Your Unbiased Advisor: Advisors fail to educate us about retirement needs

Advisors fail to educate us about retirement needs

The main reason people continue to pay advisors is for advice. However, we don’t seem to be educating us. Study after study show the lack of financial literacy even after years of paying fees and commissions for help. Advisors don’t seem to know how to help us understand how much income we will have in retirement. Eight in ten respondents failed a retirement income literacy quiz according to an industry education group. More than half the folks underestimate the average life expectancy of a 65-year old (and thereby underestimating the amount of time they will need to stretch their assets). Investors do not recognize how to properly evaluate asset risks in the first place. But that is what we pay advisors to do, right? Most advisors do not even know how to weigh the risks themselves. Most learn to sell products. Advisors blame us: “clients preparing for retirement often underestimate the need to make sure retirement income comes from different sources. Too many assume that they can rely on dividend-paying stocks to fund their retirement,” one argued. Most focus too much on portfolio management as opposed to factors that will likely have a greater impact on their financial wellbeing, like health care expenses and long-term care needs. Only three in ten respondents have a plan in place. Learn what your advisor doesn’t tell you before it’s too late to fix it.

https://www.amazon.com/Lies-Financial-Advisors-Told-alternatives/dp/1478281545

Investors who did NOT panic ended 2019 with $360,000

Fidelity Investments’ 401(k) customers who stayed in the market during the 2008 crash saw their account balances rise, on average, from $79,000 in 2008 to $360,000 by the end of 2019. Although people who got out of stock funds in 2008 reentered the market and continued to save, their average balance performed worse, rising only to $276,000 by 2019. That’s a panic loss of $84,000 or 30%. A Vanguard study showed the same result: Vanguard just analyzed the panic factor from Feb to May and found the “panickers” earned less than those that did nothing. “Doing nothing” has been the hallmark of Warren Buffett’s attitude: “We continue to make more money when snoring than when active."

Do Nothing; keep contributing: https://www.amazon.com/Snoring-Best-Way-Create-Wealth/dp/1466408928

Is using an advisor right for you?

Every day investors hear the so-called professional ‘advisors’ predicting opposites: The "no matter what happens—stocks" advice and the “more downside risk for the U.S. equity markets than upside potential” advice. Many studies say advisor-managed investments just don’t help us long term. In fact, if we pay 2% in fees, commissions, bad market timing trades and being out of the market, we can give away “63 percent of what we would have had.” This is not to say that we don’t need specific financial advice once in awhile. We could just pay a fixed fee like we pay lawyers and doctors. They don’t ask for 2% of our assets every year for life. So I paid $750 for a professionally prepared financial plan so I know, within certain boundaries, how much my family will have to live on for the next 30-40 years. The alternative was $15,000 + a year for at least 30 years or over $450,000 total. And that is not tax deductible anymore. That savings will cover any long-term care needs and final state and federal taxes and expenses. Many index investors obtain advice from fee-only financial planners since they have been burned by bad advice. Brokers and advisors are trained and paid to sell. As their manager in a former life, I decided what they told clients to maximize the firm’s revenue not theirs. Stop paying for guess work: https://www.amazon.com/Pimps-Wall-Street-money-middlemen/dp/151525254X

Trump like many corporations pays little tax

Even after getting paid for income garnered from President-branded activities, Trump paid only $750 in taxes. That means he claimed income of just $7,500 in 2016 and 2017. We know his FL club took in $ millions from new memberships. Since he now controls the IRS as part of Treasury, his IRS audits are over. Audits of using suspicious losses to pay $0 taxes for decades have a limit of 3 years unless his DOJ lawyer can prove tax fraud. Not likely. In fact we paid Trump $72,900,000 in tax refunds he claims from years of losses on business failures and bankruptcies. For instance, he claimed losses of near $1 billion ($915,729,293) on his 1995 personal income tax returns. His casino companies made four trips to bankruptcy court, letting bondholders take the losses, while he took millions. He continues to claim business losses to reduce his taxes: “losses are more accounting magic” he says. In 2018, for example, Trump announced in his official disclosure that he had made at least $434.9 million. But his accountants say he lost $47.4 million. His New Jersey golf club increased admin expenses fivefold from 2016 to 2017. Most of Mr. Trump’s core enterprises — from his golf courses to his WH hotel — report losing tens of millions of dollars year after year. Like many corporations, Trump increases business expenses or losses to avoid paying taxes. We pay for their losses and refunds. Socialism for the rich: You and I pay for their failures!

