Tag: personal-finance

Will VA benefits be affected by the federal aid freeze? Here's where the financial assistance program stand

The White House‘s halt on federal aid and loans has caused a huge problem for federal agencies after it was announced Monday night. The Trump administration said Tuesday that it would not affect military families or veterans who receive direct aid, such as food stamps and programs for mothers, babies and children, and that much uncertainty and concern has been generated in recent days.

But the Department of Defense and Department of Veterans Affairs projects that support medical research, caregivers, state veterans’ nursing homes, veterans’ cemeteries, and more will be affected by this shutdown until at least February 7th.

So far, there have been no directives to these agencies, as the idea was to help some families with this shutdown on a limited budget. This freeze will cause many problems in this case, as the administration has already taken immediate action.

A shutdown that will have consequences

On Monday night, the White House Office of Money and Plans issued a notice saying that federal grants, loans and other cash pills were temporarily stopped. The idea was to give agencies time to review their projects and make sure everything was in line with the orders President Donald Trump issued last week.

This caused a huge mess both in the government and in Congress, as well as among the groups that live off these funds. According to rumors on Tuesday, several agencies and organizations were left out of a key online system for moving money.

Another idea or goal of this shutdown is to investigate and maintain a temporary restraining order to stop its execution while it is under legal review.

Not all have the same impact

“This will have no impact on VA health care, benefits or beneficiaries,” were the words of Todd Hunter, Acting VA Secretary.

On the VA website, they confirmed this whole process in their case with a few statements: “VA has determined that all 44 of its financial assistance programs will continue uninterrupted and that all VA programs and operations will continue uninterrupted.

We will have to keep a close eye on all developments as many of the benefit programs have been suspended and this will cause a lot of uncertainty for families.

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January 29, 2025
Powerball winning numbers for 1/08/25: $240 million jackpot
The big Powerball jackpot opportunity is knocking again, so tonight Wednesday, January 8th, 2025 at 10:59 p.m. ET, you’ll have another chance to win millions of dollars.

Tonight the Powerball is at $240 million, but with a cash value of $107.4 million. People from Alabama, Alaska, Hawaii, Nevada, and Utah are unable to play Powerball. However, residents of the other 45 states, Washington, D.C., Puerto Rico, and the US Virgin Islands are all welcome to participate.

Did you buy a ticket? Find out below if your ticket made you the happy Powerball jackpot winner today!

Powerball winning numbers for January 8, 2025

Discover below the Powerball numbers:
- Winning numbers:
- Powerball:
- Power Play multiplier:
Where and when to watch the Powerball drawing live?

The time of the Powerball draw will depend on your location:
- Central Time CDT: 9:59 pm
- Eastern Time (ET): 10:59 pm
- Pacific Time (PT): 8:59 pm
Do you want to watch the Powerball draw live? Perfect, because it can be followed live on the official lottery website every Monday, Wednesday and Saturday. If you want to watch the next draw live, click here. And if you want to follow it on television, keep in mind that the channel will depend on your state or location.

How much does a Powerball ticket cost?

Buying a Powerball ticket is very simple and cheap; you can even do it from different states in the USA and countries. Each line of Powerball costs $2. If you include other alternatives such as Power Play, the ticket costs $3. In turn, a ticket can include several lines and different game options, making the cost increase.

The online price is higher than that of a purchase in a fixed establishment, however, it has the advantage that you can participate from anywhere in the world. In case of playing with the multiplier Power Play, the cost increases by one dollar, but it gives the advantage that, in case of winning, the prize increases up to 10 times. There are nine ways to win a prize in Powerball.

How to play Powerball

You have a chance to win every Monday, Wednesday, and Saturday night at 10:59 p.m. EDT, when the Powerball is drawn.

The multimillion-dollar jackpot grows larger with each rollover, and each ticket costs only $2 or $3, depending on whether you want to play.

Purchase your ticket from a certified seller. Each ticket has five panels ranging from A to E, allowing you to pay for each panel five times.
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January 9, 2025
What is the minimum wage per state this year? This is what payments will look like in 2025
Citizens in the United States are battling inflation and tough economic times by seeking a higher minimum wage, and for 2025, 21 states have increased the minimum wage, while the rest have not made any changes, at least with the change of year.

In other states, such as Florida, increases are given in September thanks to a constitutional amendment to raise the minimum wage each year with the mission of reaching $15 per hour, for now they started at $13.

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In total, 9.2 million people will benefit from the increase in their respective states starting in 2025. The federal minimum wage is $7.25 per hour and entities with their own requirements can exceed the rate, with Washington, D.C. at $17.50 per hour; Washington $16.66; California, New York City, Long Island and Westchester County $16.50 as the highest in the country.

