Money Talk

JANUARY 4, 2024

Life Insurance - This is money transferred to a beneficiary via a deceased person’s life insurance policy. Like inheritances, life insurance is generally not subject to income tax. Inheritances are not considered taxable income by the federal government but earnings on inherited assets (e.g., Claim it!

Life Insurance 176

Life Insurance Pension Benefit Retail Taxes 176

Money Talk

SEPTEMBER 12, 2024

If the husband dies first, the wife is left with $1,250 (50% of husband’s pension), $800-wife’s pension, and $2,000 (highest Social Security) for income of $4,050 ($48,600 annually). This is a 40% “haircut,” which some couples cover with spousal gifts, annuities, and/or life insurance.

Pension 162

Pension Pension Benefit Taxes Entertainment 162

Employee Benefits

MARCH 4, 2024

From April 2023, the LTA charge was removed and pension benefits have been taxed as income with no additional penalty since then, but the formal abolition of the LTA required a raft of new legislation which is now complete, so this will take place from April 2024.

Pension 59

Pension Pension Benefit Employment Taxes 59

Workers' Compensation Perspectives

JANUARY 1, 2019

These near universal social insurance plans for retirement and disability benefits for working citizens provide a convenient standard for workers’ compensation policy makers designing cost-of-living adjustments (often abbreviated COLA). And exactly whose basket we are considering can make a big difference.

Workers’ Compensation 52

Workers’ Compensation Pension Health and Welfare Insurance 52