Savings ideas for June 24

A NEW Insider’s Guide: A Guide for Survivors
You may be asked to serve as executor of your family member’s estate. You need time to grieve the loss. You need time to pick up the pieces. Now you can . . .
Create your future life.
You will be able to handle ’executor’ details of the estate, and
You will be able to manage the money, and
You will be able to make a new life.
The memories live on. You will survive with the assurance that you can take control of your financial life. You can find your own way. Our Insider shares his experience first hand: http://www.theinsidersguides.com/sur11.html

Jean saved $545 on her car insurance
Member Jean of PA got our email and asked if it was worth switching car insurers. She was told by her agent that her rate was the lowest available in her area. However, what her agent didn’t say was that he only represented 24 companies. What about the others? Jean hated to change agents. She did use our Guide to shop and buy only what she needed from a telephone agent. She saved $545 for a 6-month policy. She also has better coverage because she increased the liability to $300,000. $1090 per year savings means Jean will be able to buy a home sooner. She may have $22,000 for the down payment in 10 years. Yes, it is worth it: http://www.theinsidersguides.com/vehins41.html

Floridians get refund
United Property & Casualty customers who were overcharged last year were ordered to be refunded $43,249,714 recently by the state. Don’t wait to be overcharged. When your homeowners' insurance rate increases, shop for a lower rate. Chances are you will find it, especially when you know what NOT to buy using our Guide: http://www.theinsidersguides.com/homins40.html

Most customers who shop, switch—for price or service reasons
The average auto insurance customer gathers three competitive quotes while shopping for a new provider, and while the majority of insured shoppers remain with their current carrier, 33 percent will switch, according to the J.D. Power and Associates 2007 Insurance Shopping Study(SM) released June 27, 2007 . The study finds that while 33 percent of consumers who shop because of price ultimately switch, nearly 75 percent of consumers who shop because they have experienced poor customer service switch carriers. Members shop every 2 years to take advantage of insurer’s marketing changes. Use our Guide to buy only what you need: http://www.theinsidersguides.com/vehoin.html

GMAC lowering rates—Time to go shopping!
GMAC aims to be one of the top five U.S. auto insurers in the next five to eight years, chief executive Gary Kusumi said recently. GMAC is currently 21st on the list. Cerberus bought a 51 percent stake in GMAC to help GM out of debt. The Cerberus connection also allows GMAC to cut rates in support of its long-term strategy, compared to public companies that have to meet quarterly earnings expectations, said Kusumi. To date GMAC has lowered car insurance rates in 13 states. GMAC offers products such as low mileage discounts. "A key piece is of our strategy is price," said Kusumi. "We are very good at competitive rates and we are willing to sit and wait for market conditions to get better." Members buy only what they need when there is a sale: http://www.gmacinsurance.com/

Question of the week:
Should you pay off the mortgage or keep the tax deduction?
Many people keep a mortgage in retirement for different reasons. Bankrate.com helps you figure it out for your situation: http://www.bankrate.com/nltrack/news/mortgages/20070112_pay_off_mortgage_a1.asp?caret=2g

Assets held by the world's highest-net individuals climbed 11.4% last year—Did yours?
Compare how your advisor/broker grew your assets last year to these benchmarks: U.S. stocks—15.5%, Foreign stocks—26.6%, Balanced—11%. Whatever you are investing in may not be right for your future. Diversification is the hallmark of the wealthy independent’s strategy. Many members find simplicity in only 3 funds. Consider their strategy in our FREE Guide: http://www.theinsidersguides.com/freeguide.html

Guaranteed income for life is THE sales pitch for annuities
“New Research Reveals That Guaranteed Income for Life is Top Retirement Goal for 97 Percent of Baby Boomers.” That headline captures the industry exuberance about variable annuities. The industry expects to seize the $5.8 Trillion in assets retirees have to spend in coming years. However, the small print obscures the fact that insurers protect themselves from losses that will cost retirees, one way or another. There is no free lunch. See alternatives: http://www.theinsidersguides.com/anresp.html

Small business pension plan
The maximum contribution to your 401k is $45,000. Individuals age 50 or older are allowed a $5,000 catch-up contribution. The annual compensation limit is $225,000, according to 401khelpcenter.com. You and your family in the business can participate without all the paperwork by using mutual fund or discount broker turnkey operations. A Roth 401k makes it tax-FREE.

