Is your emergency fund ready when the US stops payments in December?

 

Is your emergency fund ready when the US stops payments in December?

GOP against raising taxes on the rich and insists on keeping its big tax breaks for the wealthy from 2017 so they are talking about America not paying what it owes. If gov lays off workers, delays SS payments, or stages other malfunctions in the American system of government, Congress people still get paid. We can’t use their salaries as leverage to make a deal. Some reps are not even at work to make a deal. They still get paid. We may not get our benefits so it is important to plan where your funding will come from. If you can borrow from your bank or credit card lender, be prepared to pay it back quickly since rates are still over 25%. You don’t have to settle for 0.005% earnings in a bank savings for your emergency fund. There are many options including a low-cost balanced fund like those at Vanguard. Wellesley Income, with 60% bonds, provides over 7% return and direct deposit withdrawal capability. 

https://www.amazon.com/dont-have-money-Financial-Emergencies/dp/1537636707

 

Time can be your friend or your enemy

Most of us are not going to marry rich, own a business, inherit wealth, get really lucky, or find talent. Time is available to all of us and we can become rich by using time to our advantage. Using just your average tax refund of $3,000 a year—$250 a month—you can become a millionaire over time. With time as your fiend, you don’t need to pick the right stocks, waste your money on advisors or trade ETF at the right time. Fidelity analyzed its accounts that produced the highest returns. They found that account holders that did NOT 'manage' their accounts were the most successful. Mutual fund analyst Morningstar found that in every period low-cost funds beat high-cost funds. Buy stocks like you buy groceries not perfume, Buffett’s teacher said. Recently, Warren Buffett has proved this strategy: buy and keep buying the Vanguard 500 index fund. Time is your enemy when you try to time the market: buy low and sell high. Inevitably money managers and TV gurus, who are paid well to time the market, either sell too early or buy too late. There are many get-rich stories but few are true.

Go with Buffett: https://www.amazon.com/Just-Takes-Time-money-fashioned/dp/1979380945

 

 

Beat Wall Street money managers

Another study shows how you can beat Wall Street money managers. So called ‘professionals’ make more mistakes in trading than you do. Even if they make wise decisions about which stocks to buy they must make wise decisions about when to sell. Usually they fail. They just don’t realize that the market is not driven by rationality. Professional investors demonstrate skill when buying stocks, but their selling decisions cause them to underperform benchmarks. That’s the conclusion of a recent working paper, “Selling Fast and Buying Slow,” by four researchers who examined the trading activity of more than 700 professionally managed portfolios. “They appear to focus primarily on finding the next great idea to add to their portfolio and view selling largely as a way to raise cash for purchases,” the study’s authors wrote. Keeping your money in an index fund gives you the advantage of NOT making bad trading decisions AND not overpaying for advice. Remember the Fidelity study results. Wall Street managers need to create great buying stories so they can attract more investors’ dollars. They are not concerned about providing you with better long-term returns that beat the market. They are paid to attract new dollars not provide you with the best returns over the long term. https://www.amazon.com/You-Beat-Wall-Street-professionals/dp/1986031373

 

Vanguard pushes industry to lower fee schedule

Vanguard leads the industry to lower fees for its Target Date funds again. With an anticipated expense ratio of 0.08%, investors will have access to a sophisticated, diversified asset allocation solution at just one-fifth of the average industry costs. These funds provide expert management at low cost. You don’t have to pick the asset allocation, adjusting as you age, or remember to buy/sell different ETFs every month, or enter limit orders, or rebalance on schedule, or decide when to invest. You just set up your automatic contribution amount and Vanguard does the rest. With the option to use the new Digital Advisor, you have the best of both worlds:

Low fees and advice when needed: https://www.amazon.com/Best-Robo-Advisor-Ultimate-Automatic-Management/dp/1537111957

 

New auto insurance discounts that may save you $500-800

Most folks are now driving less—fewer commute and fewer trips to the mall—so you can ask for your discount. Most insurers also offer discounts for safe drivers and driving review courses like AARP’s online course. Most folks can save by raising their deductible. Put the equivalent amount into your emergency fund as you save on premium each year. You may also save by dropping your collision on an older car. I have cancelled my roadside assistance since my credit card provides it free. Pay premiums annually or semi-annually instead of monthly. I always ask the phone rep if there are any other discounts I could qualify for. Most agents don’t tell explain them since they get paid by commission—a percentage of the premium.