Socialism for the Rich: https://www.amazon.com/Americas-Socialism-Rich-little-people-pay/dp/1535218584

IRS audits the poor not the rich

IRS admits it can’t audit Trump and friends: wealthy avoid paying their fair share. Wealthy pay lawyers to outwit the IRS: Congress keeps cutting IRS budget. The top 10% of earners have accounted for most of the revenue gap, experts say, by underreporting their liabilities, intentionally or not, as tax avoidance or outright evasion. Those with annual incomes under $25,000 are audited at a higher rate (0.69%) than those with incomes up to $500,000 (0.53%), according to the IRS data. Trump will never reveal his taxes since his audit will never be done. The IRS will fail to collect nearly $7.5 trillion in taxes owed between 2020 and 2029, according to one study. Poor MS Blacks are the most audited target. White Alaska Denali is least audited county. Working Americans have one last IRS-approved tax shelter. Why pay the taxes due from the wealthy?

https://www.amazon.com/Trump-Tax-Shelter-Avoid-taxes/dp/1985448300

How to avoid taxes like the President of the United States

He pays no taxes. "That makes me smart." We pay his tax refund; that makes us dumb? Actually, his accountant is the savvy one. Trump knows “virtually zero,” he said.

You too can use tax credits and depreciation just like he does. But only if you use his special accounting firm and accounting “magic” and many legal tricks to delay IRS audits and lawsuits. Trump audit has been ongoing since at least 2015: no end in sight.

“He put up little of his own money, shifted personal debts to the casinos and collected millions of dollars in salary, bonuses and other payments.” The burden of his failures fell on investors and others—local contractors—who had bet on his business ‘acumen.’ “He put a number of local contractors and suppliers out of business when he didn’t pay them.” Like his “university,” that cost folks seeking a valid education, his businesses are run like a confidence game. For instance, his New Jersey golf club increased admin expenses fivefold from 2016 to 2017. He convinced Congress to allow his wealthy friends and business people to avoid paying taxes on real estate projects if they claim they made “investments” in special zones like New Jersey waterfront properties. If you don’t have enough money or inclination for tax avoidance from real estate, you can use two simple techniques yourself. Anyone can deduct expenses against regular income by showing a loss from any small business. Among Trump’s deductions: $70,000 to style his thined hair. And anyone can use the IRS-approved tax-FREE investment account. Stop paying for their share.

Your move: https://www.amazon.com/Tax-Credit-Class-your-credits-ZERO/dp/1539462382

Are long-term care premiums right for you?

Less than one in 10 individuals thinks it is 'very likely' they will need long-term health care in retirement, according to a recent study. According to some insurance advisors, 70% will need some care. Unfortunately, the sellers are overstating the facts to make the sale. 1.4 million Americans live in nursing homes—about 2.8% of 49.2 million adults over age 65. Many people stay in nursing homes immediately after a hospitalization. During these short-term stays, Medicare often covers the costs. Unless you have a large estate you wish to pass on, most people self-insure their needs when they need help. Usually family provides assistance of all types. If living independently becomes impossible and you have used all your funds, Medicaid will pay for nursing home stays. For the wealthy, the average annual cost of a nursing home room is around $85,776 per year for a semi-private room or $97,452 for a private room. And according to the American Association for Long Term Care Insurance, only about 12% of people stay in nursing homes for more than five years. Costs vary a lot so shop multiple salespeople. Those who buy a couple policy before age 60 may end up paying $5,000 for 25 years or $125,000 and never use the benefits. Further, a typical stay is generally shorter if you're married than if you're not, likely reflecting the fact that one member of a couple often functions as a caregiver for the other as they age, delaying the need to move to the nursing home. Most people want to stay at home and will pay to make that work for them. Do your research first: Premiums go up and coverages are limited over time.

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

**********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: “done a very good job” only 209,000 dead

Dictator: I pay no taxes. "That makes me smart."

Dictator: ‘Genius’ of the ‘Big Con’

Dictator: I won debates but

I got Hope’s Hoax

Dictator: Make America White Again

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

Trump troops use chemical weapons: Politicians not Army decide who gets gassed