Advisor’s universal advice: “Long-term investing isn’t sexy. It just takes patience.” There is only one way to make sure they have enough for later life, this advisor warns athletes. “You’re wealthy today, but that doesn’t mean you’re going to be wealthy tomorrow.” “[They] get real loosey-goosey with the money they have in their bank account,” the advisor says. “You may be making $2 million one year — but the next, you could get cut and make zero.” Years ago, players were going broke or bankrupt after football. Now the NFL will match what they put in their 401(k) up to 200%. If you don’t have a matching 401k or 403b at work, an IRA can provide the same huge nest egg in retirement—it just takes time. There are two IRA flavors—tax-deferred or tax-FREE. A traditional IRA allows you to deduct up to $6,000 from your annual taxable income. You pay tax later when you take the money out for retirement income. A Roth IRA allows you to contribute AFTER tax money so your life-long gains in the account will be tax-FREE. $250 a month in a low-cost stock market index fund may grow to $1,000,000 in 37 years. You have contributed $111,000 but the full $1 million is tax-FREE. This may mean no income tax on your SS benefits too. $1 million to spend just takes patience.
You don’t need to earn an NFL salary: https://www.amazon.com/New-American-Retirement-System-ReserveTM/dp/1461030072
Winning a contest or
gambling is NOT the way to wealth
Amy Schneider Faces Tax
Bill Of Over $630,000 After Record 'Jeopardy!' Win. Schneider won $1,382,800
but almost HALF goes to taxes. A better way to build wealth is to pay NO taxes
on your income. Our tax system does provide a better way: tax-FREE earnings
using a legal tax haven so that every penny you earn can be spent—no taxes.
Hopefully Schneider has used this tax-FREE account for her regular job. She
could have invested in the IRS-approved account during her work years and
accumulated over $1 million and NOT have to pay taxes on the full $1 million. Avoid
taxes like the rich.
Use your tax haven: https://www.amazon.com/Your-Tax-Haven-Tax-FREE-Americans/dp/1482659441
You quit: What to do
with your retirement money
People are looking for flexible work arrangements, higher
pay and job security in their careers. Many
are willing to leave their jobs to find something better. But what do you
do with your old 401k or 403b? Some companies allow you to leave it in your old
plan. However, you will need to monitor closely what is going on there.
Sometimes when companies change hands, the former
workers can’t get their money out right away or at full value. Unless you
are planning on taking your nest egg now to live on (and pay the 30-40% lump
sum taxes), you have the option of keeping your balance growing. You may need
30 years worth of retirement income so most people make a tax-FREE transfer to
a new job plan or to a rollover IRA at a mutual fund firm. Each time I left my
employer, I had the Vanguard custodian receive my old job account directly
into a tax-FREE rollover account. This avoids the chance that the old plan
clerk tells the IRS that you took the money without paying taxes. It is very
difficult to undo a mistake of this sort. You can’t put the “genie back into
the bottle.” When the money got to Vanguard, I told the trustee to put it in
the same kind of investments I owned in my old 401k. I never paid a dime in tax
along the way to a comfortable retirement income.
https://www.amazon.com/Reset-Your-Retirement-Income-retirement/dp/1512304344
Why stocks are the best tool to beat inflation
Inflation is happening now at 6-7% annualized. My 69 cent can of beans went to $ 0.79 in 1 week. Gas, food and rent are more expensive so my income can’t keep up. My fixed income pension and investments have less buying power so I must buy less of everything. I buy half a dozen eggs instead of a dozen. For my readers who have most of their investable assets in low-cost broad-stock market mutual funds, they will be able to keep buying what they have been buying. Their accounts are down only 5% so far. They are not traders or cyber speculators. They expect their total returns from stocks to maintain the average of 10-12% nominal. If inflation returns to the 3% historical average, they gain 7-9% staying ahead of any cost increases. There are no guarantees but as Warren Buffett has done in his will, his heirs will prosper from his mandate of using a low-cost stock fund for retirement growth and income. Low-cost beat high-cost in every period.
Take his advice: https://www.amazon.com/Warren-Buffetts-Vanguard-Funds-Retirement/dp/1496148592
Do you need a financial advisor?
The for-profit industry thinks you should pay one $ thousands. But how do you find one who can help you without taking most of your earnings. One industry insider calculated that paying 2% in fees, trading, and poor timing will deprive you of up to 63% of your potential accumulation. Over your life of saving for retirement, you could end up with $ 2 million or less than HALF that. There are money managers, securities sellers, financial planners, RIAs, and discount brokers. You must decide which you need, so ask a lot of questions: costs, taxes, legacy, risks, strategies, large mutual fund firm or small ‘boutique’ firm, DIY or full service, fiduciary or trader, family or lowest bidder firm. Shop around. Maybe you need one of each type. One sales person can’t do it all.
