Your Unbiased Advisor: bailout rich

Showing posts with label bailout rich. Show all posts

Friday, July 22, 2022

What should your retirement plan include?

My readers have told me what they covered in their plan. Most did a plan by themselves with help from resources available online. Some hired a financial planner to do a written projection of their anticipated income and expenses. This required pulling together all the documents about their financial assets, projected pension, SS benefits, and expenses. First, they discussed where they would live and the costs. Second, providing 2 budgets—one for the couple and one for the survivor. Third, they identified where emergency funds would come from. Fourth, they decided how much market volatility they could stand and how long their money would last. Some used a calculator to estimate their probability of having enough for 30 years of income given a 50-50 equity/fixed split and normal inflation effects. Fifth, they considered the costs/benefits of a long-term health care policy for both—single and joint coverage. Generally, they overestimate market volatility and thus reduce equity exposure early. This leads to a shortfall as folks usually live longer than their parents. You can’t live—really live—without a plan.

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

This is how the rich evade paying taxes so we go farther in national debt

Tax lawyers are not cheap but a $1 million fee is nothing compared with saving them $200 million. The IRS has no auditors smart enough to crack the lawyers’ techniques of hiding wealthy money in the foreigners’ accounts they use. Yachts are great for hiding expensive art and gold since IRS does not seize them in foreign waters. Rich people have a lot of clout in society so prosecutors and judges need a perfect case before setting up a trial. Also witnesses get afraid and evidence gets lost. Sounds just like a mob case. Few of the smart lawyers go to jail and the rich folks like Mr Smith just make a deal with the IRS to pay 50 cents on the dollar owed. They don’t give up their money or go to jail: “Too big to fail” just like their corporate interests. The lawyer motto is ‘delay delay delay’ since the circumstances, prosecutors and presidents change. Will justice ever come for us lowly taxpayers stuck with the bulging national debt? We have one alternative: a working person’s tax haven. This account, §408A was created by the IRS so that working people could have tax-FREE retirement income. It is available through any financial institution and operates like a ‘tax haven’ without the expense of an overseas trust.

https://www.amazon.com/Your-Tax-Haven-Tax-FREE-Americans/dp/1482659441

Workers getting paid less need help

This survey asked workers what they need to succeed. Schools and employers should help workers learn financial basics: savings, debt, interest and investment. Too often we get deep in debt with our first job. Unless parents have learned the hard knocks of debt control and investing, young people never get the basics right. Many have no checking account to budget for their expenses. Few learn of the incentives to invest and compound their earnings over time. If their wages remain stagnant, there is no way to save after food, rent, and transport are paid. Subsidies for those in crisis are not easily acquired. Health care is considered a luxury in America: get sick or hurt in accident and most of us are on our own. Health care is a for-profit industry not a service to help the unlucky. The industry that can help with money matters is also a for-profit one that relies on us paying life-long commissions and charges. The lack of a living wage for the average middle-class family has condemned the bottom 80% wage-earners to a life-long struggle. Since the 1970s, the bulk of profits in American corporations has gone to senior management. Most of the wealthy have found ways to avoid paying their fair share of taxes to maintain a healthy society. Our Reps pay subsidies to companies to keep them from moving.

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

Avoid extra fees when you move your 401k or 403b

Many retirees have been tricked into rolling their employer plan into a high-fee IRA. Retirees avoid a huge tax bill when they trustee-trustee transfer not receive/rollover their qualified employer plan account into an IRA. Few employers provide the correct information about moving your account when you retire. Some employers may feel they can’t provide the information because of the liability if you make a mistake. Pre-retirees may be told to go to a financial advisor for help. The problem is that advisors are not unbiased info givers. They make money handling your money and they are not going to give you the best way to move your valuable nest egg. In many situations, advisors stand to make $hundreds of thousands by establishing your account in a certain way. The IRA offered by their firm may have high annual fees and the firm will add more fees depending on the types of assets your advisor puts your money into. Thus your annual account costs in your old plan might have been 0.50% and your new costs might be 2% all in. Over the 30 or so years in retirement you may be giving away $380,000 ($464,000 from 2% net earnings vs $844,000 from 4% earnings). The best way is to have the trustee at a low-cost mutual fund do the transfer directly. Avoid the middle-person markup.

https://www.amazon.com/Best-Robo-Advisor-Ultimate-Automatic-Management/dp/1537111957

Are single-stock ETF offers right for you?

