Why do some folks wait to start taking Social Security?
One reader began taking retirement benefits at age 62 in
2010 because they could not find work. They headed a sales program at a bank
after doing the same at small brokerage firms. In both cases the companies were
purchased by bigger companies and this person was not needed. The spouse of
this reader began taking retirement benefits at age 70 in 2013 because waiting
longer provided no extra benefits. The spouse was still working so they were
also adding annual benefits each year. Both individuals ended their working
lives making about $100,000 gross—the highest 35 years of earnings
determine the lifetime SS benefits. They have been receiving benefits for
years but the amounts are forever very far apart. The reader receives $1,701 a
month; the spouse receives $3,044 a month—that’s $483,480 more over the next 30
years. Their total benefits over 30 years: $1,708,200. They asked me for help
in finding ways to maximize their income to age 100. Both have parents that
lived a long time and they want to be prepared.
They used: https://www.amazon.com/Your-Plan-Live-Age-100/dp/1548180793
Is a Roth conversion right for you?
We have a unique opportunity to save on future taxes from our retirement
accounts: a Roth IRA. Many of us have NOT had to take our RMD for 2020.
Required Minimum Distributions are the IRS’s way of forcing us to pay tax on
untaxed retirement savings. Since we could skip 2020 taxes on this
money—perhaps 3-4% of our total nest egg of IRAs, pensions, 401ks, 403bs, we
could convert some of that money by December 31 and save
paying higher taxes in the future. Example: Convert $10,000 traditional IRA
funds to a Roth IRA. We pay income tax on that $10,000—perhaps 22% or $2,200. Depending
on our portfolio returns, that
$10,000 could be worth $20,000 in 10 years at 7% annual return. In 10
years, that 22% rate could be 27.5% again.
We would pay 27.5% on $20,000 or $5,500. We may save $3,300. And in 10 years we
may have needed that extra $3,300 more acutely. Learn what to do with your RMD.
https://www.amazon.com/What-your-RMD-much-spend/dp/1718946716
Are those “free” seminars that include lunch right for you?
We have all been invited to hear a sales pitch at some time.
Sure you can go and listen and not spend any money. However, what you pay for
is your future peace of mind. We have had to decline calls and pitches from
that initial contact for years. Legally, the sales person has the right to keep
contacting us because we have a established
business relationship (EBR).
It is hard to stop these calls even when you ask and place your number on the DoNotCall list. The sales people don’t
give up on a paid lead easily. A court order might work but you have to pay for
enforcement. Also, tax-exempt non-profit organizations are not required to keep
do-not-call lists. We receive hundreds of robo callers with just the town-state
listed on caller ID. You
need more than that to stop these sellers. Lobbyists have paid our reps to
make sure they
can bug us to death.
Buy direct &
save headache: https://www.amazon.com/Best-Annuity-Strategy-Income-Growth/dp/1497532019
This is how Congress people make money on illegal insider
information
Sen David
Perdue (R-GA) is at the heart of special meetings involved with health care
decisions. On Jan. 23, he learned that the coronavirus posed a major economic
and public health threat, he sold off $1 million to $5 million in Cardlytics
stock at $86 a share before it plunged. In March, Perdue bought the stock back
for $30 a share, investing between $200,000 and $500,000. Those shares have now
quadrupled in value, closing at $121 a share on 11/24. His profits did not come
from superior market analysis but from insider information—something
that is illegal for you and I. Martha Stewart went to jail for this kind of
thing. Yet GOP led judicial arm of government never seems to find the evidence
to indict let alone convict their friends. How can we have faith our reps will
do what is right by us? GA voters will decide if Perdue should be representing
them and tricking us. Sen. Kelly Loeffler (R-Ga.) did the same thing, sparking
a Senate ethics investigation. Loeffler wrote that her household would “divest
from individual stocks,” her subsequent financial disclosure form showed that
she kept $5
million to $25 million worth of Intercontinental Exchange stock. Together,
Perdue and Loeffler prove American-type Socialism is for and by the Rich: two
uber-rich senators whose wealth helped bring them power and put them in a position
where they could make more money.
https://www.amazon.com/Americas-Socialism-Rich-little-people/dp/1535218584
Trump promises to leave WH if Electors vote
But he promised
to show his taxes before elected in 2016—but did not. He made many
promises—The Wall paid by Mexico,
job loss to China,
end deficit, close Afghanistan,
disarm Kim, etc. Can
anyone believe him? After promising he will leave if states declare Biden the
winner, he said, “If they do, they made a mistake.” He has still not accepted
some states’ results so he may go to court to fix their “mistake,” postponing
his moving date. Trump loves to fight and has his AR 15
groups “standing by.” Trump has trouble seeing facts so he is avoiding
accountability on many levels. He just pardoned someone who pleaded guilty to
lying to the FBI. He will probably pardon all his friends who continue to kiss
his ass. Since personal loyalty is the highest good to him, he will not pardon
his right hand--lawyer Michael Cohen. However, Cohen gets out of jail to avoid
the sickness that thousands of poor prisoners must endure. In a larger context,
he is no different than other powerful men. No
one who caused the 2007-8 financial meltdowns went to jail. Obama’s lawyers
say they could not have proven “intent” so we never see the powerful face accountability.