It’s your money: https://www.amazon.com/New-American-Retirement-System-ReserveTM/dp/1461030072/
Congress people make $ millions on stock trading info we don’t have
At ‘work’ Congress people use "insider trading" with their privileged information. We pay their staff to find information on the issues of the day. Example: they learn early which vaxx maker used, which firm will get gov contract for new weapon system, which oil fields will be leased to which oil co, which new gov building built where, etc. They learn which companies will merge, go bankrupt, fail and be investigated before we do. House Rep Pelosi, listed as the eighth biggest trader in 2021, is not the only lawmaker
whose disclosures reveal millions of dollars worth of transactions. Congress works the system they create: they write the tax laws about their own businesses, that provide subsidies to their donors, that fund the Import Export bank that supports Boeing, that even pays themselves as gentlemen/women ‘farmers’. This is socialism for the rich and connected. Government helps the wealthy stay wealthy.
Socialism American-style: https://www.amazon.com/Americas-Socialism-Rich-little-people/dp/1535218584
?**********ACCOUNTABILITY**************?
Like 1776, this
period is a test
of democracy—We
rejected an "American
fascist" once
The
Path to Dictatorship: 2010-2030
Trump admits “sending
US to hell”
GOP
censures terrorist accountability
GOP: sedition is 'legitimate
political discourse'
Justice
Dept ‘lawyer’ planned coup
Trump
flushed coup plan down toilet
Pence
shines light in the gulags “I
am the only one”
How Govt wastes our money:
Who
would be against lowering carbon emissions in Biden’s BBB bill? Not people
82nd Airborne deployed
to
FL
GOP nixes abortion for rape, incest: FL GOP will adopt/raise these kids for
life
FL to give people
right to pick school topics so NOT to give
student any “discomfort.”
IRS
wastes money on facial recognition instead of auditors
to catch rich tax avoiders
Government
shuts down Feb 18: Congress goes home next week: another work stoppage
Manchin
killed clean air part of BBB to keep his biz in coal sales: $500,000/year
We lost
$125 million Mars orbiter with simple math error: no one fired
SCAMS/SPINS:
Spotify
for misinformation: Follow the $100 million: _____better places for music?
Guns
don’t kill people; people
kill people: lock
up all the people with guns?
Sure
Stop
retirement account hackers with help from your investment firm.
AL GOP new voting districts cut out Black voters: Supremes
agree cut Black votes
NC Supremes: GOP
gerrymandering unconstitutional: GOP took away 2 Dem districts
Check
the source before you accept what they say: easy to fake it
Trump
adviser to take
over Republican National Committee: more control; more money
Canada-MI trucker’s protest is not about
mandates: 90% vaxxed: Anti gov protesters
Miracle: all those “deeply
held religious belief” anti-vaxx
letters $195; same sources?
GOP
anti-vaxxers going for 1,000,000 dead: US leads the world: 19,000 a week no
vaxx
COVID Orphans—Over
200,000 Children Have Lost Family: NOT a personal choice
Covid
plague takes out 793 English pub which lasted in wars, famine and last
plague
Tesla takes out 2
deputies while ‘driver’ watching movie: why
let car kill?
Tesla self-driving is a marketing stunt: watch
this drive before you buy: killed or kill?
Forget auto driver: Tesla
tries to drive down railroad tracks; hit pedestrian, bike lane
GOP
intimidates voters by sentencing woman to 6 years prison just for
registering
Sucking kids into gambling with gaming-style
aps may cause more additions
6 India-based call
centers indicted for placing tens of millions of scam calls
Hyundai, Kia cars can burst
into flames: don’t park near buildings: recall 500,000
fake
luxury goods from Gucci to Chanel across Facebook, Instagram: know
your stuff
Nun Mary Margaret Kreuper, 80, caught
stealing $835,000 school tuition funds: 1 yr jail
Scott Nicholson caught
stealing $471,601 in commodity trades that failed: 3 yrs prison
FURMAN ALEXANDER FORD caught
stealing $1.3 million fake docs: 11 yrs prison
Michael M. Beck caught
talking up stocks on Twitter then selling same for profit: Refund
Product
aimed at women cost more: violated the Missouri Merchandizing Practices
Act
Facebook caught
breach of anti-money laundering and scam laws
Canada Catholic church tortured
and killed hundreds of kids: “suffer the little
children”
Jobs
Protect our grid, financial system, communications from quantum
computer hackers?
TD
Bank boosts child care and elder care benefits
Which
vehicles do thieves like to steal? Not Mercedes, Porsche, Audi
Can the 82nd
Airborne help EU stop Putin’s invasion of
Dolly
will pay your tuition books fees even if you are part time
Who owns your account now?
Landlords get around rental increase limits by charging extra “amenity fees”: up 14%
Amazon Prime costs more: Free stuff helps soften the blow
Finally, ‘no-fly’
list of unruly passengers: Unruly
will be given parachute: no turn back
Jeep Wrangler rated bottom of reliability, noise, mpg, bumps, but loved by drivers
Most and Least Liked Car Brands: Would you buy your brand again?
Retire to best states; avoid
the worst states: taxes, health, and quality of life
Discovery takes over CNN HBO: Discovery will appoint a new leader of CNN
Miracles:
Pence stops bending
over: Trump’s
plan to cancel Biden result: "un-American.”
Student builds 3D prostheses
for injured dogs that give them new life
Spinal
Implant Enables Paralyzed Man With Severed Spine to Walk Again
8-year-old writes
Christmas book, puts in library: 100
waiting to read it: next big thing?
Annette Goodyear,
crossing guard, saves
student from car speeding in school zone
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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