Shop and save: https://www.amazon.com/Industry-Insiders-Guides-Buying-Insurance/dp/1466435712

 

Wealthy Pay a Lower Rate Than Everybody Else

New study confirms what everyone already knew: there are 2 tax systems in America. There is the one that Congress wrote for those who pay for their elections and one for the rest of us who do not pay for their elections. If you are taxing those who give you money so you can go to Washington, you give them every break possible—some really wealthy people pay nothing—as Trump said in 2016. Congress is serving those who feed them, as we would expect. How do they pay nothing? Congress only taxes some “income.” The wealthy can borrow against the value of their considerable holdings and live comfortably without selling stock or receiving any income from dividends, which new companies like Tesla and Amazon don’t pay. Congress does NOT tax wealth assets or the loan proceeds from it. Buffett’s company does not pay dividends so he pays nothing as his stock holdings increase in value. Buffett admitted that his staff pays over double what he pays in taxes: 17.7% vs 32.9%. He pays only the minimum into the SS and Medicare fund even though his net worth is $99 Billion. As one of the wealthy said: "We don't pay taxes. Only the little people pay taxes." This is Socialism for the Rich. 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

 

Our Jan 6 ‘Truth and Reconciliation Commission’

 

Terrorists knew exactly which windows were NOT reinforced

 

Domestic terrorists funded in crypto

 

Trump: “Nobody’s done more for Christianity than me” ?

 

 

How Govt wastes our money:

All these companies made $ billions but paid no Fed taxes: no wonder we owe high debt

World wealthy hide their corrupt proceeds: Pandora: how to avoid taxes: SD, NV

Our legal reps wrote the rules that let the rich hide their dough in some states: we pay bill

 

Congress on paid vacation again: can your biz operate if closed for 2 weeks?

Post office considers cashing checks for those without bank: payday lenders not happy

US fighter plane makers helped China copy F-22: US now complain J-20 fly over Taiwan

 

One guy, Mitch McConnell, decided America will not go bankrupt until December

 

SCAMS/SPINS:

Ban on ‘surprise’ medical bills due Jan: med providers will find another way to charge

Will  right-wing conspiracy theorist Jones ever have to make amends for family grief?

Trumpist confessed: Fox ‘News’ was propaganda agency of government: not journalism

ATT funds far-right fake news One America News: Trump conspiracy theories

 

Naseem Mohammed Salamah caught fraud $970,000: promised diversify accounts

Rich Already Have A Plan To Escape Biden's Tax Increase: we end up paying the rich

131 judges failed to recuse themselves from cases in which they had financial interest

 

Papal thieves complain Vatican justice not fair: lawyers never worry about abused kids

Pope ashamed of his guys but Church never called police about 200,000 abuse crimes

 

Fake misleading info is so easy to make: Facebook profits from hurting especially teens

Recall: 3.5 million Covid home test kits by Ellume: too many fake positives

Why didn’t auto-braking stop crashes involving Tesla vehicles? Computers get confused.

 

TCFG Investment CA caught overcharging 360% and kickbacks with no notice

Doctors/druggists are drug pushers: 400 opioids per resident of Trumbull County OH.

Simple Health caught selling worthless policy said complied with Affordable Care Act.

Home builders caught adding $30K to contract to finish house: suit means more delay

Car dealers caught adding $10K to sticker price bec they can even for good customers

 

Your emergency surgery delay may kill you: preventable Covid victims take ER spots

Covid vax: many would rather lose job and die than take gov cure: 712,000 dead so far

 

First ‘abortion vigilante’ to earn $10,000 by reporting abortion crime under new TX law

GOP Supremes set to repudiate abortion “settled law” despite former promises: liars!

19 states passed this year laws to restrict voting  Constitution says voting is a right!

 

Jobs

Hospital staff to replace those afraid of vax

NYS's largest healthcare provider, Northwell Health, has fired 1,400 employees  no shots

Vax mandate in many business creates openings for millions

 

Who owns your account now?

