Your Unbiased Advisor: scam workers

Showing posts with label scam workers. Show all posts

Friday, December 31, 2021

Teach you kids to triple their assets

Make the new year better

New year fresh start for your kids/grandkids

Make sure you teach your kids how to create wealth the easy way. My parents were not investors. At my first job, I had no clue which investment option to use for my 401k contribution and company match. The HR person told me to put it into the 'safe' stable value fund. That was the worst choice at my age I learned later when I got my securities licenses. If I had followed their advice I would have ended up with $150,000 instead of a Wealth Reserve of $877,233 about 33 years later. We have used this 'Wealth Reserve' as I call it to have funds to use low-cost high-deductible insurance, to buy two homes and 5 cars with higher down payments or cash, and now to receive $2,500 a monthly in a retirement supplement. Your kids use the Buffett investment strategy for any amateur. Buffett recently proved his method, though simple, beat the strategies of the best hedge funds. Start with only $1,000.

Start in 30 minutes: https://www.amazon.com/Give-your-child-leg-manage/dp/1096505355

Why our readers use low-cost efficient Vanguard funds

World's greatest investor's retirement advice: Retirement income for life from 2 Vanguard funds. Avoid “high-fee managers” Warren Buffett's personal will provides for his family by directing that his cash assets be invested in just two Vanguard funds: One will provide cash for the coming year and the other will provide a sound future. The best way to protect your family's future is to be invested in the stock market, Pure and simple. When you have stock assets, your money compounds at higher rates when your account fees are 0.01-0.05%, not the retail rates of 1.5-3%. You don't have to settle for retail products that are structured to provide your financial sales firm with higher revenues. The average investor earns just 3.79%, not the 10-12% market rates. (QAIB)

2021 Total Return Fund Long-term Return Longevity

29.0% 500 Index 11.2% since 1976

27.3% Energy 8.8% since 1984

12.9% Extended Market 10.7% since 1987

14.7% Health 15.8% since 1984

00.0% International Growth 11.4% since 1981

22.2% PRIMECAP 14.0% since 1984

17.8% Small Cap Index 10.6% since 1960

08.4% Wellesley Income 9.6% since 1970

28.0% Windsor 11.4% since 1958

29.2% Windsor II 11.2% since 1985

18.9% Average 11.5% *

*Average Annual Returns as of 12/31/21

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

Why automatic investing is so successful

If your investment plan is NOT on automatic, you may be missing the second best strategy. After the miracle of compounding, investing every month—buying more when prices are low and less when higher—usually beats market timing. Think of it: you don’t need to decide when or how much to invest. There is no rush to buy on the dip or guess when your stocks/funds are at their peak gains. You don’t have to fret that you may have missed the 10 best days of the stock market rise each year. Proof: Fidelity analyzed the most successful retirement accounts of all its clients. The most successful accounts were those that were NOT changed—no selling. The accounts that were forgotten or client died gained the most over time. Investing benefits from the miracle of compounding—dividends/interest reinvested—when there is no market-timing buy/sell trading. Auto-invest strategy takes our emotions out of the process. We don’t miss the best 10 days of gains since they are NOT predictable. We don’t sell at the wrong time.

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

Is Bitcoin right for you?

If you own BTC you have had a wild ride this year. If you don’t you probably earned 27% in the real market. If you own BTC you know this is a speculative play and if you cashed out at $50,000 before it fell to $31,000, you are probably happy. If not you are sad. There are many professionals that feel this game is worse than the Ponzi scheme of Madoff. Why? Because there is nothing real here. And you can’t use it to buy anything except in El Salvador and Tesla auto. And many accounts have been hacked. You may be able to make money with your account but it is hard to guard the value. It may drop a lot on one day but you never know how much you will have from one day to the next. Yes, there are folks who have won the lottery in Bits but not everyone wins in Ponzi schemes. One unit is $50K or more so you can’t create a 401k this way. The tax situation is fluid too. The IRS has not figured out how to regulate this phantom yet.

Use a real tax-free account with real money: https://www.amazon.com/Trump-Tax-Shelter-Avoid-taxes/dp/1985448300

Why Mad Money Cramer recommends index funds

AARP interview: “If you’re going to buy a company’s stock, you have to know what they do. You have to know who their clients are. You have to know how they do when the economy’s doing well and when the economy’s doing badly. You have to read articles about the company. You have to read the [transcripts of] conference calls [in which companies discuss their financial results]. If you don’t have any time, you just own an index fund; you own good with the bad. It’s perfectly good for an individual to own an index fund. People are unwilling to do the work. I have friends who tell me, “These stocks seem OK, and so I’m just going to buy them.” And I’m, like, “No, please don’t do that. Please don’t do that.” The 500 Index fund only has the top grossing firms. They would not be in the 500 fund if they were ‘bad,’ as Cramer said. Over time, the average advisor account earned just 6.2% vs 500 index 10.7%. Picking a successful individual stock is a lot harder than Cramer implies. Every analyst picks bad stocks, even Cramer. Warren Buffett’s unbiased advice: buy an S&P 500 index fund.

