Moving retirement money

 

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 Eastern Europe: Biden draws Putin a line GOP objects

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

 

Texas butterfly sanctuary closed after far-right threats: fake reports wake brainwashed

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 Ukraine?

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

Montclair, NJ   07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

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

 

 

How much is your tax refund worth?

How much is your tax refund worth if you invested it?

I know it is hard to save for retirement with all the calls on your paycheck. The only way to do it successfully is to use the most powerful investing tool—compounding. The average tax return was about $3,000. If we invest it in the fund Warren Buffett recommends, year after year, we can end up with $1,000,000 for retirement. That would produce about $60-70,000 a year in income. So each $3,000 that we invest each year is worth about $29,000 later on. (1000000/35 years) Your refund is money that you lend to the government interest free. You pay about $125 a pay period to the Fed via your employer. It is forced savings—a socialist idea started during WWII. Most people had a hard time saving for their annual tax bill. We still do. So they made us pay from the job.

Use the easy way to save: https://www.amazon.com/Tax-Refund-Millionaires-Let-Uncle-Help/dp/149595644X

Not too late to cut taxes and build retirement income

You may owe the IRS this year or receive a smaller refund. You can change that by increasing your deductions by $12,000 for a joint return; $6,000 for single. Open and fund a traditional IRA at your bank, mutual fund or broker by April 15, and you can reduce your income, thus lowering your tax obligations. A traditional IRA will also grow tax deferred so you pay taxes on the income and its accumulations when you retire. Hopefully you tax bracket will be lower then. If building retirement income sounds like a great idea, how about using your refund to create a nest egg of as much as $1 million. The average refund is about $2,900. Investing in a low-cost broad market index like the Vanguard S&P 500 for about 34 years will provide about $1,000,000. This is the perfect way to have the money when you need it even if your employer does not offer a 401k account. You can set up automatic investing from your checking so you never miss a market rise. You just keep investing year after year—no trading, no broker fees, nothing! Your future $1 million is in your refund: https://www.amazon.com/401k-IRA-Tax-FREE-Tax-Deferred-retirement/dp/1475057938

How do we deal with captains of industry who kill people?

OxyContin kills people—over 70,000 in 2017 alone. The maker, Purdue, gave physicians misleading information and never corrected it. Richard S. Sackler, and his family, got rich from spreading this addiction. MA sued them--accusing him and other Sacklers of “illegal deceit” in the promotion of OxyContin. Also, journalists at ProPublica and STAT recently published records from a 2015 Kentucky lawsuit suggesting that Sackler knew Purdue Pharma representatives were misleading physicians to help boost OxyContin sales. Our institutions used to stop highly addictive drugs from being spread ‘all over town.’ However, this family learned how to manipulate the system—first on Valium; now on Oxy. Sellers claimed they were ‘weaker’ than other opioids. Once caught, the sellers have just paid fines and kept on stuffing pills down our mouths. Since the regulators, President, lawsuits and fines can’t stop this carnage, the traditional answer has been our Reps—Congress. But now most of our Reps are funded by the drug empire. Only when public outrage at cocaine-infused Coca-Cola became headlines did Coke stop addicting us. GM killed 124 when it knew the key switch failed and no one went to jail. 70,000 drug deaths is almost twice the annual vehicle deaths.

What will it take to stop Purdue and the Sacklers from killing more of us? Bankruptcy?

12 Reasons to Roll Your 401(k) into an IRA

When you move to another job, you may have the option to leave your retirement money with your old employer. Don’t. First, you may find better investment options in a low-cost mutual fund provider like Vanguard, Schwab, or others. Low-cost bond funds offer better yields than stable value or guaranteed funds over time. Second, almost all large fund companies are fiduciaries. You have no idea what could happen to your old employer. Third, a low-cost IRA fund may cost much less than your employer’s plan—0.04 vs 1.4%. In fact, many employers’ plans are being sued for overcharging employees. Fourth, when you pay less, you earn more—up to 63% more. Fifth, unbiased advisors are available for your funds at funds like Vanguard—no commissions are allowed. Sixth, employer 401k plan advisors are conflicted by their arrangements with plan administrators. Small employer plans are often serviced by insurance agents with high costs. Seventh, every large fund complex allows small balance transfers. High-end advisors/brokers have high balance minimums. Luckily, Warren Buffett proved we don’t need them to beat high-cost advisor returns. A simple low-cost index fund returned 7.1% vs 2.2% for advisor picks over 10 years. Eighth, there are no transaction costs to move funds from one fund to another. However, trading is discouraged since trading causes losses. Ninth, IRA funds are protected from creditors just like 401k funds. Tenth, you can borrow from your 401k and not from your IRA but retirement savings is your future. There are NO loans for income when retirement comes. Eleventh, an emergency fund is the place to borrow for a current crisis. Many 401k loans are not repaid so you give up your future. Twelfth, moving your money to a new employer is tricky. Having your IRA trustee move your money for you is easy and safer. You are starting a new job and you don’t need the hassle of lost money. Besides, you must rollover to an IRA account eventually. You should have all your funds in one place when you retire. After 30 years of changing jobs, many retirees have forgotten or lost their 401k balances when they retire. Most smaller employers don’t want to hold your 401k. If you leave it with your old plan you will have to deal with the old plan administrator not your old employer.