Our justice system does not let our juries decide because powerful people have elite
status. Judges usually come down hard on street crime but not on the well
positioned. Not one executive/doctor/druggist is going to jail for the OxyContin
addictions and subsequent 70,000 deaths. Oxy
killed at least 70,000 but the Sacklers took $ billions home before bankruptcy.
Drug dealers who sell addictive drugs like the Sackler family go to jail
all the time. The wealthy criminals will continue to get away with murder
without accountability. All they give up is money. Of course they will continue
to ‘do the crime since there is no (jail) time.’
Trump left us a legal tax haven: https://www.amazon.com/Trump-Tax-Shelter-Avoid-taxes/dp/1985448300
Save on 2020 taxes
1. Deduct up to $6,000 ($7,000 over age 65) from income
making IRA contributions each. No age limit if you have earned income.
2. Take Savers Credit for
retirement account contributions. Income limits.
3. Earned Income Credit for wage earners up to $56,844.
4. Adoption Credit if you adopt.
5. Education Credit for college and non-college courses.
6. Child Credit.
Use your credits: https://www.amazon.com/Tax-Credit-Class-your-credits-ZERO/dp/1539462382
One reader’s experience with Buffett advice during virus
Why is Warren Buffett’s advice to most investors the best
you can get? And it is free of advisors fees and charges. His advice of “buy
and hold” low-cost market indices helped this reader move their retirement nest
egg from $991,546 to $1,039,555 in November alone. Buffett backs up his advice
with his most recent example: he won $ million from a hedge fund manager who
used 5 different hedge funds of top Wall Street ‘professionals.’ Over ten
years, Buffett’s
pick—Vanguard’s 500 Index—beat 5 hedges chosen by Ted Seides, Protégé
Partners. Ted has moved to a higher-fee fund. Paying extra fees and charges does not assure us of
financial success over time. For many folks, paying so-called financial ‘professionals’
can mean the
LOSS of over 50% of our potential gains over time. We are assured of
earning the market
returns over time which is better than guessing whether our advisor or
broker has the right answers for the coming years. This reader, a teacher, can
relax in 2021 with $48,000 in extra retirement income.
Use Buffett advice: https://www.amazon.com/Warren-Buffett-Your-Investment-Advisor/dp/1518690963
Money is how foreigners and the wealthy make US
policy
Foreign countries, their wealthy and their ambassadors
turned to con man Imaad Zuberi to get face time in our Congress. A CIA officer
called him the “best
connected person I know,” marveling at the depth of his Rolodex contact
list. Money is the juice that lights up the wealthy-Congressional connections.
Where does Zuberi get the money to become the top donor to presidential
candidates? From those with the money: “We get request(s) for
meeting(s) from all scumbag of the world, warlords, kings, queens, presidents
for life, military dictators, clan chiefs, tribal chiefs and etc.” Zuberi was
the “mercenary” political donor who gave to anyone —
often using illegal straw donor cutouts — he thought could help him. “Pay
to play”, he explained to clients, was just “how America
work(s).” “Pay to play” is why our interests are not what Congress
considers when making laws and regulations. Even now as Trump nears the End, lobbyists
make offers for Trump pardons. The wealthy—inside and outside our
country—determine the course of our lives on the grand scale. Trump is not the
only one who takes
money from foreign players. Now you know why we taxpayers had to bailout the banks, the foreign
banks and business after the 2007-8 market crash. We didn’t rob the banks; the
wealthy executives and stockholders did. No one went to jail. We will pay for
the bailout forever.
https://www.amazon.com/Americas-Socialism-Rich-little-people/dp/1535218584
Where to invest if you have maxed out IRAs
Several readers have asked where to invest since they have
contributed their $6,000
($7,000 over age 50) each for 2020. We use two options. We can prepay our
taxes on deferred money in our IRA so that any growth in our IRA will be
tax-FREE in our Roth IRA via an IRA conversion. This will also reduce the amount
of tax we have to pay when we begin taking the mandated distributions (RMD).
And/or we can buy a stock with no dividends in a regular brokerage cash
account. As long as we don’t sell or trade, there are no taxes on the future
gains in value and no tax on dividends. We could buy Warren Buffett’s company
stock BRK.B
which is really a mutual fund since it owns many other profitable companies and
stocks. Many companies pay no
dividends so choose wisely. One final thought:
give up to $15,000 to grandkids for their 529
college fund.
https://www.amazon.com/What-your-RMD-much-spend/dp/1718946716
**********ACCOUNTABILITY**************
Like 1776, this
period is a test
of democracy—We reject the "American
fascist"
Court: “Voters,
not lawyers, choose the President”
Trump’s
war: 280,000 KIA
Our ‘Truth
and Reconciliation Commission’
Dictator: His
criminals need pardons
Insanity:
“doing
the same thing over and over again, but expecting different results.”
