When Is the Right Time to File for Social Security?, 19 AUGUST

Social Security is a government program designed to provide financial support during retirement. As a retirement planner with over 25 years of experience, I understand how important Social Security is for people of retirement age.

Here’s a Way to Save Social Security and Defer RMDs

For many people, Social Security represents a substantial portion of their retirement funds, accounting for over 50% and, in some cases, even 100% of their income. At the same time, it is extremely complex. According to the  IRS website, there are thousands of combinations for how you could take Social Security.

Instead of navigating the daunting complexities of Social Security on your own, I always recommend speaking to a financial professional so that you can make an informed decision. The right approach to Social Security could add up to thousands of dollars over a lifetime.

Factors to consider when deciding when to take Social Security benefits

Age. Individuals can start receiving benefits as early as age 62 or delay until age 70, with the full retirement age (FRA) usually ranging from 66 to 67, depending on the year of birth. Claiming early can give you immediate income, but it will result in permanently reduced benefits and potential tax implications if you’re still working. Claiming at FRA offers the advantage of receiving full benefits without reductions. However, delaying further up to age 70 results in increases in monthly benefits.

Income. Ultimately, when it comes to claiming, if you need the money now, that is the most important consideration. Changes in personal health, employment status or financial situation can alter the decision-making process. Individuals may opt to claim earlier to cover living expenses, even though it may result in lower lifetime benefits.

Life expectancy. Health considerations are essential. The primary advantage to delaying benefits is the significant increase in monthly benefits, which can be advantageous for those expecting to live longer. However, the trade-off is forgoing benefits during the delay period.

Marital status.  Married couples can strategize when and how to claim benefits to help optimize their combined benefits. Age differences between spouses are also an important consideration. For example, even if the higher earner has a lower life expectancy, a couple may decide to delay claiming benefits so that their spouse can have a higher monthly survivor benefit.

The impact of COLA on Social Security benefits

Cost-of-living adjustments (COLAs) are increases in Social Security benefits designed to counteract the effects of inflation  and maintain the purchasing power of retirees’ benefits over time. For example, if an individual’s monthly benefit is $2,500 and there’s a 2% COLA, their benefit for the following year will be $2,550, an increase of $50, which is 2% of $2,500.

Happy Birthday, Social Security: Celebrate by Avoiding These Three Mistakes

COLA affects the overall value of Social Security benefits, especially for those who delay claiming. Delaying benefits will result in a higher base amount that will receive COLA adjustments, leading to increased benefits over time.

Common myths regarding Social Security timing

Claiming benefits early guarantees higher lifetime benefits. While claiming early provides immediate income over a potentially longer period of time, it permanently reduces the monthly benefit amount. Delaying benefits can lead to increased benefits over time for those with longer life expectancies.

There is a “right” time to take Social Security. The idea of a one-size-fits-all answer to the Social Security timing question is unfortunately not possible. Too many factors and unique considerations must be considered for there to be a cut-and-dried answer to find the best time for your specific situation. Everyone’s situation is unique, which is why I recommend meeting with a retirement planner. A retirement plan, created with the help of a professional, could help optimize Social Security claiming strategies and lead to increased retirement income.

Social Security will cover my entire cost of living in retirement. Social Security could cover your expenses in retirement, but for many retirees, Social Security is a base, and they need to take withdrawals from investments to make up for what they need in retirement. However, it is crucial not to go overboard and drain your savings too quickly. A personalized retirement cash flow plan can help estimate what amount of withdrawal from your investments would be good to look at to supplement your Social Security income.

Why Are You Still Working?

Social Security is a vital component of retirement planning, and the decision of when to claim benefits should be made with careful consideration of individual circumstances. By understanding the significance of Social Security, considering COLAs and evaluating various claiming strategies, retirees can make informed choices to maximize their retirement benefits.

https://www.nasdaq.com/articles/when-is-the-right-time-to-file-for-social-security 

IQD Backed by Gold Not Dollars = Higher Rate?!🤔Iraq Dinar RV Updates | 8...

Weekend News with MarkZ 08/19/2023

Weekend News with MarkZ 08/19/2023

Some highlights by PDK-Not verbatim

MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context.  Be sure to consult a professional for any financial decisions

Member:  Good Saturday Morning…. Crazy to think another Saturday.

Member: Hi Mark, what is your confidence level that we will revalue by the end of 2023.

Mod:  LET US PRAY IT BREAKS LOOSE THIS WEEK

MZ: I don’t know about August but I still feel good about 2023 as a year of historic change.

MZ: Redemption Center folks are not at work….Mr C has not been paid yet. 

MZ: “In Iraq ”6 new directives from the Central Bank”  This is from the CBI for ALL banks. They have changed many of their internal structures in order to use prepaid credit and debit cards. They have also upped their limits even higher than most US prepaid cards.

MZ:   Up to about 10 grand a month on a prepaid card. 2grand a day and $750.00 a day on online purchases…They are making it very attractive to not use cash. This is very interesting…They are modernizing their system…..this is necessary for our reset. 