National Flood Insurance rates up for storms rise: $20 Billion in debt too

Condos you don’t want to buy/invest: 432 Park: need helicopter when elevator out

Make old-fashion toys for the kids this holiday: holiday goods sitting on Pacific & docks

 

Best Medicare Advantage plans: JD Power ratings of services, info, costs, etc

Average portfolio retirees near retirees: 35% stocks, 26% cash, 15% bonds, 9% real estate

 

Miracles:

woman-coma-covid-delivers-miracle-baby-after-postponing-vaccination-1634927

Climate change killed 14% of the world’s coral reefs in a decade: we are next?

Priceless friendship

 

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/

 

Wisdom comes only thru suffering Aeschylus

 

IAN

41 Watchung Plaza, B242

Montclair, NJ   07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

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

 

Make Warren Buffett your investment advisor

 

What type of portfolio to use for retirement income?

Most retail advisors have provided us with a formula for retirement income that insists on a high percentage of bonds and fixed income products like annuities. This old story has been updated by Warren Buffett’s advice. Today we have available a special computer analysis that helps us decide for ourselves. If you are near or in retirement, you need to use a nest egg calculator (‘Monte Carlo’ simulation) like the one from Vanguard: https://retirementplans.vanguard.com/VGApp/pe/pubeducation/calculators/RetirementNestEggCalc.jsf

By playing with the level of stocks, bonds, and cash you can optimize your chances of having enough money for 30 to 50 years of income. Thus we found that over 65% stocks provided us with 91% probability of having enough income for 30 years. Usually, advisors tell us to sell stocks and buy bonds in the reverse percentages: 65-80% bonds. When you do this in 100,000 simulations, you only have 58% chance of making it for 30 years. That is because over time, bonds lose to inflation. Let your winners run.

Listen to Buffett not your advisor: https://www.amazon.com/Warren-Buffetts-Vanguard-Funds-Retirement/dp/1496148592

 

How to avoid being fooled by your advisor

Madoff tricked thousands into giving him their life savings. To prove his worthiness, he sent new investor money to old investors. None of his investors objected. Madoff took the Ponzi concept to extremes nobody had previously thought possible: $65 Billion. The key principles that allowed him to get away with what he did for so long: Fake statements look real and speedy refunds. Long-term steady returns are not what stock markets are known for. His very consistency eventually became statistically impossible to believe, but each individual year, in itself, was perfectly plausible. His sales strategy was what conservatives wanted for their money. His service was cloaked in exclusivity and secrecy: the ‘elect’ do not complain; they feel special. His explanation of success was vague. Madoff deliberately targeted charities and his own religious groups. Many of his ‘friends’ were cheated. Madoff ran his own brokerage firm. He was chairman of Nasdaq, a self-regulating organization. Since nothing has changed legally, there are Ponzi schemes going on right now. I find them every week (see below).

Buffett recommends Vanguard: https://www.amazon.com/Warren-Buffetts-Vanguard-Funds-Retirement/dp/1496148592

 

Make Warren Buffett your investment advisor

Warren Buffett is your investment advisor—without the fees! The greatest investor of our time with a proven record of $101 BILLIONS, Buffett has provided FREE lessons and guidance for many years. We were just NOT listening. His comments and letters to shareholders since 1977 are FREE. He has explained not only the management of his fund; he has taught us how to invest and provided guidance on the trends of the times. http://www.berkshirehathaway.com/letters/letters.html  He has explained why we should NOT follow the advice of Wall Street. He has told us how to be successful investors. He has explained how to turn $9 a day into $1,000,000 over time. He told us the KEY to investment success is COMPOUNDING. “My wealth has come from a combination of living in America, some lucky genes, and compound interest.” Compounding is money earning money on its earnings when it is invested. We can reach $1,000,000 by investing our money in businesses sharing profits with us over time. A special account, available to most working Americans, makes our money tax-FREE. Tax-FREE is like a $300,000 bonus—We avoid paying taxes— federal and state income taxes on our earnings when we take them. Buffett shows us how to invest fee-FREE too. Set up your tax- and fee-FREE accounts in 1 hour.

