Friday, June 11, 2021

Give your graduate tax-FREE money

 

Will Biden minimum tax on corporations of 15% hurt you?

Most profitable large companies pay little or no taxes. Our Congress people designed the tax laws that way because the corporations pay for our representatives’ elections. Our reps are “lobbied” by corporations at the rate of 12 to 1. Is it any wonder that we pay 33% in tax while the rich like Warren Buffett pay less than 18%. Most wealthy people have ways to hide their incomes—overseas or gimmicks. Imagine if you could cut your taxes by promising you will never sell the trees in your yard! A study of IRS records shows the wealthiest pay only 15.8%. Some pay nothing. Most working people don’t know about a simple way to avoid taxes so they end up paying for the deficit created by the rich and corporations not paying their fair share. Just by investing in a special IRS-approved account at your job or mutual fund or bank, you can avoid paying fed and state taxes.

Use your tax-FREE IRS account: https://www.amazon.com/New-American-Retirement-System-ReserveTM/dp/1461030072/

 

Give your graduate the best gift you can give them: tax-FREE money

High school and college graduates need the best gift you can give them: a future of tax-FREE income. Get them started now since your gift can grow many times its value over time. For instance, $50 invested now can provide them with $20,000 when they need it later. Since you have started your grad off with this special IRS-approved tax shelter they will find it easier to keep saving/investing the right way. They will end up with a tax-FREE retirement. They can create a $500,000 tax-FREE account. Some young people have grown their accounts to over $1 million by investing $167 a month while they work. They will pay NO taxes on their wealth. They can avoid future tax increases. They can boost their savings by 30% with just the fed/state tax savings alone. And if they need a home down payment or business start up fund, they can use the contributions tax and penalty FREE.

Perfect gift: https://www.amazon.com/Tax-Shelter-Young-Americans/dp/1500426520

 

Claim your $55,000 average ‘lost’ pension 401k account

We change jobs on average 12 times during our work years. Sometimes we forget or don’t know how to move this money. We also leave money at utility and bank accounts with lesser amounts. Sometimes we are the heir but no one told us. That was the case with MetLife and other insurers sitting on unclaimed benefits for years. Insurers don’t work hard to find heirs. They don’t have an incentive since they can continue to make money on our money. When my father died, I found he had bought life insurance for me 40 years ago. The insurer never sought me, the beneficiary. We have nearly $1.35 trillion left behind in retirement accounts that are connected to previous employers, according to a new study. Twenty-four million of us have money paying fees to old employers or their brokers. In most cases you are better off moving your money to a low-cost IRA provider like Vanguard. Contact all your former employers and the National Registry and get the details. Ask Vanguard to help you move the money to one of their IRA rollover mutual funds. You could double your $55,000 in about 8 years using a low-cost stock fund like the 500 Index. Vanguard moved my old IRA from a bank in just 3 weeks.

Pay less; earn more: https://www.amazon.com/Tune-your-401k-EARN-Tax-FREE/dp/1490591028

 

Where can your child invest those graduation gifts?

Make sure you teach your kids how to create wealth the easy way. My parents were not investors. At my first job, I had no clue which investment option to use for my 401k contribution and company match. The HR person told me to put it into the 'safe' stable value fund. That was the worst choice at my age I learned later when I got my securities licenses. If I had followed their advice I would have ended up with $150,000 instead of a Wealth Reserve of $877,233 about 33 years later. We have used this 'Wealth Reserve' as I call it to have funds to buy low-cost high-deductible insurance, to buy two homes and 5 cars with higher down payments or cash, and now to receive $2,500 a monthly in retirement supplement. Investing requires patience not fast trading.

Time not trading: https://www.amazon.com/Give-your-child-leg-manage/dp/1096505355

 

Is paying off your mortgage early right for you?

I get questions about this option many times and it isn’t easy to answer. No one answer fits for most people. Example: a couple in their 60s had worked all their lives but ran into difficulties in the late 90s. One spouse couldn’t find work after an industry consolidation. He took early Social Security at a lower benefit. They had to declare bankruptcy but kept their qualified investments (IRAs, 401ks, 403b) and their home. They took advantage of low rates to refinance the $250,000 mortgage in 2010. In New Jersey most of their mortgage payment goes to pay the property tax of over $20,000. They did not have funds to pay off their mortgage. One spouse worked past age 70 but they were still were not able to pay off their mortgage. They cut spending and rebuilt their credit. They kept their home in their favorite neighborhood. Their fee-only planner helped them make a plan for spending in retirement in order to keep paying down their home mortgage.

Make a plan: https://www.amazon.com/Your-Retirement-Spending-Plan-enough/dp/1461084016

 

Why is the stock market the only place to fight inflation?

When inflation is low, the stock market returns over 12% (if you use a low-cost fund or broker). When it is high, stocks are the only hedge against falling buying power. Sure, bank CDs and bonds are less volatile but most of us lose money—earn 2%, inflation 3%, taxes 5%. Most retirees need to keep most of their money in the stock market. More folks are living longer—30-40 years without wages. And you may need part of your nest egg to pay for health or living care later in life. To maintain income for 30-40 years, you need to earn more than the inflation rate. Warren Buffett advises retirees to hold one stock fund for growth and one fund for retirement annual expenses. While one will provide over 10% return on average, the other provides a fixed income each year. For many folks, the IRS specifies the amount of taxable income they must take from their nest egg of stock funds. The stock market is the safest place to invest in retirement—it kills higher prices.