Member:  Good morning. I heard the rate for dinar and doing may be 4.57. I Hope that’s true?

MZ: Lot of people hearing that….I don’t have any proof though…I think somebody jumped the gun…..

Member:  DONG still possibly at $2.00 to $3.00

Member: We just need the date…….

Member:   well Bruce said Monday –Tuesday

MZ:  “China’s shadow bank misses dozens of payments, sparking protests”  The Chinese economy is imploding before our eyes. We are watching our banks fail as well. But our news is just covering the Chinese failures instead of the American failures. 

MZ: “ JPMorgan hikes default forcasts for emerging markets as Country Garden drives China contagion fears” This is another massive property developer that is having serious problems….The housing market troubles leads to the entire market being very troubled. 

MZ: “China new home prices fall for the first time in 2023 dimming economic outlook”  Devaluation of hard assets has hit China. It has hit the US as well…but only in key markets. 

MZ: “BRICS blocs to discuss payment system at upcoming summit”  They have officially stated that this upcoming meeting is to talk about a “standard payment system” so that anybody within these BRICS countries can spend, send or operate business inside and out. This is a story is much bigger than our mainstream media knows…..This allows seamless financial transfer between BRICS countries. 

Member:  Arcadia Economics on YouTube has Jim Willie giving his breakdown of the upcoming BRiCS Summit

Member: Charlie just said he believes QFS to start after Brics announcement

Member: I wonder if Venezuela taking any steps similar to Iraq to boost their currency's value, such as trying to reduce the amounts on the streets, etc.?

Member: Mark , isn't the QFS setup for world wide implementation? Therefore, the BRICS summit is a wakeup for the sleepers?? imo

Member:  Happy Birthday to those celebrating their special day. God bless everyone, have a wonderful day

Member: Everyone have a wonderful weekend……

CBD Guru’s join the stream at the beginning….please listen to the replay for all their information..

THE INFORMATION IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY. NOT INTENDED TO PROVIDE ANY PROFESSIONAL & LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IS MARKZ ’S OPINION ONLY.

"Expert proposes solutions to control the parallel exchange rate", 19 AUGUST

  Expert proposes solutions to control the parallel exchange rate

Baghdad - NAS  

The economist, Manaf Al-Sayegh, proposed a number of solutions to control the parallel exchange rate, and undermine the dollar, pointing out that the presence of two different exchange rates can confuse the local market and lead to a kind of imbalance in economic performance, and while praising the measures aimed at limiting the rise of the green currency in the parallel market, he called for "liberalizing the exchange rate" according to supply and demand levels and foreign trade activity, as well as working to change the pattern of the balance of payments and the balance of trade.      

  According to specialists in economic affairs, the Central Bank succeeded in controlling the exchange rate of the parallel dollar, and put an end to the booms witnessed by that currency in previous times, indicating that the packages of decisions issued by the monetary authority led to strengthening confidence in the national currency, stressing at the same time, that the fluctuation of the exchange rate is no longer an influential factor in the prices of goods and materials that are imported at the official rate of the Central Bank.  

  Al-Sayegh said in a statement to the official newspaper "Nas", (August 19, 2023), that "the existence of two different exchange rates leads to an impact on economic performance negatively, especially if it is related to the pattern of consumer activity and thus will undermine government efforts to enhance its ability to provide quality services,"

Stressing the need to "establish development paths that diversify economic activity in line with the urgent requirements of society, such as continuous energy, efficient education and health institutions, as well as the provision of high-quality services, indicating These steps will achieve an active and flexible economy capable of continuous diversification while creating sustainable development opportunities and diversified and renewable job opportunities within the requirements of economic performance and its local and international commitments."  

 In order to find remedies for the economic effects of the existence of two different exchange rates for the local currency, the jeweler believes that the exchange rate should be liberalized flexibly according to the levels of supply and demand as well as the levels of commercial activity for foreign trade, as well as the need to work to change the pattern of the balance of payments and the balance of trade in a way that leads to its transformation from negative to positive gradually.  

 Al-Sayegh also stressed the importance of changing the pattern of spending in the budget towards productive investment leading to serious development paths, taking into account changing foreign trade patterns from consumer goods to productive goods related to a specific economic activity, as well as the trend towards making a fundamental change in the pattern of performance and financial activity of public and private banks, enhancing the efficiency of government programs aimed at pushing development projects that support economic activity in general, and expanding small and medium entrepreneurial projects among young people.  

Millions of dollars in damages.. Oil smuggling is costing Iraq huge amounts of money - Urgent

 Millions of dollars in damages caused by the smuggling of oil derivatives from the country, while Iraq incurs huge sums of money as a result, while the concerned authorities indicate a noticeable decrease in these operations by rates of up to 90 percent.  Millions of dollars in losses

Today, Saturday (August 19, 2023), the Parliamentary Oil and Gas Committee confirms that Iraq is losing millions of dollars due to oil smuggling operations. 