Make Buffett your advisor: https://www.amazon.com/Warren-Buffett-Your-Investment-Advisor/dp/1518690963

 

 

Two Americas: millions lost their jobs and billionaires’ wealth rose 55%

Between March 18, 2020, and April 12, 2021, the collective wealth of American billionaires increased from $2.95 trillion to $4.56 trillion, a 55% leap. “Billionaires have been running up the score on average Americans for decades.” All of the productivity increases of American workers have turned into extra profits for the owners. Salaries of company exec used to be 20 times average wages. Now they are 386 times the average wages. CEO compensation has grown 940% since 1978 while typical worker compensation has risen only 12% during that time. Unskilled working people have few alternatives to being pushed into poverty. Most of us don’t know how to use the tax system to succeed in this economy. However, there are steps we can take to make our lives better financially.

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

 

Why is there a waiting line to buy life insurance now?

Pandemic buyers were reminded of their mortality is one reason. Survivors of Covid have had their apps postponed especially older adults. But older adults also pay more for their coverage so it pays to consider your options. If you need to cover the cost of a funeral, you may be able to pre-pay with a reputable business. If you need basic coverage, there are small amounts available without medical tests. Policies that provide higher amounts for heirs or business buyouts need to be shopped since rates differ greatly. You may find it more convenient to use an aggregator selling multiple policies in your state. If you have other assets—IRAs, pensions, or endowments, you may not need more coverage. Check the current beneficiary designations to make sure your assets are left to the right loved ones. Many firms offer life insurance to retirees at high cost. This may be called group life conversions. There are other options.

Shop around: https://www.amazon.com/Life-Insurance-Need-Save-right/dp/1480002178/

 

What are the “safe investments” in retirement?

Some media writers boast about “safe investments” for your retirement money. Don’t be fooled. There are no investments without negative possibilities. First rule for any investor: there are no “safe” investments. 1. Municipal bonds may be tax-FREE but they can raise overall taxes. They also provide little protection from inflation. 2. Peer-to-peer lending may earn more than bank CDs but you can lose your money or earn less than advertised (as I did). 3. Annuities are useful in that the monthly amount paid is guaranteed by an insurer. However, as your expenses rise, the monthly check remains the same and your heirs get nothing if you die early. There are better ways to assure income for life. 4. Treasury inflation-protected securities provide some protection but with low payouts, you can’t live on the interest from TIPS. 5. Rental real estate is less “safe” than stocks. “You can turn any property into an investment that will provide income for years to come.” I tried this for years and you must give up income when tenants default and when repairs and maintenance are required unless you can do it all yourself. Live close! 6. Taking SS at age 70. It is tough to beat an inflation-adjusted monthly payment that is good for life and backed by the government. Few people can afford to wait to age 70 and fewer can stretch the enhanced payments to cover all expenses. Finally, you must plan out your income strategy in retirement. You will have more income by avoiding your high-cost advisor.

Plan wisely: https://www.amazon.com/What-your-RMD-much-spend/dp/1718946716

 

How can we protect ourselves from money scams?

Scams to induce us to give our hard-earned cash to others are on the increase. Technology has made it easier and safer than holding a gun to our heads in the parking lot. So we have to learn how to protect ourselves in new ways. First, most scammers are coming to you via phone and computer. Few use a letter or personal visit. Scammers are avoided by not responding to un-initiated contacts—no matter what they say or look like. Scammers wear ‘disguises’: they fake a logo from banks, IRS, FBI, Amazon, Microsoft, your local advisor’s firm. I get offers for money and computer, tax and legal help every day. I did not initiate any of them. No govt agency calls you about arrest warrants for you or your relatives, SS benefits or taxes. Unless you gave your info to the caller, how’d they get your info except by theft. Before responding to any contact, do your Google search: Scam: ‘I can fix your computer for $300” AARP.org/aboutFWN shows real scams. Giving scammers access to computer to steal your money: watch real scam office. The most difficult scams to detect are from those we trust with our money. Most people are losing $3,000 a year to sellers who have earned our trust. Sales people win your trust so you will feel comfortable giving them your money when you don’t need to.

