How to replace retirement funds now?
Survey says 35% of non-retired respondents had already dipped into their retirement funds and may do so again. No one wants to use future money now but we have to get money from somewhere. Most of us did not have $1,000 for emergencies. How do we regain our future money funds once we are able? To catch up, we must use a low-cost stock mutual fund since bank interest is too low. With savings rates as low as inflation, we need faster growing stocks. To minimize the risk of stocks we buy shares of 500 of the best companies in the world. We use a low-cost mutual fund so we don’t give any fees to the seller. We want our money to compound without current taxes so we use our employer’s tax-deferred (401k) account or an IRA account. The most successful savers take Warren Buffett’s advice and use the Vanguard 500 Index insider an IRA.
https://www.amazon.com/Warren-Buffetts-Vanguard-Funds-Retirement/dp/1496148592
Did you lose some of your money somewhere?
Everyone changes jobs these days. Sometimes a former employer goes out of business or gets bought. Sometimes an IRA savings account gets forgotten. Sometimes a life insurance policy with money in it gets misplaced. Readers have told me stories and I give them my list of places to look. Luckily, we have digital records you can search. You could pay a search firm to do the work but some are scams. If you have some time, finding money can be a fun project. For instance, after I left a securities firm, it went bankrupt. We employees had contributed to an Employee Stock Ownership Plan (ESOP). I forgot all about it and never received any notice about where my money went. I assumed senior management took it in the process. Then I was researching what happened to the firm and found the bankruptcy story online. I found out that the ESOP went to John Hancock and now I get a monthly bank credit for the rest of my life. Most lost money is scooped up by the state treasurer. Most pension plans are registered with the Feds. Consumer Reports provides guidance. I have been through many sites for my family: https://unclaimed.org/. My family has lived in 8 states. They have used closed federal savings banks: https://closedbanks.fdic.gov/funds/. They have used credit unions: https://www.ncua.gov/support-services/conservatorships-liquidations/unclaimed-deposits. They have had pensions: https://www.pbgc.gov/sites/default/files/finding-a-lost-pension.pdf and retirement funds: https://www.unclaimedretirementbenefits.com/. I wrote to the insurers directly since I knew my family had specific policies. If you moved waiting for a tax refund: https://sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp. Query your state tax dept: https://www20.state.nj.us/TYTR_TGI_INQ/jsp/prompt.jsp.
Found money is fun: https://www.amazon.com/I-dont-have-money-Financial-Emergencies/dp/1537636707
How much do you have to pay for student loan repayment plans?
There are three options for an approved income-driven repayment (IDR) plan: it allocates 10% to 15% of a borrower’s “discretionary income” for the monthly payments. You pay loans on a 20- or 25-year schedule and then the government will forgive any balance that’s left over at the end. You might end up paying more in interest over this timeframe. You must recertify each year to verify your family size and income—but income-driven repayment may be the best plan for you. The gov calculates the payments using a formula. TIP: contributing more to your work 401(k) lowers your adjusted gross income, and in turn lowers your payment on an income-driven repayment plan. However, at the end of 20 or 25 years, you may need to pay taxes on the remaining forgiven amount.
Plan ahead: https://www.amazon.com/Education-Funding-Save-right-plan/dp/1482549956
How much do we taxpayers subsidize Walmart, McDonalds low-wage structure?
A family cannot survive on $7.25 per hour—about $18,000 a
year—the same
wages earned in 1987. Since a family has to pay rent, utilities, insurance,
transportation, clothes, etc, the total expenses average above $30,000 a year.
Depending on the number of children in the household, our taxes subsidize the
base family income through programs like food
stamps $8,160, EIC
$6,660, CTC
$3,000. These are the totals possible for more than 2 children. Most
workers earning minimum wage have children in the family. Many do not have
spouse earnings. States and Congress have kept wages low in order to gain the
election donations of large employers like Amazon, Walmart and McDonalds. In
effect, the government is subsidizing
https://www.amazon.com/Americas-Socialism-for-Rich-little-people-pay/dp/1535218584/
Is a 2% wealth tax right for you?
Besides inheritance taxes, the only wealth tax currently in place is the property tax, which hits the middle class hardest. According to a 2017 analysis by economist Edward Wolff, this is because a primary residence represents the majority of a middle-class homeowner’s assets, whereas only about 7 percent of the wealth of 1 percenters is tied up in personal real estate. Senator Warren’s proposal calls for a 2 percent tax on fortunes exceeding $50 million. So if you have $100 million in assets, you’d be taxed on half of that, and your bill would be $1 million. Most of us are taxed on earned income so this tax might help pay for the massive tax breaks given by Congress recently. We pay sales taxes which hit the poor in the face. The rich don’t buy much at Walmart. The rich get richer because long-term investment gains are taxed at a much lower rate than wages, and only about half of Americans own any stocks, our progressive state and federal income taxes have been insufficient to curb the nation’s staggering—and growing—disparities in social and economic well-being. The wealthy will never miss the $1 million in tax because asset value compounding will double their $100 million to $200 million in about 7 years. $200 million less $1 million still leaves $199 million. They can easily get by. Plus the IRS will never find/appraise all the assets of the wealthy. They will just move the yacht in Nassau. Better: a securities transaction tax on high-income people. It can raise a lot of money from traders and corporations. These Biden changes are what keeps rich up at night.