“So I think we’re gonna see ETF issuers blanket the market with all varieties of these ETFs: leverage, inverse, options overlays, you name it.” At least 85 more such ETFs are currently planned, according to filings tracked by Bloomberg, covering some 37 companies. There will be more high-cost (1.15%) products. With a never-ending fee war taking costs on index-tracking ETFs to rock-bottom levels, the arrival of single-stock products opens up a lucrative avenue for issuers, with leveraged or inverse trades tracking major companies up for grabs. Most investors will not understand what goes into their ‘gobbledygook’ security. The regulator’s concern is greater risk for investors and the markets. “Investors’ returns over a longer period of time might be significantly lower than they would expect based on the performance of the underlying stock.” Complex products need to be reviewed by the SEC before their use becomes common for retail sales. Investors who wish to risk leverage can do so on their own now at less cost.

https://www.amazon.com/Best-Predictor-Investment-Success-Cost/dp/1502524082

?**********ACCOUNTABILITY**************?

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

The Path to Dictatorship: 2010-2030

Jan 21 2010 Corporations’ election-spending unlimited

Nov 2020 Wealthy discredit election process

Nov 21 2020 Trump’s Plans for a Coup: criminal

Nov 21 2020: Trump plan: US Marshals seize voting machines

Jan 6 2021 Direct assault failed: guns & bombs ready

Trump engaged in a "criminal conspiracy" to stop Biden

“I don’t f—ing care that they have weapons”

Trump “detached from reality”

Trump used mafia intimidation on the defenseless

Parscale: “a sitting president asking for civil war.”

Trump: “Just say the election was corrupt and leave the rest to me”

GOP fascism: “RINO hunt armed; no bagging limit” J6 comm threat

Trump’s Supremes END personal rights & state laws except for weapons WMDs

Fascism: GOP to stop women leaving state for abortion

It’s not a court. It’s a junta: Two Americas

Nov 8 2022 Trump’s “national revolution”

How Govt wastes our money:

Congress to vote on banning WMD weapons of mass destruction: kill 30 with one spray

Texas sues Biden for requiring abortions in medical emergencies: TX lets moms die?

Fed govt does not recognize unborn ‘child’ as child: need birth certificate for tax credits

Will any of the J6 coup instigators ever get tried and go to jail? Rich have all the lawyers

Felon 2024? Trump responsible for deaths in J6 riot: is it manslaughter or free speech?

Will Biden Justice Dept fail to use J6 testimony to indict GOP head: Trump walks?

Secret Service: ‘missing’ Jan. 6 texts are our ‘secret’ acts: ‘deep state’ defies Congress?

20 states deny student choice of gender ID: state will tell you what sport you can play

Congress gives $52 billion subsidies/tax credits to technology industry: already wealthy

Biden tested positive for Covid-19: Saudi prince gives Biden more than bad press

SCAMS/SPINS:

War weapon bullets are meant to destroy kids, families, lives: fun to shoot 30 rnds/min

If everyone has a gun: fight turns into shooting at CA bowling alley: 1 dead, 2 shot

Good gun in mall saves shoppers: proves handgun can’t outdraw war weapon: 3 dead

SCAM: text from your bank warning of fraud is beginning of scam. Call them first.

Equitable Financial Life caught misleading teachers on 403b fee statements: fine no jail

Regulators caution Deferred Income Annuities: pay now; income comes later: inflation?

Forget jellyfish drug, improve memory with these proven methods: costs nothing

Recall: Skittles contain known toxin, unfit for human consumption, lawsuit claims

Website legit? Check it for history of bad guys: https://check.getsafeonline.org/

Men are more likely than women to respond to scams offering fake info survey says

SCAM: ‘voter verification project’ “We're working off city voter list” 2 guys at the door

SCAM: IRS does NOT text with links, asking you to verify bit of personal information.

