London, UK (PRWEB) May 20, 2010
LV=, protection and retirement specialist, has announced that it has made enhancements to its income protection policy, resulting in another coveted Defaqto 5 Star Rating.
LV=’s income protection (http://www.lv.com/lifeinsurance/incomeprotection/ ) policy (which forms part of the protection menu, the Flexible Protection Plan) now includes Guaranteed Increase Options, which means policyholders can increase their cover without any medical or financial underwriting if they:
Increase their mortgage
Get married or register a civil partnership
Have or adopt a child
Have an increase in basic salary as a result of promotion, changing employer or gaining qualifications.
The policy now also includes Back to Work Support, meaning LV= may provide financial support and advice (http://www.lv.com/advice/ ) to help policyholders return to work with confidence.
Plus, LV= has added a Career Break Option where policyholders will be covered (for up to a maximum of
Belleville, Ill. (Vocus) October 26, 2010
During the third quarter of 2010, unemployment rates for people with disabilities climbed to their highest quarterly rate in a year and continued to outpace the unemployment rate for other workers, according to a quarterly study by Allsup, a nationwide provider of Social Security Disability Insurance (SSDI) representation and Medicare plan selection services.
The Allsup Disability Study: Income at Risk shows that for the third quarter of 2010, people with disabilities experienced an unemployment rate 67.7 percent higher than people with no disabilities. Specifically, the unemployment rate for the third quarter averaged 15.6 percent for people with disabilities, compared to 9.3 percent for people with no disabilities, according to non-seasonally adjusted data from the U.S. Bureau of Labor Statistics.
The Allsup Disability Study: Income at Risk also shows that during the third quarter of 2010, the number of people with disabilities unable to work and applying for SSDI climbed to 764,902, an increase of 4.3 percent compared to third quarter 2009. Year-to-date, more than 2.25 million people have filed disability claims. Nearly 1.8 million SSDI claims are pending with an average cumulative wait time of more than 850 days, based on Allsups analysis of the Social Security disability backlog.
The number of people filing for disability claims has doubled compared to 2001, said Paul Gada, personal financial planning director for the Allsup Disability Life Planning Center. Contributing factors include both the aging population and the high unemployment rate. Some people with disabilities are never able to return to work after a layoff.
According to Gada, people applying for SSDI need to understand the importance of acting quickly to secure benefits. Someone who is qualified needs to apply as soon as possible given the backlog and to ensure they meet certain qualification restrictions, Gada said. They also need to plan financially for what likely will be a significantly reduced income.
Understanding SSDI Benefits
People unable to work due to a severe disability need to understand the specific financial resources available to them — and their families — under the SSDI program. SSDI is a mandatory, tax-funded, federal insurance program designed to provide individuals with income if they are unable to work for 12 months or longer because of a severe disability, or if they have a terminal condition.
Individuals must have paid FICA taxes to be eligible. As a result, peoples SSDI benefits are calculated using their earnings history. Because someones work history varies depending on age and life experiences — benefits can vary widely by age and gender.
Allsup outlines the following considerations when planning for the financial future:
Regular monthly income: SSDI is a regular monthly payment and usually provides annual cost-of-living adjustment (COLA) increases (though none for 2010 or 2011).
In September, the average monthly benefit for a person qualifying for SSDI was approximately $ 1,066. But specific benefit amounts can vary greatly. For example, the average September monthly benefit for men was above average at $ 1,190, while womens monthly benefit was $ 929. Age also plays a significant factor as the chart shows below:
Age — Average Amount* (overall) — Average Amount* (male) — Average Amount* (female)
30 — $ 750 — $ 767 — $ 730
40 — $ 896 — $ 938 — $ 852
50 — $ 1,019 — $ 1,110 — $ 921
60 — $ 1,181 — $ 1,348 — $ 988
64 — $ 1,203 — $ 1,404 — $ 967
*Figures rounded to the nearest dollar.
Source: Social Security Administration, as of June 30, 2010
Spouse and dependent benefits: A spouse and dependents of someone receiving SSDI benefits also may be eligible for benefits. The average monthly benefit for a spouse in September was $ 287, with men receiving $ 239 on average, and women receiving $ 289 on average. To be eligible, the spouse (or former spouse if the marriage lasted at least 10 years) must have a child under age 16 or a child with disabilities, or be at least 62 years old. With regard to children, there are different categories of dependents and the payment amount varies. According to the SSA, the average September monthly benefit to a dependent child was $ 318.
Keep in mind that individuals can find an estimate of their benefits by examining their Social Security statement, which the Social Security Administration (SSA) mails out on an annual basis.
The SSA recently announced there will not be a COLA for a second consecutive year, so benefit amounts will continue to hold steady in 2011. There has been little fluctuation in the average monthly benefits since the start of 2009, Gada said.
In addition to monthly income and dependent benefits, SSDI also includes provisions for protecting future retirement benefits, the opportunity for extended COBRA benefits, eligibility for Medicare 24 months after a persons date of entitlement to SSDI cash benefits, as well as prescription drug coverage.