Take Buffett’s advice: https://www.amazon.com/Warren-Buffetts-Vanguard-Funds-Retirement/dp/1496148592

 

 

Can you retire on dividends?

Yes you can; just like the wealthy. ELON MUSK, JEFF BEZOS, AND WARREN BUFFETT AGREE: PAYING TAXES IS FOR POOR PEOPLE. Real estate queen Leona Helmsley made the same comment 25 years ago. Raising the income tax to 33%—the rate most of us pay—would have no impact on those with $ billions. Most of the wealth accumulation of these folks is not called income according to the tax laws written by the millionaires we elected to Congress. Dividend-producing stocks like Coke and J&J throw off 3% yield at best. With a portfolio of $1 million, you must live on $30,000 a year. If inflation runs at 2%-3% a year, you will not be able to keep up with rising prices. You will need to sell some stocks for income—creating capital gains tax on top of the tax on dividends. You can invest in more speculative stocks which provide higher yields. You can also use a low-cost dividend-focused mutual fund like Vanguard’s Dividend Appreciation Index. It has strong annual returns of over 10% since 2013. When stock growth is falling, the dividends provide a solid income stream. A balanced portfolio in retirement can generate dividends which are taxed at a lower rate than the income from IRAs and pensions. Thus high dividend stocks should not be placed in these accounts. A cash account with dividend stocks as an asset is not taxed as income as it accumulates value. Another asset with dividends is commercial property owned by a real estate trust like the Real Estate Index offering 10% annual returns since 2001. Of course with enough time you can build a tax-FREE retirement with many assets.

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

 

You can retire with no income tax: the best deal

It is now possible to retire with no income taxes. Using the IRS own tax shelter, you accumulate and grow your nest egg over your working life and then spend it all when you retire. This account was created in 1997 for those workers who wanted to avoid income taxes later by paying them now on their earnings. So if you were investing $250 a month in this account after taxes (not tax-deferred like a 401k)  you could see your $3,000 a year contributions to a stock fund grow tax-FREE to over $1 million in 30-33 years and then pay no taxes on the growth. You contribute $100,000 over time and SPEND over $1,000,000 without taxes. Because your taxable income is low, you pay no taxes on your Social Security benefits either. Because this account is not a 401k or IRA rollover, you are not forced to withdrawal your nest egg at a rate determined by the IRS. No RMD and no taxes and you can spend the full amount or leave to heirs. Your spouse does the same.

Retire Tax FREE: https://www.amazon.com/Tax-FREE-Retirement-code-lifetime-income/dp/1475206976

 

 

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

 

 

Like 1776, this period is a test of democracyWe rejected an "American fascist"

 

Will we reject American fascism again?

 

Dictator uses fear to retain power

 

Red state vs blue cities: political civil war?

 

GOP + Manchin assure all Dems can’t vote in ‘24

 

Coup: “We are here to take over the Capitol, we are here to hang Mike Pence

 

 

 

How Govt wastes our money:

One closet GOP senator holds up American voting bill and jobs measures: WV pride?

Some states ban teachers from racial discrimination education: Scopes trial II

Wealthiest — like Warren Buffett, Elon Musk Jeff Bezospaid little in taxes.

 

Biden’s Justice lawyers defend Trump against rape victim’s case in court

Millions of vax expire soon as death toll nears 600,000

 

SCAMS/SPINS:

Judge lifts CA assault weapons ban: “Good for both home and battlepersonal bazooka!

Legal: buy assault weapon w/o license in TX and drive to CA to kill 30 at a time Battle!

 

GOP votes against equal pay for equal work: McConnell says “bipartisan” era over.

 

Fake medical professional reviews: beware: glowing ‘patient’ reviews: just hype?

Popular at-home DNA tests ‘extremely poor’ at finding rare genetic disorders,

FL employers CAN’T require vax so cruses become very risky passengers infected

 

Centaurus Financial caught hiding fees; misinformation conflict of interest. Fine

Cryptocurrency Investment Scams Skyrocket: ponzi schemes in sheep’s clothing

JPMorgan freezes donations to Republicans who contested 2020 election

 

Paul R. McGonigle MA caught stealing $300,000 from client annuities; fake ID

Holly Hand Chad Calice caught insider trading Neuralstem stock: fine no jail

David Aaron Rockwell FL caught stealing $1 million forging fake loans: 5 years jail

Oxford U: created program that projects share prices for 30 seconds of live trading. So?

 

BEWARE: your advisor/broker uses testimonials to sell you Truth is in the fees.

BEWARE: OH GOP take doctor testimony: people magnetized by vaccines!

Biz, even medical practices can pay Facebook groups to post fake reviews: “magnetize

 

JBS give criminals $11 million instead of using IT backup: encourages more hackers

 

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

IRS tips to avoid scams: https://www.irs.gov/newsroom/tax-scams-consumer-alerts

 

Is it a scam?  Check AARP scamline 877.908.3360. BBB Scam tracker

 

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

Robo may do your next interview: evaluates interview responses; gives manager a score 

 

Who owns your account now?

Amazon is using your WiFi to share Echo & Ring networks in the neighborhood.

 

Miracles:

New pill to fight high-risk breast cancer.

Janitor gets to teach kids with college degree after 23 years of cleaning up after kids

FDA approves first drug to slow decline of Alzheimer’s disease

 

Obesity treatment cuts weight 15% but costs $1300 a month: “feel full” so don’t eat

 

 

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/

 

9549013194571154399289

IAN

41 Watchung Plaza, B242

MontclairNJ   07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

Alerts available at http://dankeppel.blogspot.com/

 

 

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