Facebook Week in Review: 06/17/11

20 06 2011

June 13

If all we do is spend the majority of money earned our retirement will be bare. We need to live below our means.

Thinking about bumping up your TSP contributions this year? Remember, Social Security taxes were reduced by 2% (6.2% to 4.2%) for the year 2011 (they revert to 6.2% in 2012). This means we are taxed 2% less than last year. Looking to increase Thrift Savings Plan (TSP) contributions? Bump up your contribution percentage by 2%. Refer to Kiplinger’s Tax Cut calculator to view how much money is saved from each paycheck.  http://www.kiplinger.com/tools/2011_Social_Security_payroll_tax_cut_calculator/

Released today, HUD and the VA will provide $5.4 million to public housing authorities in 18 states to supply permanent housing and case management for 676 homeless Veterans in America. HUD will announce the 2011 HUD-VASH funding during the summer (HUD-VASH is a coordinated effort by HUD, the VA and local housing authorities to provide permanent supportive housing for homeless Veterans).  http://portal.hud.gov/hudportal/HUD?src=%2Fpress%2Fpress_releases_media_advisories%2F2011%2FHUDNo.11-118

June 14

Today marks the 236th birthday of the United States Army. Happy Birthday!

The 411 on Teaser Rates – In an attempt to attract borrowers, credit card companies offer temporary low interest rates so that borrowers will apply for an account. When the introductory period ends, the APR hikes to a much higher fixed/variable interest rate. Teaser rates may start at 4% and jump to 15%. Before signing any application know what your APR will be after the low initial interest rate expires.

June 15

Visualize your financial life. See it, feel it, live it.

June 16

Do you know someone earning a higher income than you? Sometimes we compare ourselves – “If only I earned more. If I had more money I can save more and have the life I want.” Did you ever think someone earning less than you is wondering the same. They may look at you thinking you can do so much with the income you have – save, spend, retirement, college, vacation, etc. Our income is a powerful tool. Manage it wisely.

June 17

When can you collect Social Security? Everyone can collect at age 62. However, collecting at this reduced benefit age reduces benefits permanently. Collecting benefits at later age increases the benefit amount. By how much? Locate your birth year and compare the ages to receive benefits. I.E, a person born in the years 1960 or later receives a 100% benefit at age 67 and loses 30% if they collect at age 62.  http://www.socialsecurity.gov/pubs/ageincrease.htm

Question time: How are you paying off debts? Those with the smallest balance first or the largest interest rate first? Some experts believe it’s more cost efficient to pay off debts carrying the highest interest rates. Other experts believe it’s emotionally efficient/motivating to pay off debts with the smallest balance. What do you think?

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