Value of the federal minimum wage has reached its lowest point in 66 years. High 1968

$80,000 Tesla was stolen with a $20 device: hackers know how digital ‘key’ works

Disney Raising Prices on ESPN streaming service: all will follow?

Corporate CEOs gave themselves an average 18% raise last year. Workers lost 2.4%.

Congress may thwart 2^nd GOP coup attempt: change rules on elector counting

Throughgoing SOB Gohmert only no vote suspend tariffs for imported baby formula.

Idaho Republicans poised to reject 2020 election results: Sieg Heil to Trump

Terrorists threaten daughter of doctor who gave 10-year-old an abortion legally

Clarence to end mixed marriage. Will he have to divorce his white wife? Loving vs VA

Jobs

NJ school senior management pays $300K: many openings

IT and manager jobs: flex hours

Many pandemic retirees are going back to work simply because they’re bored

Who owns your account now?

Medicare facilities in your area rated

Median home price was $416,000 last month, up 13.4% year ago: 5.86% fixed 30 yrs

Save 15% back to school Target to 9/10

Miracles:

Last month was among Earth’s warmest Junes ever recorded: UK all time record 40C

Lake Mead dry shows all the sunken junk for years: boats, guns, furniture, fish

July 21 1925, John Scopes found guilty of teaching Darwin’s Evolution: repeat history

One woman giving 4,000 Kenyan kids a chance for a future through recycled computers.

Unique in all the billions of stars and galaxies: why don’t we take care of what we got?

How romantic: rich and famous use Vegas drive-through chapel; low-cost wedding

TicTocker saves wedding from 3 Uber driver cancels:

Mom faints when baby falls in drain then can’t get out: rescue by ‘backhoe’

Gene-therapy that can effectively reverse a state of near-total blindness

MIT 1^st: significantly amplify and measure quantum changes in atomic vibrations

I don’t think that there is any such thing as a position or a velocity of a particle.

Light is both a particle and a wave depending on how we look at the light.

Everything in universe: galaxies to stones made of subatomic energy ‘vibrations’

A subatomic ‘particle’ is the smallest possible vibration (quantum) of a quantum field.

Mass–energy equivalence: E=mc^2. At the smallest level; Everything is moving!

Inside protons, neutrons, it is the fields of the virtual particles that creates its mass.

“Empty space is a boiling, bubbling brew of virtual particles that pop in and out of existence in a time scale so short that you can’t even measure them.” Space expanding.

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

973.746.2014

www.InsuranceAdvisorsNetwork.com

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

Friday, June 19, 2020

Having a hard time sticking with your allocations?

Market ups and downs can lead you to destroy your wealth. Actually market volatility is normal—it’s our reactions that destroy our long-term accumulations, not the allocations. How we react to news can hurt us. Usually, TV gurus and fund managers are trying to collect more assets, not manage your money for your maximum dollars. What we hear has nothing to do with our strategy. Managers get paid on how MUCH money they manage not on how WELL they manage it. These are two different but related goals. Managers get paid every quarter—we only have to worry about the final outcome. Research has shown that that small annual fee managers take from us can cost us up to 63% of our total potential accumulation. It’s the “the tyranny of compounding costs” that we don’t see until the end. Managers take our money every quarter but it adds up. Managers think they can time the market and we are happy for them to succeed. But over time, no manager can be successful all the time. They are in it for this quarter. We are in it for the long term. Warren Buffett: "The stock market is a device for transferring money from the IMPATIENT to the PATIENT."

Go with the Best: https://www.amazon.com/Vanguards-Top-Ten-mutual-funds/dp/150073909X

Is a private equity 401k account right for you?

In a huge win for the asset class, your 401k money is now a target for professional con men and women. Trump’s Labor department, charged with protecting your retirement investments, has changed sides. Now, if private equity is embraced, 401k costs will skyrocket, risk will dramatically increase and transparency will plummet. The private equity industry — a massive campaign donor, by the way— wants your money. The typical private equity manager charges 2% of the fund’s assets as an annual fee, just for showing up, and takes 20% of any profits. 2% of the 401k pool is $180 billion in profits a year. Private equity managers typically borrow huge amounts of money to buy a poorly run company so they can flip it for a quick sale. The managers collect huge fees and stock segments while investors are silent partners with little control. Like hedge funds, investors can lose everything with no recourse. Private equity fund investment is for investors who can afford to have capital locked up for long periods and who can risk losing significant amounts of money. This is gambling at its extreme. As one advisor said, “You don’t really know what you’re investing in.” It is ‘private’ for a reason. And they don’t even beat the simple index fund. The final test: Warren Buffett’s investment strategy beat private funds because of high fees.