Minimum wage 2025 in each US state

State Minimum wage per hour
1. Alabama $7.25
2. Alaska $11.91
3. Arizona $14.70
4. Arkansas $11.00
5. California $16.50
6. Colorado $14.81
7. Connecticut $16.35
8. Delaware $15.00
9. Florida $13.00
10. Georgia $7.25
11. Hawaii $14.00
12. Idaho $7.25
13. Illinois $15.00
14. Indiana $7.25
15. Iowa $7.25
16. Kansas $7.25
17. Kentucky $7.25
18. Louisiana $7.25
19. Maine $14.65
20. Maryland $15.00
21. Massachusetts $15.00
22. Michigan $10.56
23. Minnesota $11.13
24. Mississippi $7.25
25. Missouri $13.75
26. Montana $10.55
27. Nebraska $13.50
28. Nevada $12.00
29. New Hampshire $7.25
30. New Jersey $15.49 for most employers and $14.53 for temporary employers and employers with fewer than six workers
31. New Mexico $12.00
32. New York $16.50 for New York City, Long Island and Westchester County and $15.50 for the rest of the state
33. North Carolina $7.25
34. North Dakota $7.25
35. Ohio $10.70
36. Oklahoma $7.25
37. Oregon $14.70 basic minimum wage is; $15.95 for the Portland metropolitan area and $13.70 for non-urban counties
38. Pennsylvania $7.25
39. Rhode Island $15.00
40. South Carolina $7.25
41. South Dakota $11.50
42. Tennessee $7.25
43. Texas $7.25
44. Utah $7.25
45. Vermont $14.01
46. Virginia $12.41
47. Washington, D.C. $17.50
48. Washington $16.66
49. West Virginia $8.75
50. Wisconsin $7.25
51. Wyoming $7.25
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January 7, 2025
What types of VA medical benefits are available for a spouse? Eligibility and how to apply
If you’re the spouse of a Veteran, you may be eligible for a range of VA medical benefits that recognize the sacrifices made by military families.

Understanding these benefits, their eligibility requirements, and how to apply can help you access the support you deserve.

VA Medical Benefits for Spouses

Both current and surviving spouses may qualify for VA health coverage through programs like TRICARE and CHAMPVA:
- TRICARE: Administered by the Department of Defense, TRICARE provides comprehensive medical coverage, including health plans, prescription medications, and dental care, for family members of active-duty, retired, or deceased service members.
- CHAMPVA: This program offers cost-sharing health insurance for spouses of Veterans with service-connected disabilities or those who died in the line of duty. Covered services include maternity care, mental health services, skilled nursing care, and even organ transplants.
Additionally, both programs offer pharmacy benefits, allowing you to receive medications through mail-order services or local pharmacies.

Surviving Spouse Benefits

If you’re the surviving spouse of a Veteran, you may qualify for benefits like a survivor’s pension.

To be eligible, the Veteran must meet specific service requirements, such as serving during a wartime period and being discharged under conditions other than dishonorable.

Survivors’ children may also qualify for benefits if they are under 18, attending a VA-approved school under age 23, or permanently disabled before age 18.

For those receiving a survivor’s pension, the Aid & Attendance Pension Benefit may also be available.

This additional monetary benefit helps with healthcare and home care costs if you meet criteria like requiring assistance with daily tasks or having specific medical needs.

Navigating VA benefits can feel overwhelming, but organizations like AVCC specialize in helping spouses access the support they’re entitled to.

By understanding your eligibility and taking the necessary steps to apply, you can access vital healthcare services and benefits that honor your role as part of a Veteran’s family.
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January 5, 2025
Florida minimum wage 2025: How much will workers' pay increase this year?

The arrival of 2025 brought some increases in the economic sector in the United States, but there is one that is welcome, it is the minimum wage, which will represent increases that will benefit about 9.2 million people in 21 states, starting January 1.

According to a report by the Economic Policy Institute (EPI), 20% of the 9.2 million employees who would benefit live in very poor housing conditions, while the other percentage have very low poverty incomes.

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Although the federal minimum wage is $7.25 dollars per hour, several states have approved increases that exceed this figure. One of them is Florida, which has had annual increases since 2020.

The minimum wage goal in Florida is $15 per hour

In the 2020 election, a constitutional amendment was passed by ballot to raise the minimum wage each year with the goal of reaching $15 an hour

On September 30, the minimum wage reached $13 per hour in Florida, and although other states will have an increase from January 1, Florida will have to wait until September 30 to continue with the gradual increase and reach $14 per hour, to get closer to the goal in 2026, when it will increase to $15 per hour.

Starting in 2027, Florida’s minimum wage will be adjusted each year for inflation and, according to FloridaCommerce, no employer may retaliate against workers who exercise their right to receive the minimum wage stipulated in the 2020 amendment.