Learn their secret: https://www.amazon.com/Miracle-Compounding-Turn-day-into/dp/1470176513
Have tax forms; will file … for FREE
W-2, unemployment, SS benefits, IRAs, pensions, RMD, brokerage, etc. If you have all your forms, file for FREE online. If you didn’t receive a correct form, file a Form 4852. Usually filing your state return costs as little as $15 unless you buy the Pro helpline. Avoid $300-400 paid preparer fees—new IRS forms mean higher fees. Unemployment insurance is TAXABLE on the Federal income tax return; not on some state returns. Some states do not tax your SS and pension benefits. Retirees did not have to take their RMDs in 2020 so taxes may be less: it was a good time to convert IRA to Roth IRA for tax-FREE future. Unless you were self-employed, you can’t deduct home office expenses of working from home. Some states continue the health insurance mandate and penalty unless you have an exemption. Since the IRA contribution deduction has no age limit now, you may reduce your income/taxes by making a contribution of up to $7,000. The standard deduction went up to $12,400 single; $24,800 joint. Jan 15 last day to make 2020 estimated payments. You have to report your April/May and December/January stimulus payments even though they are not taxable. Some of us receive a bank credit; some a debit card; some a check. Even if you don’t have to file, you should file so scammers can’t use your SS number to mess up your IRS file. Tested E file software ratings. Efile Jan 15; IRS processing Feb 12.
E file avoids covid at your preparers’ office: https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free
**********ACCOUNTABILITY**************
Like 1776, this
period is a test
of democracy—We
rejected an "American
fascist"
Dictator
image worship: Bow
down
Terrorists
still called ‘militia’: militia is National Guard/Bunker Hill patriots
Terrorists
plan to 'blow
up our Capitol'
FBI: 1,400
Terrorist in Trump’s failed Coup
Trump’s
Pentagon took
3 hours to approve Guard for Capitol police: result 5
died
Our ‘Truth
and Reconciliation Commission’?
How Govt wastes our money:
We subsidize $7.25 wage ($18,000) with food stamps $8,160, EIC $6,660, CTC $3,000.
CA town paid every
citizen a basic wage: employment
went up not down.
We bought 400 million vaccines but 41% of us don’t want to take it: more die 515,000 +
Senate
to limit stimulus checks to income under $80,000 single; $160,000 MFJ
couples
Kentucky
citizens will stop working if given $1,400 McConnell insults his own
citizens!
McConnell wife Chao uses
our money to pay staff over $15/hr to do her personal errands
Wealthy say they already got $ millions in 2017 so they don’t need another Covid check
Wasted money: Police ask for Guard for 2 more months: Trump’s gone so no 3 hr delay
SCAMS/SPINS:
Bishop
Accountability: What
does it take to make them accountable hiding sins of abuse
Hospital charges
reinstated: $1,000
for COVID treatment as ‘grace period’ ends
GOP
vs Trumpists: follow
the money in PAC: democracy’s
future depends on cash!
Trump really has GOP
in pocket: even
man he tried to assassinate drinks his Kool-Aid
Trump
vows to end traditional GOP party: “Get rid of them all” hundreds cheer
We never get to vote
again: GOP
suppresses voting: elections
rigged if GOP not win
Still need masks: Another
vaccine but still 3,000 die every day: 525,000
SD scam: Gov
claims NO mask success but really means 2nd most virus cases per
capita\
Can schools be free
of virus with toxic chemicals or big fans in the windows?
Scammers fake videos, pictures, tweets, all to manipulate
us to hate others. Sorry state!
Scam lesson book: “Summer of Scam,” and 7
stories to teach us scamming
Block those unwanted robocalls on your phone: block
all not on your list
Boy Scouts offer $300 million to pay
off victims of child sex abuse: no prison for adults.
Bishops
tell Catholics to skip J&J vaccine despite Pope OK
Biden: “Indian-descent
Americans are taking over the country” really? Joe, look in mirror
Facebook
costs you money but you may not even know how it does it.
Christopher Fulco NY
caught
frauds $1.6 million promised special invest: 3 yrs prison
BrightSpeed
Solutions K. Howard IL caught
working internet fraud on payment process
BEWARE: Visit no
Covid regs states at your own risk: Map
of states to avoid
Biden disses
Neanderthals: insult
our ancestors in comment on TX MS
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
Find tax preparer: https://www.irs.gov/tax-professionals/choosing-a-tax-professional
Check Social
Security: https://blog.ssa.gov/
Safeguard data:
ConsumerReports help: https://securityplanner.consumerreports.org/
Jobs
1/3
troops declined vaccine: “unsafe” or want sense of independence: Trump
got vaccine
Biden
to change Trump regs: Independent Contractor definition, foreign workers
1955: year
top 10% Americans started taking more and union membership went down
Who owns your account now?
Stricter Gym Precautions COVID-19 Outbreaks Linked To Gym Practices
Best Hospitals area: https://www.healthgrades.com/quality/hospital-ratings-awards
Google
offers business breach insurance: insurers see what controls in place at
firms
Which cars to buy in ’21: Consumer Report makes a list: Is it the safest?
Wealthsimple's
U.S. Business to Betterment
Miracles:
NJ
plumber drove to Texas with his family to fix burst pipes: brings wife and
apprentice
Six-legged
puppy? Variants abound in nature
Supremes
decide NOT to hear another pitch for Trump election reversal: The Big Con!
Supremes
decide to limit voting participation: Trumpism
wins by stopping voters’ votes
Biden
to give homeowners more time: longer for foreclosure deferral
TX
everyone can get sick now: even
fish can learn to wait for better future
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
973.746.2014
www.InsuranceAdvisorsNetwork.com
Alerts available at http://dankeppel.blogspot.com/
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