Consider carefully: https://www.amazon.com/401k-IRA-Tax-FREE-Tax-Deferred-retirement/dp/1475057938

IRA expert Ed Slott’s explains what you need to know

Most of us have IRAs in retirement because we cannot keep 401k accounts going at the old job. What we need to know is crucial because there are penalties for not following the rules of withdrawal and inheritance. You need to have some idea what your advisor is doing because you are ultimately responsible for your taxes. Most advisors are not tax experts but they do move your money and a lot of it is in IRA accounts. Ed Slott is the expert and this is what he teaches advisors if they take his course. IRAs require withdrawals, taxes, re-titling after death, beneficiary updates, perhaps a trust and definitely capital preservation/income stream decisions. Since the money has not been taxes, every decision can have tax consequences. Sometimes date of execution is important.

Look before you leap: https://www.amazon.com/Your-Retirement-Spending-Plan-enough/dp/1461084016

Which kind of advisor do you need?

We needed a fee-only advisor to help us make a plan for the future as we approach the time when we leave regular employment. All the advisors in our driving area only took on new clients with more money than we had accumulated. Most of them got paid by commission or a percentage of our assets every year. We were lucky to find a fee-only advisor through another advisor. She agreed to meet at her local shared office space near us. We told her what we needed and where we were financially. She agreed to do a plan for us at a cost much less than the annual fee of most advisors. Our portfolios were set with low-cost balanced funds and a few stocks mostly in IRAs and pensions. We were happy with what we had accumulated and didn’t need another broker making ‘wealth opportunity’ suggestions. After giving her our financial information and goals and questions, she presented her plan in about a month. She provided income/expenses for months and years for the next 30 years. Yes, we had enough to live comfortably and keep our home with high NJ taxes. All our financial goals were accomplished. We were happy and satisfied. We felt lucky we found someone who gave us a written plan for the right price. Most of all, she listened, asked the right questions and gave realistic answers. She was really a financial therapist. She calmed our fears that we would not have enough to do what we wanted for the rest of our lives. Our investment advisor is Warren Buffett.

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

**************

Make America, “The Don”, Great Again

Senile Psychosis or Parkinson’s delusions? quetiapine and clozapine

Truth isn’t truth, his lawyer says

“The campaign -- for him -- was always a marketing opportunity.”

Two Americas: A Banana Republic? Do we really want an infant king? Daddy Putin!

***********************

How Govt wastes our money: Congress spends $1.3 Trillion we don’t have! 

Military bases turn into prison camps: http://www.trumphotels.org/

Contractors paid to maintain military housing grow mold/rats and still make $ millions

SCAMS/SPINS:

IRS says scams continue with direct debits, etc: irs.gov/newsroom/security-summit

Car dealer’s scam: no final financing agreement completed so ask for more money.

Cure Encapsulations caught buying fake reviews to make fake diet herbs sell

CDC guide on opioid use is hurting us: Opioid firms hit bonanza—255 million scripts

FDA approves ‘happy’ party drug for your low days: just spray in your nose, Mahn.

We pay for sea bass and get perch or tilapia: No truth anymore--just ‘marketing’!

William Gennity, NY caught excess trading for fees—churning—created client losses

BB&T--Valley Forge caught lying & misleading clients about charges: fine, no jail

DNA test giving up coverage/privacy: “perpetual, royalty-free worldwide transferable license” 

BEWARE: Ask how much before treatment: $3,000 Rabies shot billed at $48,512.

Watch for driverless cars: AZ says Uber NOT responsible for killing pedestrian?!??

Ellis channels Trump: Manafort gave election data to Russia but judge says no collusion

GOP vote against Dems ‘condemnation’ of hate?: What about infrastructure jobs bill?

Trump Mob broke law and violated Constitution: business men don’t read Constitution 

Trump’s ‘easy win’ trade war costs US $3 Billion a Month: few new jobs.

Trump calls off ‘war practice’ at Kim request in return for …. Re-starting bomb site? 

“Individual 1” could be a Russian “asset”: Why FBI opened a file on The Mob Boss.

The Mob Boss can never go to jail: Trump has Kava as Supreme so no indictment.

‘No man is above the law’ … well up till now. Dictators nullify courts first, then votes.

Supremes protect Don’s ‘Orders’? – GOP: ‘Sure, pres can change Constitution anytime.’

----------------------------------

Jobs:

Employers try new benefit: student loan payback: Give up future nest egg to pay banks.

Who owns your account now?

Keep track of your money: Best personal finance software reviewed.

Own the most reliable car/SUV you can: Consumer Reports top ten picks

Vanguard wins all the money for Target Date Funds: Cost determines success!

Your advisor is now target to gain your data: Ask for deletion of personal data.

Miracle:

School principal reads bedtime story to her kids via Facebook if parents are too busy!

Teen uses facts not ‘hysteria’ to protect himself and others: ‘fake news.’ 7,575 deaths!

IAN

41 Watchung Plaza, B242

Montclair, NJ   07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

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