Its important that people apply as soon as they are eligible and make certain they are receiving all the benefits that apply in their circumstances, Gada emphasized.
If you have questions about SSDI eligibility for you or someone you know, please contact the Allsup Disability Evaluation Center at (800) 279-4357 for a free evaluation of your situation.
Allsup also provides free financial planning tools to help people better manage their finances while awaiting SSDI benefits at http://www.allsup.com/personal-finance . Medicare plan selection services also are available through the Allsup Medicare Advisor
Belleville, Ill. (PRWEB) October 20, 2011
The unemployment rate for people with disabilities has climbed for the fourth consecutive quarter to reach the highest rate since tracking began in 2008, according to a study by Allsup, a nationwide provider of Social Security Disability Insurance (SSDI) representation and Medicare plan selection services.
The Allsup Disability Study: Income at Risk shows that people with disabilities experienced an unemployment rate more than 85 percent higher than the rate for people with no disabilities for the third quarter of 2011. Specifically, the unemployment rate averaged 16.3 percent for people with disabilities, compared with 8.8 percent for people with no disabilities. These figures are based on non-seasonally adjusted data from the U.S. Bureau of Labor Statistics. The quarterly rate hasnt been this high since reporting of the disability unemployment rate began in the fourth quarter of 2008.
The Allsup Disability Study: Income at Risk shows that 737,468 people with disabilities applied for SSDI during the third quarter of 2011, down 3 percent from the previous quarter. Year-to-date, nearly 2.22 million people have filed disability claims, compared with nearly 2.23 million applicants by the same time last year. Since the fourth quarter of 2007, when the recession began, more than 10.8 million people have applied for SSDI. Nearly 1.8 million SSDI claims are pending with an average cumulative wait time of more than 800 days, based on Allsups analysis of the Social Security disability backlog.
Disability applications have increased significantly over the past few years, said Paul Gada, personal financial planning director for the Allsup Disability Life Planning Center. The economy is one factor, with some people with disabilities never able to return to work after a layoff. Another factor is the aging population, with most baby boomers now in their late 40s to early 60s, Gada said. The average SSDI applicant is nearly 53 years old.
Some people with disabilities who are unable to work may put off applying for SSDI, and older individuals may simply wait to age into Social Security retirement benefits. Either of these actions, however, can result in a serious financial impact, both now and in the future.
People who are qualified need to understand the SSDI process, apply as soon as possible and prepare themselves and their families for the likelihood of living on a significantly reduced income, Gada cautioned.
Understanding Social Security Disability Benefits
SSDI is a mandatory, tax-funded federal insurance program providing individuals with financial resources if they are unable to work for 12 months or longer because of a severe disability, or if they have a terminal condition. Individuals must have paid FICA taxes to be eligible. Social Security disability benefits are calculated using the persons earnings history.
Allsup outlines several financial benefits to those who qualify for SSDI:
Wilmington, DE (PRWEB) November 20, 2012
If you receive tax-free combat pay, you can include it as earned income:
When determining the Earned Income Credit (EIC)
When determining the additional child tax credit
For purposes of making an IRA contribution
Other Excludable Income
Even if you received the income as a reimbursement or an allowance, you dont include this income in your gross income:
Basic Allowance for Housing However, you can deduct mortgage interest and real-estate taxes on your home even if you pay these expenses with your basic allowance for housing.
Basic allowance for subsistence
Housing and cost-of-living allowances abroad, whether paid by the U.S. government or by a foreign government
Overseas Housing Allowance
Certain educational expenses for dependents
Evacuation to a place of safety
Death gratuity payments to eligible survivors
Travel of dependents to burial site
Moving household and personal items
Moving trailers or mobile homes
Temporary lodging and temporary lodging expenses
Military base realignment and closure benefit
For the military base realignment and closure benefit, the excludable amount can
Washington, DC (PRWEB) March 05, 2013
Millions of Americans celebrate receiving an income tax refund each year. Many of these same people live each month under the burden of financial hardship, struggling to make ends meet, often falling behind on living expenses and debt obligations.
The February poll hosted on the National Foundation for Credit Counseling (NFCC) website revealed that a significant majority of respondents, 58 percent, intentionally plan to always receive an income tax refund, unnecessarily allowing Uncle Sam the use of their hard-earned money, only to have it returned to them without benefit of interest.
Not only is the American taxpayer self-inflicting financial pain, they are doing so with intentionality, said Gail Cunningham, spokesperson for the NFCC. It boils down to a simple choice of determining if its more important to have extra money in their pocket each month or once per year.
The average income tax refund in recent years has been in the $ 3,000 range, or approximately $ 250 per month. For many people, that amount can mean the difference between financial solvency and financial distress, yet they continue to have too much money deducted from their paycheck month after month. Further, although well-meaning, many who receive the refund dont spend it wisely, and even for those who do, once the money is gone, the cycle of struggling to responsibly pay monthly bills begins all over again.
Many consumers argue in favor of an income tax refund saying that it is a forced savings. That is correct, but there is a better way to save. The NFCC advises consumers to implement the following three-step program when they receive this years refund: