This article estimates the causal effect of benefit levels on elderly enrollment in two public assistance programs by using the variation in eligibility and benefit levels introduced by old-age pension benefits.
Thetriple lock, which makes sure the state pension increases each year in line with the highest of inflation, average earnings or 2.5%, is also playing a role. With inflation having surged, the state pension has seen unusually large increases, which again pushes more pensioner...
Pension plans often have additional eligibility rules, such as the Rule of 80 or Rule of 90, i.e., the worker’s age and years of service must add up to 80 or 90. For example, under the Rule of 90, a 60-year-old worker with 30 years of service could start receiving benefits. ...
Gross income: Gross income includes all income received from all sources, including monetary gifts, property, and the value of services received. Wages, tips, interest, dividends, rents, and pension income are also examples of sources that contribute to your total gross income (not including tax-...
If you've ever spent your morning commute (or bank holiday) daydreaming about starting afresh with your career, this feature is for you.Each Monday, we speak to someone from a different profession to discover what it's really like. This week we chat to hair surgeon and co-f...
In contrast, a pension fund generally restricts early withdrawals. Its purpose is to ensure financial security in old age, meaning its structure is to make sure the funds/benefits are there in the future. Note there may be exemptions, and those early pension withdrawals may come with p...
“The place was covered with weeds and rat holes,” 93-year-old veteran Yan Xinqiu showed us a black-and-white photo. “We plowed lands in the day and squeezed in the tent at night. The winter was so cold that the bread we took was frozen like a rock”, Yan recalled. ...
Depending on the size of your monthly payments and the amount of care you need, paying for services monthly out of a pension or Social Security benefit may be an option. Medicaid When all other options have been exhausted and a person's income and assets have...
Where does the extra money come from? Or maybe he or she has to wait until someone else retires or dies. Still, that shouldn’t take too long. If it’s retirement (presumably on a state pension), more money is still needed, but only until someone else dies. So there needs to be ...
Life insurance can also be used to pay off debt, leave an inheritance or provide for a spouse in the event a pension doesn't include survivor benefits. What's more, policies may offer living benefits that can be used in the event of a terminal illness or the need for long-term care...