It does NOT pay to save, study says
The U.S. system penalizes young, lower-income households that should be given incentives to save early in life. There is a federal tax on each dollar saved by a low-income family. Also they could qualify for the Saver's Credit and the Earned Income Tax Credit (EITC). However, the EITC gives them a zero or negative tax liability, which makes them ineligible for the Saver's Credit. The perfect Catch 22—earn and save and pay tax, then loose the credit. Our system penalizes the most in need of saving. On the other hand, it rewards those who DON’T need to save. See http://www.consumerworld.org/
INVESTing in the stock market pays. That is why most wealthy people pay a smaller percentage of income as income tax, according to Warren Buffett. Their income comes from their asset accounts getting bigger and bigger--your Wealth Reserve. See how our members “SAVE” and pay NO tax ever in our FREE Guide: http://www.theinsidersguides.com/freeguide.html

Credit score mistakes
1. Don’t close accounts after you pay them down. Leave credit card accounts open but paid up. Scores are based on your outstanding balances divided by your total credit lines. Less than 50% is good. 2. Don’t avoid credit counseling if you need it. In most cases it does not lower your score since you are trying to deal. 3. Your income and assets are NOT used to determine your score since they are not available in all cases. 4. There are many credit risk scores. Find out which your lender uses. 5. Maintain a high score by not being reported 30 days late or having a vendor hire a collection agency. Your score can fall over 100 points as a result. Members save on all their banking with our Guide: http://www.theinsidersguides.com/bavepu.html

UNUM does Group LTCi
Nearly nine out of 10 companies offering new long term care benefits in 2006 selected Unum as their provider, according to an independent survey of group long-term care insurance sales. Unum has a long history providing disability coverage with mixed reviews. Members check all the alternatives to this insurance with our Guide: http://www.theinsidersguides.com/dilocain.html

The SCAMS continue to flourish
John Hancock Life Insurance will pay $21.2 million to settle a Securities and Exchange Commission investigation of the Boston-based fund company's failure to disclose certain revenue sharing schemes. Hancock made deals with brokerage firms for recommending funds to their customers. The company will have to return $16.8 million of ill-gotten gains, plus interest, which will be split among dozens of John Hancock funds.

Wachovia Securities was fined $2 million for failing to adequately supervise its fee-based brokerage business between 2001 and 2004. Approximately 1,300 of Wachovia’s customers paid millions of dollars in fees that they shouldn’t have. By 2004, 44,000 customers were paying more than $110 million in Pilot Plus fees. But much of that money came from customers who should not have been charged investment fees at all. 594 Wachovia customers conducted no trades in their fee-based accounts for at least two consecutive years but still paid the firm approximately $1.9 million in fees. 620 Pilot Plus customers held assets of less than $25,000 for at least one full year, and paid at least the minimum annual fee of $1,000, or twice Wachovia’s stated top rate of 2% allowed under the Pilot Plus agreement.

Wachovia’s supervision of its fee-based brokerage accounts really collapsed when it came to the company’s cadre of high revenue-producing brokers, members of the “Red Carpet Club.” Wachovia exempted Red Carpet Club members from several steps of its review process. The NASD said that Red Carpet Club members' customers constituted approximately 99% of those accounts in Pilot Plus that held less than $25,000 in assets.

NASD assessed $1.25 million in fines against four firms for overcharging customers: Mass Mutual Life, New York Life, Ameriprise (American Express), and Northwestern Mutual Life. Each will repay their “customers” over $2 million but said they did nothing wrong.

About half of advisors spend less than 30% of their work time meeting with clients and prospects, according to a new study.

More scams are tracked for you: http://www.nvinsurancealert.com/

Members avoid securities firms that play games with their money and time. Our Insiders provide members with the information to buy only what they need and save: http://www.theinsidersguides.com/mufuse.html