Is timing our Social Security benefits important?
When planning retirement benefits, know the rules:
1. Starting benefits at age 62, cuts benefits for life.
Women live longer and are more likely to end up with SS benefits alone. Women
who wait to age 70 receive ¼ more than at age 62 or 65, so waiting may be best
for her.
2. Coordinating benefits and working may help both of you.
This recession’s structural unemployment affects men more than woman. Men can
take benefits at age 62 if they cannot find meaningful work. Women can continue
working to age 70 to maximize their benefits and take ½ the man’s benefits if
they have attained their full retirement age. http://www.ssa.gov/retire2/retirechart.htm
The total benefits may equal what the man would have received if he started
later. This preserves the woman’s increase in benefits for the rest of her
life. She loses nothing of her own work credits by taking his too.
3. Medicare can be engaged at age 65 but may not be needed
if the woman’s coverage is better or cheaper through her employer. Medicare
does not cover all expenses. Medicare supplements and Part B are usually
necessary. http://www.medicare.gov/sign-up-change-plans/decide-how-to-get-medicare/original-medicare/how-original-medicare-works.html
It may be helpful to meet with a SS official when one of you
reaches age 62 to find out what works for you. Call your local office for an
appointment and free analysis.
CAUTION: Advisors
giving poor advice to clients on SS, survey says
The newly
released findings from the Wharton School's Pension
Research Council concluded that “many advisers still approach Social
Security claiming as an individual decision rather than a household decision
(even though) clients would be better served if a household- approach was
utilized.”
Financial Power in the 21st Century:
$1,000,000 Tax-FREE
Accumulate $200,000, $500,000, $1,000,000 with NO taxes … EVER.
Financial power in the 21st century is tax-FREE income
- Use a special tax haven to protect all your dividends, interest and capital gains
- Contribute $9 a day to your tax-free account
- Earn 9% a year on your wealth with no income taxes
- Spend 9% of your wealth with no income taxes
Isn't it time you started using the tax laws to your
benefit like the people in the top 1% ! How does Warren Buffett pay only 17%
total tax? http://www.youtube.com/watch?v=Cu5B-2LoC4s
How does Mitt Romney pay less than 13.9%? You may not
receive $21 million a year like Romney does but you can use a tax haven he
can't use to compound $9 a day into $1,000,000. Compounding high investment
earnings is “the most powerful force in the universe.” Compounding is money earning
money on its earnings over time. Simple but powerful and ... no tax … ever.
Two Americas
TX voters will
NOT need special ID to vote—GOP lost voter supression tactic
A federal appeals
court in Washington Thursday struck down the Texas voter ID law requiring
photos for voters at the polls, calling it racially discriminatory.
The decision is a
major victory for the Obama administration and its Democratic allies, which had
challenged the law.
Is critical illness insurance right for you?
This insurance is being pushed as a group plan in small companies. However, it only covers the unusual illness-- such as cancer, heart attack or stroke. If you have to go the hospital for other reasons, you may be faced with a large bill you can’t pay. This kind of policy is popular inCanada
This insurance is being pushed as a group plan in small companies. However, it only covers the unusual illness-- such as cancer, heart attack or stroke. If you have to go the hospital for other reasons, you may be faced with a large bill you can’t pay. This kind of policy is popular in
SCAMS “Only
the little people pay taxes.” Leona Helmsley
Romney/Ryan claim to cut taxes AND not increase the
deficit—except for workers!
Romney is still committed to making his tax cuts
"revenue neutral"--in other words, not leading to an increase in the
deficit.
When asked how this was possible, given the magnitude of the
cuts (20% across the board on personal income taxes, along with a 10-point cut
to corporate income taxes), Hubbard, his spokesman, explained that the cuts
would be offset by:
- Stronger
economic growth, and
- "Broadening
the base" of taxpayers (in other words, having poor and
lower-middle-income Americans pay income tax)
In the past, Romney has also promised to increase revenue by
eliminating some loopholes and deductions. Romney has never been specific about which loopholes he would eliminate, and
Hubbard did not provide any specifics.
Earlier this year, the Tax Policy Center concluded that it
would be impossible for Romney to cut income taxes across the board and make
the cuts "revenue neutral" without also effectively increasing taxes
on the lowest-income Americans (and that was when the Romney plan called for
merely maintaining current tax rates, not cutting them). The Romney campaign
dismissed this conclusion as factually wrong and "partisan."
But stronger growth
means LESS revenue for government when rates are cut and taxing low-income working people means LESS
demand for products in US.
We saw this movie
before. The job ‘creators’ moved their Bush tax cuts to Bermuda
and left us with the debt. http://finance.yahoo.com/news/u-firms-move-abroad-024200566.html.
Reagan and Bush started the deficit climb; Bush II added to it. See chart at http://www.ritholtz.com/blog/2010/05/national-debt-by-president/
Why my IRA has not grown to $10l.6 million like Romney’s
has.
Mitt Romney made use of arcane techniques in several of its
Cayman Islands-based funds to avoid
U.S. taxes, according to a trove of Bain Capital's private audit and
finance records made public on the website Gawker today.
The audited financial statements of one of the Cayman
Islands funds make note of the use of "blocker"
entities, which are used to help retirement accounts and nonprofit entities
avoid some taxes. Financial statements for another fund note that it
"intends to conduct its operations so it will … not be subject to United
States
Congress allows hedge funds to rip off the gullible
New rules allow any manager to sell “private placements” to
those who wish to become “instant millionaires.” One commentator wrote: ‘The “JOBS Act” has authorized virtually
any company to offer securities to the public without review or registration.
This event is as catastrophic as the
repeal of the Glass Steagall Act. Within the year, there will be horrendous
stories of fraud by companies using this act and of the powerlessness of
securities agencies to take any action because of the act.’
Who owns your account now?
TD Insurance, a subsidiary of TD Bank to USI Insurance
Services
IAN
41 Watchung Plaza, B242
973.746.2014
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