Beware ‘trust’ scams: https://www.amazon.com/Money-Scams-2014-insurance-financial/dp/1505437962

 

Where is that refund?

The Internal Revenue Service today reminds taxpayers that the most convenient way to check on a tax refund is by using the “Where’s My Refund?” tool at IRS.gov or through the IRS2Go Mobile App.

Where is the stimulus 1 or 2? If you did not receive stimulus 1 or 2, start filing here: https://www.irs.gov/newsroom/recovery-rebate-credit.

Stimulus 3? https://www.irs.gov/coronavirus/third-economic-impact-payment

 

Estimated tax payments are still due April 15. If you are self-employed or do not have enough withheld from a paycheck, pension or Social Security, you may have to send quarterly payments to the IRS. Tax returns for 2020 are due May 17 not April 15 but the estimated tax payments are still on schedule.

IRS will redo your taxes and send refund if you paid tax on Unemployment 2020 or you paid ObamaCare’s excess advance premium tax credit repayment. 

 

Have tax forms; will file … for FREE but WAIT . . .

If you have unemployment income, ObamaCare coverage you should wait to file since the IRS has not yet implemented tax-FREE provisions of the new Covid law. If you already filed and paid tax on your unemployment income, IRS says it will send you a refund of the tax automatically. DO NOT FILE an amended return to obtain a refund on this tax. Taxes due MAY 17 not April 15. Input the W-2, unemployment, SS benefits, IRAs, pensions, RMD, brokerage, etc. forms you have. You can 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. You can deduct as medical expense all Covid prevention supplies. 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

 

What to do if you can’t pay by May 17?

Avoid the penalty for not paying estimated tax. Ask for an automatic extension to file till October. If that does not work for you, you can apply for a payment plan. An individual can setup an IRS installment plan if you owe $50,000 or less and can pay back the amount owed in 3 years. If you are a business owner, you can setup an installment plan if you owe $25,000 or less. The IRS will charge a one-time fee of $105.

If you own less than $25,000 and can pay the amount owed within six years, ask the IRS for a streamlined payment agreement. The IRS will charge a one-time fee of $102.

Request an Offer in Compromise if you cannot pay the total amount owed. This allows you to settle your tax debt for less than the total amount owed if you will be unable to pay back the total amount owed within 10 years. The IRS will charge a one-time fee of $150. Given the pandemic economic hardship, apply for the extension to file now: https://www.irs.gov/pub/irs-pdf/f4868.pdf

Special circumstances help: call the IRS Taxpayer Advocate Service 1-877-777-4778 for free assistance.

More ways: https://www.irs.gov/newsroom/heres-how-people-can-pay-their-federal-taxes

 

IRS has $1.3 billion refunds for 2017 tax returns

Unclaimed income tax refunds worth more than $1.3 billion await an estimated 1.3 million taxpayers who did not file a 2017 return, according to the IRS. “Time is quickly running out for these taxpayers. There’s only a three-year window to claim these refunds, and the window closes on May 17.” If they do not file a tax return within three years, the money becomes the property of the U.S. Treasury. Filing instructions are available on the IRS.gov Forms and Publications page or 800-829-3676.

You have 30 days to collect your cash!

 

 

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

 

 

Like 1776, this period is a test of democracy—We rejected an "American fascist"

 

 

Do police have a license to kill?

 

FL drivers get OK to run over protesters

 

 

Where ‘Truth and Reconciliation Commission’? 

 

 

How Govt wastes our money:

We paid the bill to clean up after polluters fouled our country: will polluters get re-bill

Congress makes sure Puerto Rico helps wealthy avoid taxes: it will never be a state

GOP raises taxes quietly in FL: if we shop online, we pay $1 billion

 

SCAMS/SPINS:

GOP votes against equal pay: keep women earning 82 cents per male $1.00 for same job.

Trumpists post white supremacist policy list: European ancestry values

Trump’s lieutenant Roger Stone doesn’t pay his taxes either: hide income in fake biz

 

Capitol police told to track anti-Trump protesters ONLY: let terrorists attack Congress

Trumpists get big rewards for denying democratic way: “only fair if GOP wins”

Trumpist Hawley OK with hate crimes: sole GOP vote NO to bill

 

Scam: ‘I can fix your computer for $300” AARP.org/aboutFWN shows real scams.

