How can you leave more to your kids?

 How can you leave more to your kids?

GOP killed the “stretch” IRA that allowed us to leave our unused retirement money to our kids. The ‘stretch’ allowed them to take the money out over their lifetimes. GOP needed to ‘pay for’ an immediate tax bonus to the wealthy. So now our kids will need to pay tax on the whole IRA amount within 10 years after our death.

What can we do now? We still have the tax-FREE Roth IRA conversion to consider. This requires us to pay tax before we die. We can do it in chunks so it can be manageable. Other options: expensive life insurance, stepped up asset, gift to 529 college account, gift tuition, gift cash, and charitable gift annuity.

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

 

A balanced fund may be your best bet in a storm

We are impressed by a fund that has lasted 50 years producing 9.7% per year with few bad years. This fund has 65% bonds and is actively managed. How many mutual funds have been successful for that long? I guess less than a handful. A recent study showed that carrying a portfolio of a higher stock ratio may not provide higher returns. It does increase the volatility. For retirees and those who see hard times ahead, this may be the place to be for now. Vanguard is famous for index funds but John Bogle, the founder, brought this one from his former employer to Vanguard for good reason: quality, integrity and stewardship.

One of the Top Ten: https://www.amazon.com/Vanguards-Top-Ten-mutual-funds/dp/150073909X

 

6 essentials of auto claim reports

No matter how trivial your accident, be smart. Protect yourself from unseen damage/hidden injuries by making a report right away. Think like a lawyer: the other person’s lawyer. First, report asap. Later their lawyer can’t say “They aren’t really hurt since didn’t report for weeks.” Second, take pictures of condition, road, weather, etc. “Damage not done in accident.” Third, document your loss completely. “There was no laptop and camera in the car at the time of accident.” Fourth, get diagnosis of your own health damage. “They said they were fine when I talked to them.” Fifth, answer questions truthfully. “They couldn’t have had son driving since he was at football practice.” Sixth, stick to facts: don’t offer extra info to other side. “They told the adjuster they had been driving for hours.” Finally, don’t try to outsmart the folks who do claims everyday. Lower your rate by asking for every discount with your new policy.

Shop around: https://www.amazon.com/Vehicle-Insurance-Beware-Double-Coverage/dp/1480027634

 

Did you leave money with a bank, utility, landlord, IRS or employer?

Millions of folks are hurting for money now. It is worth your time to check all your past deposits for money left by mistake. For instance, I found $450 at my parents’ bank after they passed. As executor I went through all their stuff and found money they forgot about. Since it was in a CD earning little interest, I distributed it to my brothers and me. You can pay to have a firm search for you but try going to the state treasurer for the states you have lived in first. Most states make institutions give the unclaimed funds to its treasurer after a number of years. Florida says 1 in 5 of us have left money somewhere. The federal government also tracks unclaimed property such as tax refunds, pension funds, and unredeemed savings bonds that are no longer earning interest. Unfortunately, there is no central database for locating all forgotten funds. A good place to start your search for federal unclaimed property is the IRS. You’ll find important information on how to claim forgotten funds from the IRS here. Also Savings Bonds stop earning interest so you need to cash them at your bank. I found 3 sitting in a desk drawer.

Save on all your accounts: https://www.amazon.com/Stop-wasting-3000-every-year/dp/146108394X

 

Why costs of our investments matter

What happens if we pay 0.04% or $4 vs 2% or $200 a year on our $10,000 investment over our working years? We can give away up to 63% of what we could have had. If our investments are focused on growth, we might end up with $740,961 instead of $1,243,368. That assumes we invest $3,000 a year for 35 years in a stock fund. If our investments are focused more conservatively, we might end up with $185,854 instead of $357,958. There will be a big difference in our retirement income since inflation will take its toll on the lesser amounts over our possible thirty-year stretch. This does not include the effects of cuts in Social Security benefits and higher health care costs.

Be prepared: https://www.amazon.com/Your-Retirement-Spending-Plan-enough/dp/1461084016

 

Did your advisor steer you to that bad fund because of free meals?

Bank of America just announced that the bank's nearly 17,900 advisors can no longer accept free golf games or many meals from product and service providers. Yes, the secret to Wall Street selling success is OUT. I remember being told early on that “products are sold, not bought.” I learned quickly in my career that we were to push certain products so we could go to the Caribbean, golfing in Naples, and casinos paid by vendors. Products with higher fees and lower benefits had to be sold because the firm needed revenue. This is why the industry paid to have Trump reverse Obama’s fiduciary rule as soon as he got to Washington. Unfortunately, you may be stuck with a bad fund and we doubt that those BoA advisors aren’t going to get “comped” somehow for sales of less than the best.

Buy the best: https://www.amazon.com/Fiduciary-Rule-BEST-dont-anymore/dp/1530980275

 

Why is Vanguard Group eating Wall Street’s lunch?

Vanguard Total Stock Market Fund has grown by $200 billion since March and is on track to cross the $1 trillion mark in December. Of the world’s top 10 mutual funds, why are they all passive index funds except one? Only one is actively managed by Wall Street gurus. Vanguard funds are owned by us—its retail investors. There are no owners like Fidelity’s Johnson family—one of the wealthiest in the world. John Bogel, founder believed in ‘stewardship’ of other people’s money—opposite of the goal of multi-million dollar salaries/fees. If the stock market provides 10-12% a year over time, we get to keep all of it. We don’t give 2% to those who don’t take the risks we do. Investing is about being rewarded for entrusting our money to profitable companies, not helping the middlemen become rich. Some investors think hedge funds can beat the market and they do for a short time. But they can lose money as quickly as they gain it.