Use the Buffett strategy: https://www.amazon.com/Warren-Buffett-Your-Investment-Advisor/dp/1518690963

Is this summer the time for a new vehicle?

As dealers try to catch up on sales for 2020, watch for more discounts. Keep in mind that an unreliable vehicle is NOT a great deal no matter what the price. Most notable, CR ranks Mazda and Dodge above Honda and Audi. Buick has fallen to #18 on the list. Acura and Cadillac are now at the bottom of the list with Alfa Romeo.

Avoid the 10 LEAST reliable models of 2020, according to Consumer Reports:

Chevrolet Colorado/GMC Canyon (same body style, different badging)

Chevrolet Camaro

Jeep Wrangler

Alfa Romeo Giulia

Volkswagen Atlas

Volkswagen Tiguan

Acura MDX

Tesla Model X

Chrysler Pacifica

Chevrolet Traverse

Save with your insurance discounts: https://www.amazon.com/Vehicle-Insurance-Beware-Double-Coverage/dp/1480027634

Did automation and simple options save your retirement fund?

In a period where many investors lost money, two-thirds of Vanguard’s retirement plan participants saw their account balances rise on a year-over-year basis for the 12 months ending on April 30. Vanguard found that automation and simplified investment options have led to superior investment outcomes for plan participants. The median account balance among its 401(k) participants increased 71% between April 2015 and April 2020. As founder, John Bogle said, “stay the course.” https://www.amazon.com/Best-Robo-Advisor-Ultimate-Automatic-Management/dp/1537111957

Do you really need a will?

My house is owned jointly. It becomes my wife’s automatically at my death. Some of my financial accounts are held jointly. Most of my assets are in IRA accounts with beneficiaries already chosen. My business is a partnership with the partners already in control. There are very few assets that need a will to designate their new owner. If I died today, my wife gets my car and my life’s ‘junk.’ I made a will for $100 that was witnessed by a local notary for $20. My wife will consult with a lawyer to execute my will. She will pay a one-time fee to have a CFP check her financial assets once a year. My stock holdings are my ‘life insurance’: no taxes on the stepped-up basis. I have made arrangements for my cremation so no funeral/plot expenses. I don’t have ugly heirs that would contest my will and gifts. Yes, a $100 will is a necessary convenience for us.

Do you need one? https://www.amazon.com/Your-Plan-Live-Age-100/dp/1548180793

Should you work one more year?

We are facing another year of this question. Given the discussion of another home remodeling project and another possible collapse of the stock market, this year turns out like the last one: we don’t have a clear answer. We have a CFP plan that assures us of money for the rest of our lives so no matter what, we will live comfortably. But that does not change the question—work or not work. It is just NOT about money. It is hard to say goodbye to our everyday routines. We don’t have a compelling goal of travel or other must-do ‘bucket list.’ We love what we do so it is hard to give it up. And with the market and economic upheavals, we don’t feel confident that this is the time to make a change.

Fix your mistakes: https://www.amazon.com/What-did-wrong-financial-mistakes/dp/1491095946

Wealthy get another bailout from US taxpayers

The US gov announced it will reimburse the wealthy for their losses on companies they own if they were run poorly and lost money. The Federal Reserve (us) will buy individual company bonds. If you ran a company that borrowed more money than your revenue so that you could reward your stockholders, you would be rewarded with a big bonus. However, when you have to pay back the money, you should be bankrupt if revenue falls. These “zombie” firms would be dead if it were not for us taxpayers giving them money in the form of future tax dollars for their almost worthless bonds. If they could not run the business before, are they likely to fulfill ‘promises to pay’ later. Since the Fed can create money to buy bonds, it just adds to the national debt and makes the rich richer. We will have to pay interest later. Actually our kids will be paying long after our Social Security benefits are cut to help finance this bailout.