SCAM: Giving scammers access to computer: steal your money: watch scam office

Eddy Blizzard MD caught stealing $1 million with blank checks faked signature.

Christopher Lee Hibbard KY caught stealing barred from any financial sales activity

Douglas MacKinnon caught avoiding debts gave $1.6 million home to his wife/daughter

Mobile speed test: use FCC download tester to verify “you get what you pay for”

 

Mass killings: more guns than people: easy way to confirm manhood/revenge/score/hate.

Congress ignores gun killings: Supremes’ ruling protects police: shoot first, ask later

Tesla driverless will kill automatically: in TX dark, Tesla can’t ‘see’ the tree on curve?

 

Instead of getting protection of vaccine, some buy fake card to infect co-workers $9.49

Fake info used to create buz for certain people: it is easy to mislead us

Covid deaths 575,000; 1918 pandemic 675,000: 40% won’t get vax--we learned nothing?

 

Scams made just for us: 10 best ‘selling’ ways modern thieves work today

Danger: walking in front of Tesla can kill you: no driver; no sensors; no stopping

 

 

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

25 high pay jobs to reach for the future: plus machines can’t replace skilled trades!

The top 15 career fields — ranked by average national salary:

20 jobs part time any age work can do it temporarily

 

Who owns your account now?

Biden reverses orders that boosted fossil gas/extraction on public lands and waters

SS benefits can be reduced when you work BEFORE your “full retirement age”

Need moving expenses? Some states pay to move there for a time.

 

Flood insurance: private policies might be cheaper in low-risk areas: exceptions

RIA custody business of Morgan Stanley to Axos Financial

 

Miracles:

Older adults "prediabetes" usually DO NOT go on to develop full-blown diabetes WOW!

Vaccine can save you but masks can save others: virus requires us to care for each other

ObamaCare coverage repayments cancelled: you do not have to pay IRS back

 

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

Montclair, NJ   07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

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

 

How the media distorts the laws of investing

 

Is the new $1,400 stimulus right for you?

The cut-taxes for rich and cut-benefits-for poor Trumpists have limited the stimulus recipients and cut fed unemployment from $400 to $300. Manchin D-WV did not want to give his folks an extra $100. However, Dems got to eliminate some income from taxation: $10,200 unemployment NOT taxable. Some states, including Maryland, Delaware and Arkansas, have already enacted policies to exempt unemployment benefits from state income tax. The bad part of this is that some Dems want to be deficit hawks. Fearing giving people too much money to get the economy going, they limit the stimulus to earned income under $75,000 and $150,000. The Child Tax Credit was increased for 2021 but again for fewer families. Result: taxpayers with large families who earn about $150,000 ($75K per spouse) can experience a marginal tax rate in excess of 100%. Since most Congress people are millionaires or more, they can’t understand why people would need more income at a time when there are fewer jobs. As anti- and pro-Trump McConnell said, “people won’t work if they receive a one time stimulus of $1,400.” You know, when Trumpists take off their masks, they get weird ideas. McConnell’s wife, former head of Transportation was using her $50/hour office staff to do personal shopping/errands. Yet her family was against $15/hr wage. Go figure!

Stimulus law: The American Rescue Plan Act which is now going through the legislative process includes a provision to forgive any Advanced Premium Tax Credit repayments for 2020. This is the ObamaCare subsidy you may receive to help pay for health insurance. Biden promises bank credits by April 1. Checks take longer. If IRS does not have your bank account, you may have to open an IRS account.

