Sentences with phrase «earning spouses no»

«When it comes to life insurance, it's really important that stay - at - home spouses are not left out... Many people incorrectly assume that these non-employed or lower - earning spouses don't need life insurance.»

The need for Term Life coverage applies equally to income - earning spouses, and there are strong arguments for acquiring life insurance for a partner who is not drawing an income as well.

Often, higher - earning spouses elect benefits early, exposing the surviving spouse to a longevity risk.

«Higher earning spouses no longer have a tax incentive to pay alimony.

For spousal support, mental health issues come into consideration in Virginia in terms of whether they impact the ability of the party requesting alimony to work or the limitations on the higher earning spouses work.

I'm talking about those other people over there, the ugly ones who earn less money, marry lower - earning spouses, get offered worse deals on mortgages, and basically get hosed throughout life to the tune of about $ 230,000 in lost lifetime earnings according to some studies.

Still, many lower - income - earning spouses do return to work, even if their entire salary goes to pay for daycare.

Often, higher - earning spouses elect benefits early, exposing the surviving spouse to a longevity risk.

Available to Tower members who receive earned income and non-wage earning spouses of Tower members

Lower - earning spouses who claim their own Social Security benefit before full retirement age take a cut of as much as 25 %.

Generally, the longer any marriage has lasted, the more weight it carries when judges are determining how to award a lower - earning or no - earning spouse a percentage of assets and / or alimony.

If they were single, the high - earning spouse would lose 32 percent of her personal exemption, which would increase her taxable income by nearly $ 1,300.

In general, the lower - earning spouse, usually the wife, should collect benefits early at age 62 — even though they will be reduced by 25 % or more and subject to earnings limits — and the higher - earning spouse should wait until age 70 to collect the biggest retirement benefit.

If one spouse does not work or does not earn enough to max out IRA contributions, the higher - earning spouse can contribute on the lower - earning spouse's behalf.

Similarly, working mothers with a college education are more likely than those who have not finished college to say that they out - earn their spouse or partner (23 % vs. 8 %).

The thought of out - earning their spouse, even among the 45 % of self - described «successful» women, seems a major worry: only 1 in 4 wouldn't consider this an issue!

For example, if the higher - earning spouse in a couple stops working at age 65, the couple may drop into a lower tax bracket the following year.

The general idea is to shift assets to the lower - earning spouse, who can withdraw more in retirement at a lower tax bracket.

Essentially, the higher - earning spouse files for Social Security upon Full Retirement Age and then immediately suspends that filing, allowing the benefit to grow even more, at least until age 70.

As before, that means the investment income is taxed in the hands of the lower - earning spouse, at a much lower rate.

Set up a spousal RRSP The usual strategy is to set up a spousal RRSP account in the name of the lower - earning spouse, and have the higher earner make the contributions.

To give you an idea of how much money can be saved, consider a couple where the lower earning spouse earns $ 15,000 and the higher income spouse earns $ 85,000 (with eligible registered pension income, CPP and OAS).

The wealthy know that while it may seem natural for the main breadwinner to do the investing, if the investments are made (and taxed) in the name of the lower - earning spouse, the returns are taxed at a lower rate.

The higher - earning spouse doesn't have to pay any taxes on the money he or she contributes, and when the money is withdrawn, it will be taxed in the lower - income spouse's hands at a lower rate.

When the higher earning spouse makes an RRSP contribution, he or she is effectively reducing his or her taxable income (because the amount you contributed doesn't count).

As long as you leave the money in there for three years, when it's withdrawn, it will be taxed in the hands of the lower - earning spouse at a lower rate.

If one spouse has higher CPP benefits and the other spouse has lower benefits (or none), this strategy can save taxes by assigning up to half the CPP income to the lower - earning spouse.

For instance, if both of you are 60 or older and receiving CPP payments, the higher - income spouse can elect to attribute up to 50 % of his or her CPP income to the lower - earning spouse.

Don't miss these tax savings Pension splitting: You may be able to transfer up to 50 % of your pension benefits to a lower - earning spouse or common law partner.

Not only does it allow some of the RRIF income to be taxed in the hands of the lower - earning spouse, it can also reduce clawbacks on your Old Age Security (OAS) benefits.

In 2014, the Conservatives introduced this credit, which allows families with children under the age of 18 to shift $ 50,000 of income from a higher - earning spouse to a lower - earning spouse for total tax savings of up to $ 2,000 per couple.

The higher - earning spouse can also lend money to the lower - earning spouse to buy investments, but the Canada Revenue Agency's prescribed interest rate of 1 % must be charged.

Instead, the higher - earning spouse should cover all the day - to - day family expenses, like buying groceries and paying the heating bill, so the lower - income spouse can make the investments.

The benefit was taxable, generally to the lower income earning spouse or common - law partner, and was not income - tested.

Genworth Life Insurance Company allows a non-working spouse to buy a policy up to 100 percent of the income - earning spouse's coverage to a maximum of $ 3 million!

A tax planning strategy whereby the higher - earning spouse transfers income to the lower - earning spouse to reduce taxable income.

If one spouse earns $ 100,000 a year while the other earns nothing, that high - earning spouse will pay $ 25,200 in income tax.

With income splitting, the higher - earning spouse has less tax taken off at the top marginal rate, and more of the income for the couple as a whole is taxed at lower rates, resulting in an annual saving of $ 8,600 in income tax.

If a higher - earning spouse passes away, the widow or widower can opt to get the Social Security benefit of the deceased, instead of their own.

As long as the earning spouse has enough income to cover both contributions and you file jointly, you are qualified to have it.

Similarly, a wage - earning spouse who marries a non-working spouse will immediately see a tax benefit.

As expected, the plan unveiled by Prime Minister Stephen Harper and Finance Minister Joe Oliver in Vaughan, Ont., allows families with children under the age of 18 to transfer as much as $ 50,000 worth of income from the higher - earning spouse to the lower - earning spouse for tax purposes starting in this year.

As an example a household income of 20K / 100K split in income increases the tax burden for the higher earning spouse increases 3K.

Still, in most cases, the higher - earning spouse should still make his or her full RRSP contribution, even at the expense of the tax cut.

For couples in different tax brackets, pension income splitting allows some of their RRIF income to be taxed in the hands of the lower - earning spouse.

In this case, the higher - earning spouse can allocate up to half (i.e. $ 30,000) of their pension income to their spouse.

Up to half of the higher - earning spouse's eligible pension income can be in effect «transferred» into the hands of the lower earning spouse: not literally but for tax purposes.

So the taxable income of the big - earning spouse has now fallen from $ 90,000 to $ 60,000, while the lower - earning spouse will now report taxable income of $ 35,000 instead of $ 5,000.

In general, the lower - earning spouse should collect benefits early at age 62 — even though they will be reduced by 27 % or more and subject to earnings limits — and the higher - earning spouse should wait until age 70 to collect the biggest retirement benefit.

If you have a non-wage earning spouse (i.e., one who received no compensation during the year) and file a joint return, that spouse can open a separate IRA.