Avoid paying for this bailout: https://www.amazon.com/Tax-FREE-Retirement-code-lifetime-income/dp/1475206976

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

Like 1776, this period is a test of democracy—do we really want ‘low-IQ’ Mobster?

How Mobster’s 2^nd, 3^rd terms will look

With presidency usurping power of Congress and Supremes, American ideal is at risk.

IsTrump Ahab manipulating/misleading to exact revenge on demonized foes?

Mobster took revenge on his relatives: cancelled policy on ill child

Mobster: Americans wear masks to show “disapproval of me” ‘It’s all about me’

West Point alumni cautioned cadets to uphold Constitution NOT any political party or leader

Mobster gets China to hack Nov election results

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

US Socialism: “Hiding recipients of federal funds is unacceptable and must end” Putin does this

FL fired virus scientist who would not fake count: she counts real spread on her own site

Socialism for the Rich: Can we afford to bailout so many companies and wealthy people?

Hackers at CIA allow bad guys to gain tools and code to hack civilians: which side on?

TX AZ govs refuse local use of masks to save lives: they give ‘liberty’ so that more die

More time for the wealthy to avoid their fair share of taxes: another Trump gift to friends

Jared buys $7.3 million tiny soda bottles instead of test tubes: FEMA accepts them.

Jared bought 63 million doses of bad hydro for Daddy but Daddy didn’t listen to science.

SCAMS/SPINS:

Wealthy make $ billions from ‘flipping’ a taxpayer-funded coronavirus drug

Garrison Courtney DEA caught scam to give gov contracts to firms he worked for

Trump cancels Obama’s LGBTQ & DACA protections: Supremes say NO NO.

Trump oversees ‘Pump and Dump’ stock sales by his mob after calling virus “zero cases”

Trump takes over Voice of America and our Post Office: ‘lost’ mail for election win?

FoxNews uses altered/misleading pictures of protesters: appear violent/dangerous

Secret Service now admits it used pepper spray and bullets to make path for photo op

GOP makes sure voting becomes 7 hour ordeal: GA is the model for Nov?

TX white man shot 8 because bar refused drinks: white guy gets away.

GA man shot in the back: police shot him while running away.

CA two Black men dead by hanging. No note, no stool, no struggle, no investigation?

NM terrorists with war weapons shoot protestor: police allow war weapons’ use

They call themselves ‘militia’ but aren’t they really terrorists with ARs?

Who are these Boogaloo terrorists in Hawaiian shirts and carrying military rifles?

Virus scammers’ psych tricks: fake voice, fake creds, fake charity, fake fears, fake ‘now’

Re opened Texas, Florida and California recorded record numbers of new cases

Trump: Stopping C-19 Tests Would Result In Fewer Cases: Yes Don, so would wearing masks!

Finally, drug price-fixing/gauging investigated by states

Probiotics don't do much for most people's gut health, review finds: costly hype!

Fake gov grants to seniors: scammers use virus fears

Fake Robinhood account balance: Teen panicked at $ 730,000 loss on trading.

Frederick Stow TN caught stealing a total of $933,500 in client funds by forging names.

Scam Q&A: https://www.aarp.org/money/scams-fraud 877.908.3360

Jobs

Tips on avoiding virus at work: https://www.cdc.daily-life-coping/activities.html

Like abusive priests, bad cops get work in towns that want aggressive lawmen

Tom Brady selling supplements: $20 millions not enough; just bored with game?

Supremes save some of the best workers we have: DACAs want to succeed!

Who owns your account now?

Get forgiveness: revised EZ Paycheck Protection Program loan forgiveness application

Eviction process put on hold for 2 months for federal-backed loans: check your servicer.

Miracle:

Biden for prez? : “I’m beginning to get bored by my own talk here”

Human compassion saves lives: human discussion brings him back to life

FL scientist raises money so residents informed of actual virus counts not official fakes

Those without rights are saving us and risking themselves: gov should be on their side

Volunteers to take the virus vaccine test: possible serious illness!

