Economy - Ajax Control Toolkit

New rules for Required Minimum Distributions (RMDs) – Changes affecting retirees in the second half of 2024

August 11, 2024 by Anushka Jha

Saving for retirement through an IRA or 401(k) allows you to build a solid financial future while deferring taxes on your contributions. However, once you reach a certain age, the government mandates that you begin withdrawing funds from these accounts through Required Minimum Distributions (RMDs). These withdrawals are subject to ordinary income taxes, and failing … Read more

Different Social Security Payments for Retirees – Know How Much You’ll Get in August

August 11, 2024 by Anushka Jha

Social Security is a critical source of income for millions of retirees, and any changes to the system can have significant impacts on the benefits they receive. Whether it’s adjustments to retirement age, tax policies, or payment schedules, staying informed about how these factors influence Social Security checks is essential. This knowledge is not just … Read more

This State Is Distributing $1 Billion in Stimulus Checks – Get Free Money if You Qualify

August 11, 2024 by Anushka Jha

In a significant effort to provide financial relief to its residents, Minnesota has launched a bold stimulus check program, distributing nearly $1 billion in rebates to approximately 2 million eligible citizens. Passed in May 2023, this initiative marks one of the largest state-level stimulus campaigns in recent years. As the Minnesota Department of Revenue oversees … Read more

New $500 Monthly Stimulus Checks for Chicago Residents – The Single Eligibility Requirement

August 11, 2024 by Anushka Jha

Chicago has taken bold steps to support its economically distressed citizens with the introduction of the Guaranteed Basic Income (GBI) program. Organized by Mayor Brandon Johnson, this initiative aims to provide financial relief to low-income families by offering them $500 per month for one year. The program, which relaunches a pilot that began last year, … Read more

Social Security – Essential Steps to Take Before Turning 65 if Your Full Retirement Age Is 66 or 67

August 11, 2024 by Anushka Jha

As retirement approaches, many seniors focus on when to start claiming Social Security benefits. While some opt to begin as early as 62, others wait until 70 to maximize their monthly checks. However, there’s another critical step that many overlook until it’s almost too late: signing up for Medicare. The Social Security Administration (SSA) urges … Read more

New York Tax Credit – Receive Up to $330 Per Child

August 11, 2024 by Anushka Jha

Life in New York just got a little easier for families with children. Governor Kathy Hochul has announced a $350 million initiative as part of the expanded Empire State Child Tax Credit (ESCC). This significant financial boost is aimed at helping families with children under 17 by providing much-needed relief through the state’s tax system. … Read more