Your Unbiased Advisor: Your advisor retirement planning

What your advisor should be doing for retirement planning

If you are paying an advisor for help with retirement planning, do you know what the advisor should be doing for you? Are they covering ALL the bases? Do they have experience doing a complete plan for clients? There is no guide book for advisors to follow. Good planning comes from experience. However, there are minimum topics or areas that they should cover for you. You need an advisor that asks about all your future sources of income. If they don’t know them all, how can they plan for you to have enough? Are they reviewing any changes in your family’s life at least once a year? Do they have a plan to get you out of debt? Are they maximizing your 401k and have a plan for SS benefit maximization with your spouse? Do they explain ALL your options—2^nd career, moving, health, portfolio risk, inheritance, legacy, etc? Have they explained their costs?

Plan now—save $ thousands: https://www.amazon.com/Your-Retirement-Income-Checklist-TrumpWorld/dp/1544703260

How much of your stuff is paying for Trump tariffs?

We are being hit for his tariffs in almost every room of our house. As you know, most of our purchases of everyday items are made in China. China is fighting back on Trump’s tariffs on our stuff. Christmas lights, towels, shavers, makeup, baseball mitt, dog leash, chainsaw, mower parts, appliances, etc, etc. Even truck transportation costs more so anything shipped to your store will cost more. We can postpone buying some things or buying used. Check the major categories of goods affected by the first wave of tariffs. Your job could be affected by the tariffs because you may need a new machine. Soybeans and meat will be hit as China cuts back. House GOP says can’t do anything.

Congress is responsible for tariffs according to the Constitution but they gave to Prez.

Minimum wage still less than 1963 in buying power

Of the 15 cities and counties with increases, 10 are in California; Emeryville, California, currently has the highest minimum wage in the country, at $15.69 for businesses with at least 56 employees. Among states, Washington continues to have the highest minimum wage, at $11.50 as of January 1 of this year, while 21 states still have a minimum wage equal to the federal minimum wage of $7.25. View the Minimum Wage Tracker »

Can a person or family live on $7.25 per hour MINUS taxes, SS taxes, unemployment taxes, Medicare taxes, state income tax and sales tax? Where can you live on $1160 MINUS $232 = $928? $928 for rent, food, transport, clothes, medications, etc. Are workers better off going on welfare, food stamps, off the books work? Congress just cut food stamps and supports for ObamaCare in order to enhance sugar producers’ profits. Trump tariffs target agriculture sales overseas so farm corporations will need more subsidies and grants. Is it time for socialism for the little people?

We already have socialism for the rich: https://www.amazon.com/Americas-Socialism-Rich-little-people/dp/1535218584

Don’t miss the date you must take IRA withdrawals

Everyone must start taking money out of their retirement nest eggs. All deferred funds, IRAs, 401ks, etc must be taxed once you hit age 71 except if you are still working full-time. Beginning date for your first required minimum distribution

IRAs (including SEP and SIMPLE IRAs) April 1 of the year following the calendar year in which you reach age 70½.

401(k), profit-sharing, 403(b), or other defined contribution plan Generally, April 1 following the later of the calendar year in which you reach age 70½, or retire.

See the chart comparing IRA and defined contribution plan RMDs.

https://www.amazon.com/What-your-RMD-much-spend/dp/1718946716

New ways the wealthy avoid taxes that we have to make up for

The new tax law still requires a high tax rate for high net worth folks who have earning income and cannot convert it to an income for their corporation or LLCs. If they also have a large 401k or rollover IRA, their tax burden will grow even after retirement. They need to take RMDs from their tax-deferred retirement accounts in order to pay the income taxes the IRS demands. They can avoid paying some of the taxes on their IRAs after age 70.5 by taking withdrawals from their IRA accounts earlier than age 70. In other words they can reduce the tax burden by converting part of the IRA amounts to a non dividend non interest paying security in a taxable account. For instance, Warren Buffett’s company is one that pays no dividends. In a taxable account, their security’s capital gains are not taxed until they sell. If they don’t sell, they don’t pay tax. Even worse, their heirs pay no tax on the gains up to their death. Thus all the accumulations in value on the former IRA money from the date they converted them and paid the current tax are tax-FREE to heirs. They avoid taxes on the gains since conversion (perhaps 40 years) and pay the lower capital gains taxes if they need the money later. They avoid taxes twice!

Avoid paying wealthy people’s taxes: https://www.amazon.com/Trump-Tax-Shelter-Avoid-taxes/dp/1985448300

Other ways to pass on wealth without taxation

Almost no one will have to pay the ‘death’ tax now that the limit was raised to $11.2 million each. Wealthy people can give stocks to grandchildren who may pay no capital gains tax when they pass. This means that if they bought Google, Apple or Buffett’s stock years ago, they can avoid paying $ thousands in capital gains tax now and the grandchild pays very little or nothing when they sell. A portfolio of these stocks has appreciated into the millions. Both get windfall at little or no cost: no tax for wealthy grandparents and college education for the kids at US taxpayers’ tax ‘expense.’

Give your grandchild the same advantage: https://www.amazon.com/Give-your-Grandchild-000-Lifetime/dp/1456433105

Is long-term care insurance right for you?

If you are in good health and don’t have $3-4,000 a year extra to spend, this insurance may not be right for you. Why? Only one in seven will face the huge costs for years. Most people have short stays and many retirees with average nest eggs may be able to afford at home help with the basics of living—washing, etc. Medicare covers some forms of care. It is often cheaper to have assistance and care at home, even if it requires remodeling your home. There are other alternatives that make living in an institution unnecessary. Buy only what you need: $4,000/yr for 20 years costs $250,000.

Know your options: https://www.amazon.com/Long-term-Care-Insurance-Updated-2013/dp/148274001X

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Make

America

, “The Don” Great Again

The Path to Dictatorship

Will Supremes make America a dictatorship? Trump’s new appointee is Trump GOP

“I have the absolute right to PARDON myself …”

“I could shoot someone on 5^th Ave and not lose voters.”

The Don pardons arsonists who support him

Two

Americas