Our form of socialism: https://www.amazon.com/Americas-Socialism-Rich-little-people/dp/1535218584

 

How the media distorts the laws of investing

Headline: Elon Musk lost $27 billion last week

This fake news leads many savers to give up trying to save for retirement. Many working people don’t invest in the stock market because they read this headline and fear equity investing. Instead, they buy only bank CDs or other fixed income tools. They earn 1-2% and so their retirement money never grows to provide a reasonable retirement income. If compounding was taught in high school, more working people would invest in stocks. If students and adults saw this graph or read this chart, they would know how to build a comfortable retirement. Mr Musk did NOT lose $27 billion last week. He did not lose a cent because he did not sell his stock. It is TIME not fast trading that builds wealth. Example: one of my family members pays his advisor 1.5% a year to ‘invest’ his life savings for him. He adds: “I don’t want to lose money.” So his advisor buys fixed income products paying 1-2%. Then he complains to me that his funds never grow very much. The advisor tried to explain that even bonds can lose money. Response: I don’t want to lose money. This is all I have.” Media distorts: Today Mr Musk ‘made’ $25 billion. No he didn’t. The price of stocks fluctuates but over time total value doubles every 7-8 yrs.

Make Warren Buffett your advisor: https://www.amazon.com/Warren-Buffett-Your-Investment-Advisor/dp/1518690963

 

Two Americas: while shops small biz close, rich get richer

40% of upper-income adults said their financial situation improved in the past year, compared to one-third of lower income counterparts who said their finances worsened. Pew Research shows the rich added to their assets since they couldn’t spend as much and they use Compound Interest. Employment losses concentrated in lower-paying, lower-skilled jobs that were non-essential and couldn’t be done from home, such as in some food services jobs and hospitality. Women have also been more likely to suffer job loss and financial hardship during the pandemic; women, adults aged 18-29 and lower-income workers were more likely than other groups to have taken unpaid time off in the last year. Of course those who need to build savings and retirement income funds have had to stop, pitching them deeper into the financial hole. Climb out with a tax-FREE account.

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

 

 

Is taking control your own pension right for you?

Some Retirees Get Only 30% of the Pensions They Earned Despite Federal Guarantee. Shocking: Small employers typically cannot afford a separate pension plan so they band together to administer a group plan. However, smaller firms are more likely to underfund and/or go bankrupt so there are fewer funds left to pay employees who have earned their pension. Most pensions are guaranteed by the Feds but at much less than the original expected value. The COVID-19 Relief Bill May Fix That. Today, more than 10 million workers participate in multi-employer plans, with about 1.3 million in plans that are fast running out of cash. Only those plans that are in critical condition will receive cash infusions, giving managers an expected 30 years to put the plans back on solid financial footings. The Labor Department defines critical plans as those that are expected to run out of money in 20 years or less. This strategy requires the employers to reimburse the RBGC for their employees’ pensions. Some firms may decline. Workers may have to go back to work since their pensions may be less than $11,000. SS benefits are also due to be cut by Congress by 2034.

Use an IRS Tax-Free account: https://www.amazon.com/Forget-Social-Security-Medicare-Lifestyle/dp/1466394285

 

 

Is avoiding the 2020 401k withdrawal tax and penalty right for you?

The CARES Act waived that penalty for up to $100,000 in withdrawals. Plus, the income tax on this money could be spread over a three-year period. You could put the money back (rollover) that money over a three-year period without any tax penalty. The IRS provides clear answers to questions related to this in its CARES Act FAQ. Since this could get complicated (along with other tax changes) you might want to pay the $300-$500 for someone to do it right. Be careful. Not all the kicks have been ironed yet. The IRS has not finalized the forms for these new strategies yet. You may want to take the extension and pay what you think you owe before April 15, just in case. You might need the extension but the IRS wants their money now. If they owe you, you are just losing interest for 6 months. Don’t consider the ‘file and amend’ strategy. The IRS still hasn’t opened the mail from 2019 returns.

Future income can be tax FREE: https://www.amazon.com/Tax-FREE-Retirement-code-lifetime-income/dp/1475206976/

 

Have tax forms; will file … for FREE but WAIT . . .

If you have unemployment income, ObamaCare coverage you should wait to file since the IRS has not yet implemented tax-FREE provisions of the new Covid law. Input the W-2, unemployment, SS benefits, IRAs, pensions, RMD, brokerage, etc. forms you have. You can 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" 

 

White Supremacist admitted killing

 

FBI: 2 Terrorists ID on Finnish website

 

Our ‘Truth and Reconciliation Commission’? 

