Friday, January 11, 2013

How is your pension doing?


How is your pension doing?
Corporate pensions continue to enlarge the deficit of $412 billion--$74 billion higher than it was when 2011 ended. Analysts say this is due to low interest rates even though a good portion of pension assets are in equities, which returned over 15% in 2012. Perhaps your employer is short changing your pension on purpose. 44 million workers’ pension have been reduced and closed. Some employers have stopped matching 401k contributions. 
You can earn 10-12% a year by funding your own pension in a tax-FREE account you can’t outlive: 
Your Pension in a Box

Our representatives want to cut our SS and Medicare because they don’t need them!
HALF of our congress people are millionaires. They don’t need Social Security or Medicare. 47% of Congress Members are Millionaires. We continue to pay their salaries of $174,000 even when they do nothing. And they receive a healthy pension and medical in retirement—don’t need SS or Medicare! A member of Congress would be eligible for a pension payment of $84,645 per year.

Did you receive your death benefit yet?
Florida is seeking the rightful owners of $25 million in unclaimed life insurance benefits obtained through a settlement with American International Group.  Search for unclaimed property at www.FLTreasureHunt.org --


Taxes don’t change for most wealthy in high-state-tax states
For example, if you are married with two children living in California with annual income of $475,000 from wages, $21,000 in capital gains, $11,000 in dividends and $60,000 in deductions, you would have owed about $123,000 in federal taxes if the tax cuts had expired. Now, your tax bill would be the same with the threshold set at $450,000 because of AMT liability. This is the shadow tax established to hit the wealthy that pay no income taxes. http://en.wikipedia.org/wiki/Alternative_Minimum_Tax

Will you have to wait to file your tax return?
The IRS anticipates that the vast majority of all taxpayers can file starting Jan. 30, regardless of whether they file electronically or on paper. The IRS will be able to accept tax returns affected by the late Alternative Minimum Tax (AMT) patch as well as the three major “extender” provisions for people claiming the state and local sales tax deduction, higher education tuition and fees deduction and educator expenses deduction.
Who Can’t File Until Later?
There are several forms affected by the late legislation that require more extensive programming and testing of IRS systems. The IRS hopes to begin accepting tax returns including these tax forms between late February and into March; a specific date will be announced in the near future.
The key forms that require more extensive programming changes include Form 5695 (Residential Energy Credits), Form 4562 (Depreciation and Amortization) and Form 3800 (General Business Credit). A full listing of the forms that won’t be accepted until later is available on IRS.gov. Deduction amounts 2012http://www.irs.gov/uac/In-2012,-Many-Tax-Benefits-Increase-Due-to-Inflation-Adjustments


GE’s long-term care insurance business at risk?
Shares of Genworth Financial Inc. fell after a Credit Suisse analyst on Tuesday downgraded the stock, saying a recent rally ignores the risks that Genworth faces in its life insurance businesses, particularly in long-term care insurance. Consider the alternativeshttp://www.amazon.com/Long-term-Care-Insurance-better-alternatives/dp/147006877X

Are you still getting a government check?
The deadline is March 1 to switch to either direct deposit or the government's MasterCard debit card. The switch isn't optional. Since 2011, all new recipients have been required to get Social Security electronically. By March 1, remaining Social Security recipients must choose one of the two options.
If you are one of the 5 million holdouts, here's how to sign up:
  • Go to the website GoDirect.org. (It's not a .gov site because it's owned jointly by the Treasury Department and the Federal Reserve.)
  • Call toll-free: (800) 333-1795. To prove who you are, be prepared to tell the person answering the phone the check number of your latest check and its amount.
If you are choosing direct deposit, you'll need to know your bank's routing number and your account number. Generally, both are across the bottom of your checks with the routing number on the left and the check number on the right. Best bet:  Direct Express card if you don’t have a bank account.