We took the risks: https://www.amazon.com/Pimps-Wall-Street-money-middlemen/dp/151525254X

 

 

 

**********ACCOUNTABILITY**************

 

Like 1776, this period is a test of democracy—do we really want ‘low-IQ’ Mobster?

 

Philly DA: we have an “authoritarian dictator."

 

Dictator declares ‘war’ on blue states

Dictator on chaos: 300 million guns; 10 million AR

Dictator: “Why should I go to that cemetery? It’s filled with losers.”

Dictator: Taxpayers will pay my rape case damages

Dictator on killer virus: “I wanted to always play it down”

Dictator: Nobel ‘Peace’ Prize winner?

 

 

How Govt wastes our money: Congress gives 3.7 Trillion to the wealthy! 

Today’s US news looks like a story about a heavily armed military in the Third World

Trump made workers poorer: most of us making $50,000 got $307 less in 2017 vs 2016

Folks making $200,000+ increased 20%; folks making $10 million+ increased 37%

 

The sharp decline in IRS auditing means tax cheating has become much less risky.

Folks making $1 million+ but paying NO income taxes soared 41% under new Trump tax

Wealthy take PPP business loans but never recall or rehire workers back: Wasted taxes

 

We are paying for Trump’s rape case expenses: How many more cases are there?

Stimulus payments will come closer to Nov 3: watch for celebration by Congress Nov

Stimulus payment paid to Austrians and others who used to work in US: Citizen got $0

 

Army wasted $ millions on ‘walking’ robot …because Pentagon saw Star Wars movie?

Trump’s Medicare head spends $6 million of our money to improve her personal image

 

SCAMS/SPINS:

Scam: Authentic virus contact tracers will never ask for your Social Security number

Newark NJ is model of virus suppression: tracing worked: 86% residents are minorities

 

PO head got job by using his employees to pay Trump for election: illegal, Mr Barr?

Record number rejected ballots ‘trump’s’ voting: signature match is purely subjective!

GOP in charge of counting votes: GA illustrates how Trump can call election “rigged”--not leave 

Trump blocks mail-in ballots in NV, WI court delays mailing out so votes not counted

 

Trump asks trumpers to ‘pack’ polls: “Watch all the thieving and stealing and robbing they do.”

 

For votes Trump bans drilling in FL SC GA : cuts EPA rules/fines everywhere else

For votes Biden quietly assures Wall Street to continue to fleece us: “follow the money”

 

FBI theory: Trump as Putin’s Manchurian Candidate: POTUS motivated to help Putin destroy US

Trump admits lying about virus: kills hundreds of thousands: "I wanted to always play it down."

 

Scam: Beware of a text asking you to "confirm for delivery" for a late package. ID theft

Instacart DC caught taking $ millions in deceptive service fees 

US Air Ducts DLM Services WA caught deceptive adverts/robos, fake reviews, $10 mil  

 

Steven Rodemer CO caught stealing $451,889 from client; promised investments no jail

Hai Khoa Dang CT caught defrauding couple's $2.2 million promised conservative trades

Encore Capital CA Midland Funding failed provide borrowers with proof; 2^nd time; no jail time

API Recovery Solutions, Warner Location Services, etc caught deceptive debt collection

57 people caught stealing $175 million from the PPP virus program for small business

Josh Bellamy Jets caught $24 million scheme to defraud the PPP virus program

 

250,000 coronavirus cases have now been tied to the 10-day Sturgis Rally event

Advisors charging extra fees SEC warns: check confirms/statements: you take the risks!

UBS Plans Higher Fees To Push Rich Clients Out Of Cash: low interest=no revenue 

PO continues to slow pharmacy order: patients (VA) panic when meds sit in PO:

President ‘United’ States mislead us into 200,000 deaths by waiving responsibility no jail

 

Recalls 203,000 Hyundai Santa Fe; 440,000 Kia Optima & Sorento 2013-15: engine fires

Vaccine not a cure-all for everyone: history shows not perfect or effective: 2021-2 masks

TurboTax caught misleading customers regarding free filing: tricked us into paying

 

Drug companies promise to make ‘good vaccine: same folks give us bad meds/high costs

 

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

 

Jobs

100 best jobs: salary matches skills—college needed for most; community college assoc.

Most workers say ‘retirement’ is NOT a full time job: 60% boomers keeping their jobs

 

 

Who owns your account now?

Cult membership knows no bounds: he would cancel sick brother’s insurance for a win

Cult leader knew thousands would die and mislead them: Jim Jones is shocked at 200,000

Cult of NJ white nationalism revives 1950s “Better red than dead” for “Better dead than red”

 

MassMutual’s retirement business to Empower: retirement services record-keeping assets 

 

Miracle:

Tech helped blind person run NY City Marathon unassisted. Vibrates when off path

Judge tells Census to keep counting; don’t listen to Trump

Woodland Hills LA reached 121 degrees at about 1:30 p.m Sunday: highest ever

CA fires started when parents reveal the gender of their child: childbirth is miracle

 

Many in my family served/are serving this country and are NOT “suckers” Greater love hath no ..

Evil: leader of country knew thousands of citizens would die but tells them: “it will disappear”

We have lost Two-Thirds of our wildlife In 50 Years: species declined by an average of 68%

 

 

IAN

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www.InsuranceAdvisorsNetwork.com

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