Meanwhile, the minimum wage for those workers who receive tips will also increase by one dollar, to $10.98 per hour.

According to a comparison by CBS News, Florida’s minimum wage is lower than other states such as Washington, DC ($17.50 per hour), California ($16 per hour) and New York ($16 per hour in New York City, Long Island and Westchester; $15 per hour in the rest of the state).

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January 2, 2025
Can you work full time and still collect Social Security benefits?

Americans can still collect their all of their Social Security benefits whilst also working full-time as citizens try to figure out how to manage the rising costs of living and turbulent economic picture, but there is a catch.

Those claiming must have reached Full Retirement Age in order to retain 100% of their benefits alongside working full time too.

If you are under the age assigned to you then your earnings are capped at $22,320 per annum.

However, if you will hit the FRA within the year, then the limit on the earnings in the months prior is $59,520. Once you hit the FRA, then there is no limit on how much you can earn and still receive Social Security benefits.

Here’s how it’s broken down:

If you are under the full retirement age for the entire year then you are allowed to claim $800 per month maximum in benefits and you can also work and earn a maximum of $22,320 before reductions start to apply.

After surpassing the limit, your Social Security benefits are reduced by one dollar for every two that you earn.

So if you earn a salary of $32,320 ($10,000 than the limit), you would see a reduction of $5000 over the year.

If you reach the FRA in August 2025 then you can claim $800 per month for the entire year but still face the reduction as outlined below for the first eight months of 2025.

Then once you hit the FRA, you can earn an unlimited amount and still claim Social Security.

What does the Social Security Administration count as earnings?

Of course, ‘earnings’ can be a very loose term to use in the context of claiming benefits and can vary from each different benefit as well as between different agencies such as the Social Security Administration or Internal Revenue Service.

As far as the SSA is concerned for Social Security, ‘earnings’ are simply wages you make from your job or your net earnings if you’re self-employed.

Pensions, annuities, investment income, interest, veterans benefits, or other government or military retirement benefits are excluded.

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December 24, 2024
What will happen with your student loan after the Fed's rate cut in December? The key takeaways

If you have student loan debt, you may be wondering how the recent Federal Reserve rate cuts will impact your interest rate, monthly payments, and loan terms.

While the Fed’s decision to reduce rates may seem like good news for borrowers, the effects can vary depending on whether your loan is federal or private.

Key takeaways from rate cuts

For federal student loans, the news isn’t great.

The rates for these loans are set once a year, on July 1, and remain fixed for the entire year.

This means that any recent rate cuts by the Fed won’t impact the interest rates on loans disbursed before July 1, 2025.

If you’ve already taken out federal student loans, you’ll be stuck with the rates you have until the next adjustment in July 2025, regardless of the Fed’s actions.

Unfortunately, this includes loans that were disbursed at higher rates, such as 6.53% for undergraduates and 8.08% for graduate students in 2024.

However, the situation is different for private student loans.

These loans, especially those with variable interest rates, are more directly impacted by changes in the federal funds rate.

As the Fed cuts rates, the benchmark for private loans often decreases as well, meaning borrowers with variable-rate loans could see their interest rates drop.

If you’re looking to refinance your loans, this could be a good time to lock in a lower rate, especially as rates for new private loans may be more competitive than last year.

If you’re considering refinancing, it’s essential to weigh the pros and cons.

Refinancing federal loans with a private lender could save you money in the short term, but you’d lose important protections like income-driven repayment options, deferment, and federal loan forgiveness programs.

If you plan to pursue forgiveness or need access to federal protections, keeping your loans federal may be the best choice.

The impact of the Fed’s rate cuts on your student loans depends on the type of loan you have.

Federal loan rates won’t change until next year, while private loan borrowers may benefit from lower rates sooner.

Always consider your long-term goals before making any decisions.

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December 19, 2024
Who will receive their $725 stimulus payment this weekend in California?
The government of California is taking significant steps to support its residents by launching the Family First Economic Support Pilot Program (FFESP), which will provide eligible families in Sacramento, the southwestern US state’s capital, with monthly stimulus checks of $725 dollars.

This initiative is designed to help low-income households manage rising costs and ensure financial relief for vulnerable Californians, particularly those with young children living in Sacramento County.

A household eligible for the FFESP benefit must be below 200% of the federal poverty threshold. The family’s annual income includes members’ wages and 200% of the FPL depends on family size to define the limit.

Applicants can check the FPL limit for the program below:
- For two members of the family (one adult and one child), the limit is $40,880.
- For 3 members (2 adults and 1 child/1 adult or 2 children), the limit is $51,640
- For 4 members, the limit is $62,400
- For 5 members, the limit is $73,160
- For 6 members, the limit is $83,920
- For 7 members, the limit is $94,680
- For 8 members, the limit is $105,440
- For more than 8 members, you must add $10,760 per person to the limit to determine the value.
Who will receive their stimulus payment this weekend?