60 year old generic drug helps some virus patients: don’t tell for-profit drug makers

White ‘christian’ evangelical tries to explain “slavery is blessing to whites” Warped religion!

TX 6/19/1865 Army tells slave owners their 250,000 slaves are not slaves anymore.

IAN

41 Watchung Plaza, B242

Montclair, NJ 07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

Alerts

Friday, May 29, 2020

Why smart investors do NOT sell high; buy low

Every time we have a severe correction like 2007-08 or 2020, investors have to re-learn the lesson of the sages: Don’t time the markets. Over the past 71 years, there have been 13 bear markets, lasting an average of 13 months, with declines averaging 25.8% before markets recovered. By contrast, the 14 bull markets since 1949 have been longer and have had disproportionate gains, lasting an average of 48 months and gaining an average of 129.0%. A $10,000 investment in the S&P 500 Index in 2004 would have grown to $36,418 by December 31, 2019, despite the 51% downturn of 2008–2009. Returns for other periods may have been less favorable and that other market segments may not have recovered from this downturn. As the Putnam chart shows, if you had timed the market and missed 30 or 40 best days, you would have lost money. Smart investors look at similar charts when they get the itch to sell. No one can predict the future!

Hold the Best: https://www.amazon.com/Vanguards-Top-Ten-mutual-funds/dp/150073909X

25% of us are using our future money for today’s needs

Many Americans are raiding their retirement accounts to pay for basic necessities, including groceries and rent. Over the last two months, the average withdrawal from retirement accounts was $6,757. Half of Americans who were recently furloughed or let go have saved less than $500 for retirement in the past year — and 70% have saved less than $1,000, according to SimplyWise. Of those who have an individual retirement account, 401(k) plan or retirement savings account, 1 in 5 now plan to tap those funds. It is difficult to find other ways to buy food and pay rent, especially since Congress let us take the money without penalty. But if a job loss or severe economic trouble goes on for month after month, we could be devastated. Like the Great Depression, we may be standing on food pantry lines sooner that we think.

We may demand a big change: https://www.amazon.com/Americas-Socialism-Rich-little-people-pay/dp/1535218584

Recover your retirement fund

The stock market has risen to the level of last August. If you did not sell, you may be able to meet your goals and timeline. No one can predict the future based on the past because we have never been through this kind of condition before. Plus, no advisor can predict the future anyway. Since nobody knows when the market will recover and refill your retirement fund, it is best to do nothing. Warren Buffett, expert unbiased advisor, says "The stock market is a device for transferring money from the impatient to the patient." We make mistakes when we are in a hurry. No advisor can tell you which investment to buy now to help you recoup your lost ground quickly. Quick gains are for gamblers who are willing to lose or who can’t control their emotions. We can concentrate on what we can control—cutting expenses, building emergency funds, looking for a new job—not on conditions we can’t control.

Wait and reassess in 2021: https://www.amazon.com/Warren-Buffetts-Investment-Strategy-Forget/dp/1484822900

Women need a Wealth Reserve

Women generate just 83% of the retirement income men do. That’s $47,244, 17% less than the median household income for men ($57,144). To make it worse, women live longer than men so they need more, not less. You and your family can solve this mismatch by creating a special tax-FREE account I call your “Wealth Reserve.” Before and after you retire, build funds in your tax-FREE account. Only earned income can be contributed to this account at first. However, if you don’t work but your spouse does work, you can still invest in this account. You can contribute up to $6,000; if you're age 50 or over, it is $7,000. You can withdraw your funds tax-free. In retirement, you can let your money grow tax-FREE while you take money from your pension and other accounts. You can add to this account even after the wage earners retire. You and your family can make sure you have enough even as you live longer. Plus there will be no income taxes due on your long-term accumulations. This could save you 22% in taxes.

Build a Wealth Reserve: https://www.amazon.com/Your-Hidden-Wealth-Reserve-Reduce/dp/1540435148

Is a reverse mortgage right for you?