 

 

How Govt wastes our money:

8 Dems think we can live on $7.25/hr: Taxpayers must subsidize folks at $7.25/hr to live

Supremes still giving Trumpists chance to overthrow our government: wasted taxes

$1.7 TRILLION for broken jets: not a dime more for job seekers: GOP votes down folks

 

All agree: kids should be in school: how safe are rooms built w/o ventilation in ‘30-40s?

 

SCAMS/SPINS:

Terrorist leading Jan 6 coup attempt claims our justice system is “not fair.”

The hunt for all the terrorists in the attempted coup: which killed Capital police?

Trump sued for Jan 6 “injury destruction”: drain wallet to stop further incitements

 

More choice: Biden Republicans: Not Trumpists not Dems: RINOs?

GOP/Trumpists trying to exclude Dem voters so they can win: GOP hates fair elections

State GOP make laws reduce voting access just like China new vote law for Hong Kong

 

GOP makes it a crime to distribute food and water to voters waiting in line: Deperate!

Trump has already requested a mail ballot: GOP make rule: Dems can’t do the same.

Trump demands Trumpists remember Trump created the Covid vaccines for Trumpists!

 

Trump cancels Republicans from his GOP: “You’re fired from GOP, you RINO”

Trump wants fees for name use: GOP can’t use name for donations; he wants the money

Old GOP party can’t make it without Trump: Trumpists will pay his debts not GOP

 

Trump is trumped by one of his trumped-up tax tricks: same law that got Al Capone

 

Mistakes in credit reports: denial of credit, housing or employment” Bureau ignores fix

LOOK OUT: Advisors/brokers get to use “testimonials” May 4: McAfee is example

John McAfee caught fraud, money laundering; promote cryptocurrencies w/o disclosure

 

Charity Fraud Telefunding closed: fake charity calls: one down; hundreds to go

Fake news is easy to make and share: check sources: remember pizzagate murder attempt

Get rich quick schemes prays on out of work: Mary K takes your money before you sell

 

Oportun a small-dollar lender caught suing borrowers w/o proper disclosures

 

What is a living wage? $7.25 requires our survival help: SNAP, CTC, EIC

 

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

Is racism learned or are we born with it? Dr Seuss book teaches kids who is scary

 

Kyle admits killing but says not white supremacist: Supremacist lawyer sues Biden

TX MS no masks policy leads to more deaths: 570,000 by April 1?

TX power system can’t upgrade for cold weather: biggest cooperative bankrupt; owes $$

Car insurers caught withholding refunds for less driving: GEICO raised my rate instead. 

Which insurers give you the best rate: get 3 estimates since average is NOT your need.

 

Restaurants saved: Insurers fear business interruption claims must be paid: Covid closure

Finally, colonoscopy really FREE even if they remove polyp: no surprise $ 200 charge

 

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

Graham just wants to win with or without Trumpism: say whatever you want to hear

More GOP/Trumpists quit: 20 GOP seats are up in 2022; 5 of them will be open ones.

Can Trumpists pay off The Leader’s debts: $1 Billion before back taxes: His buildings

 

H1B Lottery today, doling out immigration visas for foreign workers for 2022

Get vaccine in CA by volunteering: Stop waiting for your turn.

Computer artist sells collage for $69,346,250: cut paste digital NFT based artwork.

 

Who owns your account now?

Don’t make your family go through all this: Aretha left no will, no 2 wills, big tax bill

Toyota Land Cruiser is engineered to last at least 25 years: more 200K mile bargains

Homeowners insurance claim satisfaction ratings: MetLife down to Homesite

 

JPMorganChase will discontinue its Chase Pay digital wallet 3/31

 

Miracles:

Kane Tanaka age 118 plans to open Olympics in Japan: who said you’re too old?

20% of asymptomatic people who test positive for COVID-19 won't get ill

Alzheimer’s pill could stop disease in its tracks, human trials to start

 

63% of those who prefer crunchy peanut butter describe themselves as optimists

Too much money; too few brains: $14,000 for Britney’s bubble gum. Really!

Afghan woman minister leads the reforming of police: overcoming male rules

 

Extension of mortgage Forbearance and Foreclosure Protections 

Most parents will get checks July-Dec for $250 to $350 per child. Your tax credit

 

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

Montclair, NJ   07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

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