Committee member Ali al-Lami told "Baghdad Today" that "the oil smuggling operations that take place in various Iraqi cities, Iraq has incurred huge losses in the millions of dollars, and these operations are behind gangs involving various influential parties and personalities."

Al-Lami explains that "there is a decline in oil smuggling operations, after the blows dealt to these gangs by the security forces, who succeeded during the past periods in thwarting many oil smuggling operations, in addition to exposing many of these gangs," adding, "But the smuggling operations are still going on." This calls for doubling the security effort."

In numbers, adjustments 

The Energy Police Directorate of the Ministry of Interior revealed, on (August 18, 2023), statistics for oil derivatives seizures during the current year .

The Director General of the Energy Police, Major General Zafer Al-Husseini, said in a statement followed by "Baghdad Today", that "the Energy Police Directorate continues to carry out its security duties and according to the orders issued by the references and in joint coordination with the National Intelligence and Investigation Agency, as well as the formation of joint teams during the security operations that carry out with it .  ”

He added, "The Directorate has been able, since the beginning of this year until now, to seize 489 tanks and 100 dens for smuggling oil derivatives, confiscate 23 million and 308 thousand liters of fuel, and arrest 553 suspects, as well as seizing two violating fuel stations .  "

 And he stated, "The Energy Police Directorate has 9 brigades deployed in all regions of the country, carrying out its proactive operations, and these brigades continue to combat smuggling of oil derivatives, according to their responsibility, in addition to Iraqi oil installations scattered in all regions of Iraq," stressing, "The Directorate is seeking to control smuggling operations and dumping Arresting smugglers . 

Al-Husseini confirms, "The smuggling of oil derivatives decreased at the level of Iraq by 90% compared to previous years," noting that "the Police Directorate has developed, since the beginning of this year, proactive and qualitative plans that were presented to the Minister of Interior and approved, which included joint coordination between the Directorate Energy Police and the Intelligence and Investigation Agency to provide us with information on smuggling operations, in addition to information that comes through a hotline   link

Banks rase the amount we can spend by Nader from mid east

Iraq ranks fifth among top 10 oil producers in 2022, 19 AUGUST

Iraq ranks fifth among top 10 oil producers in 2022

Shafaq News/ Iraq ranked fifth among the world's top 10 oil-producing countries in 2022, as revealed by Italian oil company Eni.

Eni's data showed that Iraq stood at the fifth spot as a top global oil producer, churning out 4.554 million barrels, with a compound growth rate of 5.4%. This marks an increase of 10.2% from 2021, which saw production levels at 4.132 million barrels, and a 9.8% rise from 2020's 4.148 million barrels.

The United States led the chart with an oil production of 17.850 million barrels in 2022, followed by Saudi Arabia in second place producing 12.416 million barrels. Russia took the third position, producing 11.088 million barrels, while Canada stood fourth with a production of 5.757 million barrels.

The United Arab Emirates ranked sixth, with 4.190 million barrels. China followed with 4.177 million barrels. Iran stood eighth with 3.577 million barrels, Brazil ninth producing 3.119 million barrels. Kuwait, in the tenth spot, produced 3.013 million barrels in 2022.

Al-Sudani affirms open investment opportunities in pharmaceutical sector

Shafaq News / Iraq's Prime Minister Mohammed Shia Al-Sudani emphasized that the investment landscape within Iraq's pharmaceutical production sector is now open for prospective investors.

The statement from Al-Sudani's office outlined his chairing of a meeting that included representatives from "Synagine Group" for cancer drug production, "Pakster" for renal dialysis solutions, officials from the National Health Factory within the Ministry of Health, and several advisors. The discussion focused on mechanisms to support the localization of the pharmaceutical industry in Iraq, involving both private sector collaboration and the National Health Factory.

During the meeting, Al-Sudani was briefed on detailed presentations showcasing the capabilities of the companies and their accomplishments in other countries. These companies expressed their readiness to transfer knowledge and technology to Iraq, in addition to supporting the establishment of a pharmaceutical industrial city that would attract companies interested in drug manufacturing. He emphasized that investment opportunities within the pharmaceutical industry are open to all companies, signaling the promising prospects in this sector.

Furthermore, the Prime Minister stressed the importance of full technology transfer throughout the stages of drug production. He emphasized that pharmaceutical factories should not limit their involvement merely to packaging and labeling, but should also actively contribute to the production process.

Al-Sudani warmly welcomed companies interested in operating within Iraq's pharmaceutical sector, an area of heightened government interest. He highlighted a series of earlier meetings with local and foreign producers, which resulted in a comprehensive set of measures. These measures include facilitating registration procedures, customs exemptions, and tax benefits for raw materials, equipment, and essential devices used in medical product manufacturing. The government is also prepared to ease loan provisions for establishing factories and expanding production lines.

The Prime Minister pointed to the pioneering and successful partnership between the private and public sectors, epitomized by the National Health Factory.

https://shafaq.com/en/Economy/Al-Sudani-affirms-open-investment-opportunities-in-pharmaceutical-sector