Reverse mortgages allow you to spend down your home’s equity even while you continue to live in it, then pay the money back when you move out, often from the proceeds of a home sale. Last year more than 30,000 Americans borrowed against their homes in this way. During the last recession, some borrowers fell victim to high fees and questionable marketing tactics. Reverse mortgages are generally structured so the homeowner gets a monthly payment for as long as they live in the house. The loan comes due after the homeowner dies or moves out of the house. At this point, the loan will need to be repaid — which might mean selling the home in order to come up with the funds. The one you’re most likely to encounter is a federally-insured home equity conversion mortgage, or HECM. Most reverse mortgages have variable interest rates which may cause cash problems in the future. Go to a HUD-approved housing counseling agency and look for agencies specifically approved to provide reverse mortgage counseling. Although reverse mortgages may help you stay in your home longer, they aren’t cheap.

Plus all the maintenance, taxes and fees continue. As always with mortgages, it pays to shop around, getting quotes from at least three lenders, to make sure you get the best possible deal.

https://www.amazon.com/Your-Retirement-Income-Checklist-TrumpWorld/dp/1544703260

Where do retirees keep their money?

There are many advisors who tell clients to use bond interest for retirement income. After all, fixed bond coupons paying 6-8% were ‘safe’ and guaranteed a fixed income compared to stocks. Recently, low interest returns have dominated the economy so this may not be good advice any longer. With the advent of Target-Date Retirement funds, some retirees have discovered balanced funds that manage stocks and bonds over time automatically. Some retirees have relied on balanced funds like Vanguard Wellesley Income fund for many retirement years—providing 9% returns since 1970. Some retirees and pre-retirees are taking note of the current tax rates and lack of forced sales for RMDs to move more IRA money to Roth IRA accounts. Later if taxes go up to pay for this pandemic event, they can use tax-FREE money to reduce their total tax expenses.

https://www.amazon.com/Best-Robo-Advisor-Ultimate-Automatic-Management/dp/1537111957

How Congress people make money with their ‘crystal ball’

Yes, there is a law against insider-trading, even for the wealthy and the connected. But law enforcement doesn’t go after Congress people who have intelligence reports we don’t see. They get away with it. They have their own system so they make sure few get punished. Plus, Congress people are rich enough to have ‘third party’ people (trustee) to trade on their behalf with the information. Take Rep. Phil Roe. He purchased stock in Zoom, the teleconferencing company, and Moderna, a company developing a vaccine, while dumping shares of Royal Caribbean Cruises and Disney. As markets crashed around the globe in early March, the ‘representative’ sold nearly 100 stocks over a two-day period. A spokesman said Roe does not personally manage his investments. So it is just luck that Roe’s trustee makes trades on the basis of knowing what is coming? Roe makes $ millions and so does his trustee. We are not fooled.

Use your legal tax shelter: https://www.amazon.com/Trump-Tax-Shelter-Avoid-taxes/dp/1985448300

Another way the wealthy takes our tax money

Trump and the GOP have provided another perk for the wealthy. Wealthy financial advisors keep our tax money (‘loan’ for employee salaries): big bonus. One firm, Lakeview Capital Partners, an Atlanta-based registered investment advisor with about $3.3 billion in assets under management, was the latest firm to disclose it received a Paycheck Protection Program loan from US. Do financial advisory firms which are already wealthy and receive about $33 million in annual fees ($3.3 Billion at 1% fee rate) really deserve $581,000 of our tax money? Lakeview is planning to keep the money under the ‘forgiveness’ regs. One critic: “these firms have to be in the position of dealing with bear markets,” he said. ”they know they don’t need the money. They know the loan was intended for small businesses like restaurants where they need to keep employees employed. It was not meant to be an indirect windfall for [advisors] RIAs.”

Robbing Us Blind: https://www.amazon.com/Robbing-US-Blind-fees

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

Like 1776, this period is a test of democracy—do we really want ‘low-IQ’ Mobster?

Mobster decides who gets food and who doesn’t (hint: politics)

Mobster: I decide which facts are real

Mobster: “Any difficulty and we will assume control but, when the looting starts, the shooting starts."

Mobster: “This Is So Unfair to Me”

No empathy

Mobster: give up your children or chance at life

Mobster: only good Dem is dead Dem

The plague was/is a sign

The Mob: virus is gone by Memorial Day (102,000 dead)