To be eligible for the payments, candidates must have children under the age of five or live in one of the following zip codes:
- Valle Alto and Florin (95823 and 95828)
- North Sacramento (95815)
- Altos del Paso (95838)
- Arden Gallery (95821)
The FFESP program payment, which is around $725 per month, will begin to be distributed this weekend.

Qualified families will receive this monthly payment for the next 12 months through direct deposits into their bank accounts.

Authorities have yet to release the specific dates on which they will receive the benefits, but are expected to do so by this weekend at the latest.
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December 13, 2024
Can Donald Trump and Elon Musk actually cut Social Security benefits for Americans?

As Elon Musk prepares to step into an advisory role under President-elect Donald Trump, his stance on Social Security has become a subject of intense public debate. Musk has been appointed to co-head the Department for Government Efficiency (DOGE), a new advisory body tasked with streamlining costs and cutting regulations.

The appointment places Musk at the center of conversations about potential changes to federal spending – with Social Security, the nation’s largest entitlement program, taking center stage.

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While Musk has not explicitly called for cuts or reforms to Social Security, his recent online activity has fueled speculation.

His decision to reshare a 24-post thread authored by Utah Senator Mike Lee on X has sparked outrage from Social Security advocates and raised questions about his role in shaping the future of the program.

Musk’s post reignites debate on Social Security reform

The controversy began when Musk reposted Lee‘s thread, which argued that Social Security is a “Ponzi scheme that’s running out of new investors” and described it as “government dependency at its worst.”

Lee‘s thread criticized the system for failing to provide Americans with adequate returns on their “investment” and called for a shift toward personal investment accounts that would offer higher returns than the current system.

Musk‘s response, a simple “Interesting thread,” might seem innocuous, but it carried significant weight. The post received over 36 million views and drew more than 5,500 responses, many of them critical.

By amplifying Lee‘s viewpoint, Musk signaled that he was at least open to considering reform ideas, a stance that immediately alarmed Social Security advocates.

What Role Will DOGE Play in Social Security Policy?

While DOGE – the Department for Government Efficiency – will have influence over federal spending reviews, its power is limited to advisory roles.

Neither Musk nor his co-head, biotech entrepreneur Vivek Ramaswamy, can directly alter Social Security policy. However, they will have the president’s ear, and their recommendations could influence Trump’s executive actions and broader Republican policy initiatives.

According to Ramaswamy, DOGE will focus on cutting waste and fraud within major entitlement programs, including Social Security and Medicare. He downplayed the likelihood of sweeping benefit cuts, calling Social Security reform a “policy decision that belongs to the voters” and their representatives in Congress.

Could Musk push for privatization?

While Musk has not explicitly endorsed privatization, his association with figures such as Lee and his support for “free-market solutions” suggest he may be open to the idea.

If Musk were to back a proposal to shift Social Security from a government-administered program to one with private investment options, he would likely face stiff opposition from advocacy groups and the American public.

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December 8, 2024
Does legal separation affect VA benefits? What to know about divorce and VA Disability Benefits

For veterans navigating divorce, understanding the impact on Veterans Affairs (VA) disability benefits is crucial.

While federal laws protect VA disability benefits from being divided as marital property, other financial obligations like child support and alimony can still affect how these benefits are used.

VA Disability Benefits: Protected but not untouchable

Under the Uniformed Services Former Spouses’ Protection Act (USFSPA), VA disability benefits are explicitly protected from being divided as marital assets.

This law recognizes these benefits as compensation for a veteran’s reduced earning potential, distinguishing them from other forms of income.

However, while these payments are safeguarded from direct division, they are considered part of a veteran’s income, making them a factor in determining alimony and child support obligations.

Courts can consider VA disability benefits when calculating support payments, as these tax-free payments are treated as regular income.

This means that while the benefits remain the veteran’s asset, they can still influence financial responsibilities.

Additionally, if a veteran fails to meet their obligations, the VA can garnish between 20% and 50% of disability payments to cover these responsibilities.

In cases of demonstrated financial hardship, divorced spouses or dependents may apply for apportionment.

This process allows the VA to redirect a portion of the veteran’s disability compensation to the spouse or dependents.

However, apportionment is only granted under strict criteria, ensuring it does not place undue financial strain on the veteran.

Additional benefits for divorced spouses

Beyond disability compensation, divorced spouses may retain certain benefits under specific conditions.

The 20/20/20 rule grants continued access to VA health insurance, military IDs, and shopping privileges if the marriage lasted 20 years, the service was 20 years, and these overlapped for 20 years.

Additionally, divorced spouses can be named beneficiaries of the Survivor Benefit Plan within a year of the divorce.

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November 28, 2024