Friday, April 6, 2012

How much will YOU have?

Recent survey says 60% of working Americans have less than a $25,000 nest egg
More than half are worried about their job security and thus are not saving more. Half of us expect to receive a company pension yet only 33% actually have one now. Most workers have no idea how much it will take to live on in retirement but claim they will have enough. Get a plan:

AZ favors mandate for auto insurance but not health care
A bill to let police tow and impound cars without insurance met a narrow defeat in Arizonalast week, highlighting the attention paid to the issue by the state and the harsh penalties for driving without coverage there, according to Online Auto Insurance News. Estimates from the Insurance Research Council put the number of uninsured drivers in Arizonaat 12 percent, which is just below the U.S.average of 13.8 percent, according to 2009 data. The GOP mandates many new fees like women’s health test that women must pay for.

A NM town mandates insurance for having a “vicious” dog because someone might get hurt. They are against ObamaCare mandate which requires insurance in case someone gets hurt.

MI voters testing the limits of state authority and the rights of local democracy.
In a replay of the American revolution, voters have signed a petition to have an election, something the state government took away last year. Voters want to repeal the emergency manager law, which effectively voids local democracy. Advocates say local leaders should maintain responsibility for local problems in a democracy. Emergency managers were installed by MI GOP to void local control due to overwhelming debts.

Is Allstate’s Claim Satisfaction Guarantee right for you?
If you are “not happy with your experience” after they pay your claim, they will “give you up to a six-month credit on your car's premium.”But you can’t drop Allstate because of bad service and receive the credit. This marketing tool increases renewals at very low cost. You have to tell Allstate why you are not happy in writing. Most people aren’t going to do that. But if the service is bad, why stay?

Job hunters beware
An increasing number of employers are requesting that job applicants provide their Facebook passwords in order to review the applicants’private Facebook profiles as part of the hiring process. Even a cursory review of an applicant’s profile page can provide an employer with a wealth of knowledge about the potential hire and often plays a role in the hiring decision.

Homeowners—beware if you live in a gated-community!
The killing of unarmed teenager Trayvon Martin may lead to civil lawsuits -- for which George Zimmerman and other homeowners in his gated community may eventually have to pay.Civil liability may be found for all homeowners in gated area even if it is not a crime to kill unarmed person in enclosed area. Watches don’t carry guns!

Is an annuity right for you?
Annuities have gotten bad press because sellers have been pushing at certain type called a “deferred” annuity. This type offers tax-deferred growth of your single premium amount in return for the promise of a higher earning rate than the current bank CD. It is the preferred product of sellers due to a large commission—up to 15% or more. The fees may not produce the returns you were promised. A real annuity is called an “income” or “immediate” annuity. This type may actually make sense for you. It offers a fixed or rising monthly payment in return for your single premium deposit. It pays less commission. The insurer is investing in securities for thousands of clients, knowing that a certain number will die before, and after, their expected lifetimes. You can use this annuity to guarantee you receive a monthly income for the rest of your life. If longevity is in your family, this is a winner for you. Members can obtain the highest monthly amounts using our insider’s information. Today a 65 year old male can buy $579 a month for life for $100,000. There are alternatives that pay more:

Financial advisors/brokers mislead customers, large and small. A working paper released this month by the National Bureau of Economic Research, financial advisers are often more likely to give advice that will lead to higher fees for them than higher returns for their customers. These economists sent hundreds of fake clients to financial advisery firms, banks, and brokerages around the Boston area and found that in many cases those advisers actually steered their clients away from more productive investments to less productive ones that produced more fees. They also found customers don’t believe a simple strategy like investing in an index fund can be the best long-term vehicle. SURPRISE--we have been brainwashed to think Wall Street knows best.

David Lerner Associates overcharging retail customers on sales of more than 1,500 municipal bonds and 1,700 collateralized-mortgage-obligation transactions. It was ordered to pay more than $3.7 million in fines and restitution.

Bankers Life settles charges it ran unlicensed Broker-Dealer operations

Lottery works—States got half the $560 M jackpot--without raising taxes.
In NJ, Christie can pay for the helicopter he uses to take him to his kid’s games. More than $96.7 million in tickets were sold in New Jersey in the two-month stretch leading up to the winning drawing, according to the lottery statistic sheet. The GardenState will get to keep $40 million, while retailer sales commissions accounted for $4.8 million.

Overpaid players go broke
80% of former NFL players have gone bankrupt or are under financial stress. Within five years of retirement, an estimated 60% of former NBA players are broke.

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