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

Wealth building hype can mislead you

Most articles you read about investing are written by journalists, not actual investors or folks who work in the financial field. Building wealth takes time, patience and commitment—all of which don’t sell books, magazines or TV shows. One article says you can start with $1 using an app. No. A low-cost investment account requires $1,000 to start. And $250 a month for about 30 years will create a nest egg of $700,000. It also promises that a “quality financial advisor could turn $500,000 into $3.4 million in 25 years.” No. The average advisor account earned just 6.2% vs 500 index 10.7%. A prominent financial analyst calculated that the average advisor fees will rob you of up to 63% of what you could have had using a low-cost stock market index. Pay more; earn less. The article promises to cut your car insurance by $700 if you use the author’s sponsor. No. All financial firms promise huge savings using one very unusual example. You may save by shopping 3 different carriers every 2 years but you will need to change your deductibles, drop coverages and benefits you don’t need. You may save $700 over 10 years or more. The article promotes a home warranty so you “don’t have to worry about fixing your home” heaters/appliances. No. These contracts don’t cover everything that goes wrong and cost more over time than you could accumulate in an account. The article also claims you can make “some money” watching videos and taking surveys online. No. Your payment for a survey is no more than $10. Use the time to learn how to build wealth from those who have actually done it like Warren Buffett and John Bogle.

Their strategies actually work: https://www.amazon.com/Buffett-Bogle-Holy-Bible-Investment/dp/1523693045

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

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

The Path to Dictatorship: 2010-2030

Proud Boy: 'We took the Capitol’

Who paid for the Jan 6 Coup?

Most terrorists free … to try again

Trumpers purge the disloyal

Big money pays Big Lie

Defense mandate ignored

Terrorists blame gov spys

How Govt wastes our money:

FL makes new record cases 31,758: state health public policy to kill people is working

National guard spreading covid in some states: will military side with terrorists?

Biden hides Trump documents: Jan 6 coup-attempt terrorists applaud

SCAMS/SPINS:

GOP has changed voting laws in 17 states to make sure they don’t lose elections: Fix is in

Sue for Truth: GA poll workers sue One America News, Giuliani debunked fraud claims

Trumpers fire death threats at folks the Leader doesn’t like: no one left to oppose Leader

GOP abortion bans: few men rethink family planning choices

German pastors giving vaccinations for all to save lives

When will airlines make vaccination mandatory so all flyers protected? 850,000 dead

Anti-vaxxers need own hospitals so I can get my surgery: their ‘personal choice’ hurts mine

“Guns for protection” fails: gunman shoots, kills before victims have time to draw/shoot

Who leaves loaded gun around 3 year old: killed herself on Christmas

We are killing each other faster than ever

Airlines switch to cooking oil to cut jet emissions: funny smell in the air

Kia and Hyundai engine fires draw regulator probe: 2011-2014

Drug stores refuse blame for opioid deaths: makers went bankrupt; doctors fight suits

Medallion Financial caught inflating stock price: lender to taxicab medallion buyers

Jobs

Raises for senior staff: if inflation is 7% my salary increase must be 10+%

Unemployment comp raised for anti-vaxxers only in GOP states: buying votes strategy?

Can anyone live on $7.25? 20 states remain below poverty: $15/hr is goal in most

Who owns your account now?

Gov stops Tesla from letting drivers play video games while driving: See why need gov!

See why need mandate vaxx: Pediatric hospitals in states filling fast: Save our kids!

Gov pays for your funeral from Covid: vaccine costs less

Metromile to Lemonade: app to measure how much and how safe clients drive.

Our home prices surged 18% in October: Phoenix up 32.3%

Morgan converts mutual funds to ETF to compete for new money: stop share loss

Miracles:

TSAer jumps line: saves infant not breathing: Santa spirit is everywhere

Virus-shapes decorated deserts at Prague café: creativity fights plague

Covid pills for specific use: you gotta read the directions if your script is filled

Unmarried advisor to millions of couples offers marriage advice: “Please, Thanks, Sorry”

Best of 2021 events: Cheney & Kinzinger stood against the overthrow of our government

A 6th Grader Saves the Lives of Two People on the Same Day

Jan 1 ’22: Congress ban most unexpected charges from out-of-network providers: YES

Alaska sets December temperature record at 67°F: 67 Wow! Dec 26

Tahoe snowfall 202.1 inches breaking a 50-year record.

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/

Friday, June 11, 2021

Give your graduate tax-FREE money

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

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

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

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

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

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

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

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

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

Where can your child invest those graduation gifts?

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

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

Is paying off your mortgage early right for you?

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

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

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

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

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

Can you retire on dividends?

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

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

You can retire with no income tax: the best deal

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

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

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

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

Will we reject American fascism again?

Dictator uses fear to retain power

Red state vs blue cities: political civil war?

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

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

How Govt wastes our money:

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

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

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

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

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

SCAMS/SPINS:

Judge lifts CA assault weapons ban: “Good for both home and battle” personal bazooka!

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

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

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

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

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

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

JPMorgan freezes donations to Republicans who contested 2020 election

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

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

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

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

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

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

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

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

IRS: Easy Steps to Protect Your Computer and Phone and Avoid Phishing Emails.

IRS: Free special ID protection PIN goes on your return so scammers can’t take refund

IRS: Previous tax returns available online: https://www.irs.gov/individuals/get-transcript

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

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

Check IRS: https://www.irs.gov/newsroom/dirty-dozen-part-1-taxpayers-should-be-on-the-lookout-for-these-scams

https://www.irs.gov/newsroom/dirty-dozen-part-2-thieves-work-all-year-to-scam-taxpayers

Find tax preparer: https://www.irs.gov/tax-professionals/choosing-a-tax-professional

Check Social Security: https://blog.ssa.gov/

Safeguard data: ConsumerReports help: https://securityplanner.consumerreports.org/

Jobs

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

Who owns your account now?

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

Miracles:

New pill to fight high-risk breast cancer.

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

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

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

We can apply for Medicare online: https://blog.ssa.gov/apply-for-medicare-online

We can apply for Social Security online: https://www.ssa.gov/benefits/retirement/

We can apply for health care online: https://www.healthcare.gov/

9549013194571154399289

IAN

41 Watchung Plaza, B242

Montclair, NJ 07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

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

Friday, April 23, 2021

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.