Our Social Security and Medicare will be cut to prop up two whole countries
Why our deficit continues to grow--$200 BILLION in this year alone for ‘WAR’ against a dead guy
If the CRS and OMB figures for FY2001-FY2013 are totaled for all direct spending on the war, they reach $641.7 billion, of which $198.2 billion – or over 30% – will be spent in FY2012 and FY2013. This is anincredible amount of money to have spent with so few controls, so few plans, so little auditing, and almost no credible measures of effectiveness. We will end up paying $2.4 TRILLION through 2017 according to the CBO. CBO estimated that of the $2.4 trillion long-term price tag for the war, about $1.9 trillion of that would be spent on Iraq, or $6,300 per U.S. citizen. http://csis.org/publication/us-cost-afghan-war-fy2002-fy2013


Why not raise revenue by going after the BIG tax cheats?
A new Government Accountability Office analysis of the IRS' efforts to collect unpaid taxes from citizens and small businesses in 2007 and 2008 found that exams focused on those with an income of $200,000 or more produced “significantly more” direct revenue per dollar of exam cost. The government researchers concluded that by shifting about $124 million in enforcement resources away from lower-income returns to returns from individuals and small businesses showing income of $200,000 or more, the IRS could bring in about $1 billion more than the $5.5 billion it now collects with these resources.
The GAO analysis said exams of individual tax returns reporting income of between $200,000 and $1 milliongenerated $25.60 per dollar of cost and those reporting $1 million and more generated $47.20 per dollar of cost, the report said. Exams of tax returns for lower-income earners generated about $5.40 to $7.40 for every dollar spent. So going after the big money yields BIG money!  Duh.

Many hedge funds and money managers predicted the drop of the Euro and European stocks for 2012. Instead, the markets made over 15% in the US and 20% in non-US markets. 
Members don’t trust Wall Street for unbiased advice: http://www.amazon.com/Wealth-Without-Wall-Street-Commissions/dp/1442168137

ObamaCare provisions you can already take advantage of:
1. Free preventative care for women
insurance plans are required to cover free annual physicals for women, HIV testing and counseling, HPV DNA testing, screenings for gestational diabetes, screening and counseling for domestic violence, breastfeeding medical support, counseling for sexually transmitted infections, and FDA-approved contraceptive products.
2. Insurance company rebates
insurance companies are required to spend at least 80 percent to 85 percent of their customer premiums on direct medical costs. If companies fail to do so, they must send the leftover cash back to customers in the form of a rebate. The average rebate across the nation is expected to be around $150.
3. Free mammograms and colonoscopies
Since September 2010, insurers have been barred from levying out-of-pocket costs on patients receiving mammograms and colonoscopies, two of the most widely used forms of preventative care. 
4. Staying on your parents' plan
Since September 2010, children have been allowed to stay on their parents' insurance plans until they turn 26.
5. Get insurance for kids with pre-existing conditions
Since September 2010, insurance companies have been banned from denying coverage to children with pre-existing conditions, which include heart disease, cancer, asthma, and high blood pressure. By 2014, the provision will extend to all Americans with pre-existing conditions. It is also illegal for insurance companies to terminate coverage for any other reason than customer fraud — and insurers are barred from capping the number of benefits a customer can receive in a lifetime.
You can find lower-cost policies at the exchanges later this year.

SCAMS           “Deficits don’t matter” GOP leader Dick Cheney

AIG’s former CEO Greenberg wants to sue those who bailed it out—what CHUTZPAH:
The ex-CEO said that the rescue cheated shareholders by diluting their stake in the company. The insurer needed help after it was unable to raise money in equity and bond markets to pay clients who had bought protection against losses on mortgage-related securities. He is biggest stockholder and was kicked out of AIG.
“The idea that AIG would have been better off by going bankrupt, for the shareholders is a very, very hard thing to sell, I think, to a judge,” Neil Barofsky, the former inspector general of the U.S. Troubled Asset Relief Program said Tuesday on Bloomberg.

Wealthy can still avoid taxes with planning
Congress made the estate tax at $5 million permanent. This means the 2% can continue to use the $5 million gift and generation-skipping transfer tax exemptions by making gifts into dynasty trusts. “All of our wealthy clients should continue to make these gifts,” one advisor said.
Also, Congress did not touch valuation discounts, grantor retained annuity trusts and other techniques. All of the tricks of avoiding tax are still intact so advisors will keep using them.
Romney will never have to pay tax on his $250 millions. We will have to make up the $100 million tax he avoids.

IAN
41 Watchung Plaza, B242
MontclairNJ 07042
973.746.2014

No comments: