer work and what medical condition you are dealing with.
Social Security Administration will also certainly ask you for your <a href="https://www.ssa.gov/help/iClaim_medicalEvidence.html" target="_blank" rel="noopener">medical records</a> for the conditions that you are claiming are making it difficult for you to work, as well as your work history very often and your description of the types of tasks that you are able to do on a day-to-day basis. I hereby suggest you to follow up with the Social Security Administration after you submit your initial application, whether that be in person, in writing, or by phone, to make sure that your application has not gotten lost and that they are processing it.
<h2 class="wp-block-heading">Step two (Supplemental or Secondary Paperwork)</h2>
It is important to note that the Social Security Administration often asks for additional information after you submit your initial application. This paperwork often asks the same or similar questions that you have already answered for the SSA, but they are looking for more detail.
<h2 class="wp-block-heading">Step three (the initial decision)</h2>
Occasionally, the Social Security Administration may ask you to go to one of their medical examiners after you have provided that initial application. It is like routine medical check-up but I have no exact information to share with you.
Aside from that, unfortunately, there is just a waiting period. It normally takes about five to six months for the SSA to process your initial application. And when you do hear back from the SSA, after that five to six months, it might not be good news. Almost 80% of people are denied at the initial application. It is important to note here that you should not get discouraged when you get that <a href="https://www.youngmarrlaw.com/what-to-do-application-social-security-rejected/" target="_blank" rel="noopener">initial rejection</a> as most people are approved at a later stage.
It is important to note that if you are amongst the majority who receive a rejection after the initial application, the SSA is required to tell you why. Occasionally it’s a technical reason. Like you are working too many hours or you do not meet the income requirements to qualify.
But, there is not much that you can do when you receive this kind of rejection except for changing your income or the number of hours that you work. Most often it’s a denial for medical reasons. The SSA is looking for more proof that you cannot work. Whatever the reason would be, you should request a reconsideration.
<h2 class="wp-block-heading">Step 4 (reconsideration)</h2>
This is the easiest step and you have 60 days to request reconsideration. And for the most part, all you need to do is check a box. Unfortunately, very few people receive benefits at the reconsideration stage and about 90% get a rejection. But you need to complete this step to go to a hearing. Only after your reconsideration is denied are you able to request a hearing.
<h2 class="wp-block-heading">Step 5 (the hearing)</h2>
At this point, you need to have a lawyer, as without one you won’t be able to prove your case to <a href="https://www.ssa.gov/appeals/hearing_process.html" target="_blank" rel="noopener">disability judge</a>. Over 80% of people at the hearing stage have a lawyer or legal representative when they go before a judge.
At the hearing, a judge or your lawyer will ask you questions about your condition. The SSA will bring somebody to the hearing called a vocational expert. Vocational expert’s job is to understand your work history, the job requirements, and whether you can do other types of work. It is important to note that your lawyer can cross-examine this expert, trying to prove that you cannot do the job that they may be claiming that you can.
Since COVID-19, almost all hearings are virtual, so it will be important to find a quiet space with good connectivity. Different questions could be asked at your hearing, so you should prepare yourself with help of your lawyer. Your lawyer must be an expert in disability cases so he can prove your case.
<h2 class="wp-block-heading">Step 6 (get a decision).</h2>
It normally takes one to two months to get the decision from the <a href="http://chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.ssa.gov/pubs/EN-70-10281.pdf" target="_blank">Administrative Law Judge</a>, and often your lawyer will hear first. If you are approved, you will start getting monthly checks from the Social Security Administration. And often you will receive a lump sum in your first check, which includes your back pay. This covers all payments you would have accrued during your application period. However, not everyone gets back pay, but most people do.
<h2 class="wp-block-heading">What if your application is rejected?</h2>
However, if you are rejected, you can talk to your lawyer about the next stage of appeals, which is in federal court, but that is a rare and complicated process. I must admit here that applying for disability benefits can be complicated and overwhelming process but getting an approval is life-changing, and can even be life-saving for some people.
Too many qualified people give up because the process is so daunting. But having the right legal team can really help. People are three times more likely to win benefits at the hearing stage with a lawyer compared to without one.
<h2 class="wp-block-heading">Conclusion</h2>
Some people think it’s easy to get disability benefits, you just need to get the form from the Social Security Administration, apply, wait for a decision, and you are done. While some others think it’s hard to get Social Security benefits and process is so difficult to complete, as it takes forever, complex and your chances of approval of low. However, neither are completely true. So, in today’s article I coverd all the details of the disability application process. I made it easy to understand the whole process and what to expect when you apply and what to do if you are rejected.
I hope this article would benefit you. If you need more information on this topic or any other topics related to <a href="https://deftangle.com/2023/12/24/how-to-apply-for-u-s-social-security-benefits/">Social Security benefits</a>, please visit my website: <a href="http://www.deftangle.com">www.deftangle.com</a>. I regularly post different articles and if you have any questions about any issue related to Social Security and other financial matters, you can leave me a comment with your name and email and I will respond you as soon as I could, please.
Thanks for reading
The post <a rel="nofollow" href="https://deftangle.com/2024/01/10/social-security-disability-benefits-all-you-need-to-know/">SOCIAL SECURITY DISABILITY BENEFITS: ALL YOU NEED TO KNOW</a> first appeared on <a rel="nofollow" href="https://deftangle.com">DEFTANGLE</a>.
]]></content:encoded>
<wfw:commentRss>https://deftangle.com/2024/01/10/social-security-disability-benefits-all-you-need-to-know/feed/</wfw:commentRss>
<slash:comments>0</slash:comments>
</item>
</channel>
</rss>

If you would like to create a banner that links to this page (i.e. this validation result), do the following:

Download the "valid RSS" banner.
Upload the image to your own server. (This step is important. Please do not link directly to the image on this server.)
Add this HTML to your page (change the image src attribute if necessary):

<a href="http://www.feedvalidator.org/check.cgi?url=https%3A//deftangle.com/feed/"><img src="valid-rss-rogers.png" alt="[Valid RSS]" title="Validate my RSS feed" /></a>

If you would like to create a text link instead, here is the URL you can use:

http://www.feedvalidator.org/check.cgi?url=https%3A//deftangle.com/feed/

Home · About · News · Docs · Terms