How Govt wastes our money: Our
Representatives gave 3.7 Trillion to the wealthy!
Trump’s
Border Patrol interrogates citizens 35 mi from Canada: No 1st
Amend; only 2nd.
Don
& Jared make killing on virus ‘loans’: keeping $3.65 million loans:
crime?
Trump
using presidency to set up his next job: costs us $5 million per day WH
campaigns
SCAMS/SPINS:
Trump
discussed “pardons for family & friends” YES, they are criminals: all
dictators do it
Ivanka
questioned by DC law: misuse
of donors’ funds 2017 rent on Trump Hotel over $1million
For
a price: pardons
for past and future fed crimes for 20 of his BFF: Trump fantasy game
Trump
threatens to fire
all fed employees who were not considered loyal: Dictator’s revenge
Trump orders gutting
a longstanding federal protection for the nation’s birds: eagles too
Trump: my
own FBI and Justice Dept involved in conspiracy to help Biden
The
Big Con continues: we never learn: Can
74 million Americans keep the illusion for 4 years?
Even now as Trump nears the End, lobbyists
make offers for Trump pardons. Pay to play
Supremes
violate Constitution: “apportioned by adding to the whole Number
of free Persons”
Constitution
does NOT say “exclude immigrants” as Trump’s Supremes think.
GOP
spits at new prez and Dem: no
working across partisan lines: F**k Dem
nominees
Trump raised $170
million keep Putin’s
“American chaos” alive: Also remodel
mar lago!
Trump lawyer: “kill”
election security head Krebs: dictators send goon to do ‘wetwork’
Biden to use ‘temporary’
appointments to keep gov running?; reverse dictator’s bad acts
Some
Senators trying to help us but McConnell still tells most GOP what to do and
think
Georgia Republicans
beg Trump to release them from his
prison of lies: also whole world
GOP
inspiring violence against fed and state election officials: Election
rigged like in ‘16
Even Trump’s own Attorney
General said there has been no
evidence of voter fraud
Trumper’s
‘hit’ list gets longer: Even
GOP regulars getting death threats: MI gov target
Trump
installed his own “deep state” in agencies for sabotage: Justice
banned one so far
91%
of us actually engage with scammers on social media; 51% give scammers
money!
Active
service/Veterans often targets of scams: all types of fraud; taking your money
Sunbeam recalled 940,000
Crock-Pot
6-Quart Express Crock Multi-Cookers: they burn
Town-run
virus test costs $6,816 for four family members. We pay $1,944 too.
Fake “sale”: Popular
retailers use these tricks
to make us pay more for what we want
Beware: debt
parking: collector
places dubious obligations on credit file forces payment
DMB Financial MA caught
misleading clients of debt-relief services: fine no jail
Eugenio Garcia
Jimenez Jr., stole
$7.1 million of Municipality Mayagüez, Puerto Rico.
Timothy Hanna PA CFP
certification suspended for aggravated assault on coach
Craig Rumbaugh, Desert
Strategic caught
misleading on Werth Ponzi loan scheme
Anson Jean-Pierre FL
caught
stealing $794,000 promised Haiti development
IRS: Easy Steps to Protect Your Computer and Phone and Avoid Phishing Emails.
IRS: Free special ID
protection PIN goes on your return so scammers
can’t take refund
IRS: Previous tax
returns available online: https://www.irs.gov/individuals/get-transcript
Is it a scam? Check AARP scamline 877.908.3360.
Check
IRS: https://www.irs.gov/newsroom/dirty-dozen-part-1-taxpayers-should-be-on-the-lookout-for-these-scams
https://www.irs.gov/newsroom/dirty-dozen-part-2-thieves-work-all-year-to-scam-taxpayers
Check Social Security:
https://blog.ssa.gov/
Safeguard data:
ConsumerReports help: https://securityplanner.consumerreports.org/
Jobs
Remote and flexible
jobs: https://www.flexjobs.com/
Who owns your account now?
Check out the free
services and products: you have to do your homework though
Miracles:
Trumpers
drink more Kool-Aid: PA
court; WI
recount make Biden more secure
Wear
your mask for others; save your personal freedom: you may be next
30 min exercise
helps combat computer-sitting
‘disease’: humans need movement
Brilliant young scientist/inventor
Gitanjali Rao: age 15 uses tech to solve problems
Moving
CA highway 1 inland: oceans take back the land: Wake up ‘smell the warming’
Have
Gun—Will Kill: just kill the person playing loud music in public area?
Hottest
November on record: Australia wildfires burn for weeks like CA
We can apply for
Medicare online: https://blog.ssa.gov/apply-for-medicare-online
We can apply for
Social Security online: https://www.ssa.gov/benefits/retirement/
We can apply for
health care online: https://www.healthcare.gov/
IAN
41 Watchung Plaza,
B242
Montclair, NJ 07042
973.746.2014
www.InsuranceAdvisorsNetwork.com
Alerts available
at http://dankeppel.blogspot.com/
