Are you overpaying for insurance and investments?
Your New Financial Checklist:
$Most of us are overpaying for insurance, investments, taxes, etc
$We are confused about what products/services we need to buy.
$Our "advisors" are NOT acting as real fiduciaries.
$We "waste" $3,000 or more each year.
$$Overcharges cost us $100,000 eventually$$
Most of us are wasting more than $3,000 every year. If we invested that $3,000 a year, we could have all the assets we need to protect our families and futures. We even waste our largest savings amount: our tax refund--they average about $3,022 a year. Every year that we overpay for services costs us $100,000 eventually. Our wasted money could be compounding at the highest rates for long-term growth. And most of us do NOT use an account that makes our earnings and withdrawals tax-FREE.
Investors are going direct—avoiding costly advisors
Fewer investors across all age groups are using traditional advisors as their primary provider of financial guidance, according to research group Cerulli Associates. The decline is most pronounced among Americansyounger than 50. In 2005, 22% of households headed by individuals in their 20s used advisors as their primary advice provider. By 2011, only 7% did. The use of advisors also fell among investors in their 30s and 40s, falling from 20% and 27%, respectively, to 9% and 16%. Investors in older age groups also reported using traditional advisors less, particularly seniors over the age of 70. In 2005, 53% of the over-70 set relied primarily on their advisors for financial advice. By 2011, the percentage fell to 40%. Investors flock to low-cost providers to earn more without Wall Street: http://www.amazon.com/Wealth-Without-Wall-Street-Commissions/dp/1442168137
Were you recently denied a loan, insurance, job, other purchase?
One in four consumers found an error in a credit report issued by a major agency, according to a government study released Monday. The Federal Trade Commission study also said that 5 percent of the consumers identified errors in their reports that could lead to them paying more for mortgages, auto loans or other financial products. The study looked at reports for 1,001 consumers issued by the three major agencies — Equifax, Experian and TransUnion. It is almost impossible to fix their errors. It took one lady 5 years to get them to act. Agencies are not accountable to anyone. Legislation is needed to police the agencies making money from our data: http://www.cbsnews.com/video/watch/?id=50140748n
Track your refund home
If you e-file and request direct deposit, the IRS says it should take no longer than three weeks for you to get your refund. If you filed a paper return and asked that your check be mailed to you, it could take up to eight weeks. Once you're past the time frame for issuance of your refund, it's time to log on and locate your money. http://www.irs.gov/Refunds/Where's-My-Refund-It's-Quick,-Easy,-and-Secure.
Long-term care insurance premium increases ... again
Metropolitan Life wants to raise the cost of LTCI in Connecticut by 58%. MetLife told regulators it wants to raise rates an average of 58 percent on 720 policies sold in the state from 1999 to 2003; 10 policies sold there from 2008 to 2011; 1,828 policies sold there from 2005 to 2012; and 3,200 policies sold there from 2005 to 2012. MetLife is no longer marketing LTCI coverage. Connecticut insurance regulators rejected MetLife's request to increase rates in 2010. Consider alternatives: http://www.amazon.com/Long-term-Care-Insurance-better-alternatives/dp/147006877X
New York Gov. Andrew Cuomo said his administration is working with banks to release nearly $208 million in insurance payments in 6,600 checks already approved and due to victims of storm Sandy . Much of the delay is because federal mortgage agencies require proof of repair work before paying insurance reimbursements. Many have spent their own money to repair and prove construction completion. Now they wait to receive reimbursement. Some can’t do repairs without checks but can’t get checks without proof of repairs. Perfect ‘catch 22.’ Perhaps self-insurance is answer: http://www.amazon.com/Homeowners-Insurance-Beware-Coverage-Policy/dp/1480100870/
Do you need health care insurance?
Six Republican governors have agreed to expand Medicaid, the second-largest piece of President Barack Obama’s U.S. health-care overhaul, accepting federal money to ensure their state’s residents have access to medical coverage. Michigan , Arizona , Nevada , North Dakota and New Mexico have also agreed to participate in the Medicaid expansion. In all 21 states will expand the number of people eligible for the health program.Pennsylvania ’s Tom Corbett, a Republican, said this week he wouldn’t participate. In states that accept it, the Medicaid expansion will make the program available starting next year to any American earning as much as a third more than the federal poverty level, or about $31,800 for a family of four. Eligibility for Medicaid varies by state--two Americas. The program is generally closed to adults who don’t have children. Buy only what you need: http://www.amazon.com/Health-Insurance-ONLY-right-policy/dp/1480125083/
Take 5-10% off your car insurance premium with 30 min online course
What happens if you can’t respond in the hospital?
Less than one in three Americans – 32 percent – have a living will, spelling out whether they want life-sustaining medical care in case they are incapacitated or otherwise unable to communicate their medical treatment preferences. Your local hospital may require their own form so check with them. Make your own will, health directive, etc: http://www.nolo.com/legal-encyclopedia/living-will-power-attorney-medical-issues-29536.html
CA homeowners see premium cut 12%
State Farm, California 's biggest homeowners' insurer, is dropping rates an average of 12.6% for more than 1 million policyholders in the state beginning April 15. Customers are expected to see average annual premiums cut by $100 this year. Rates are expected to fall 12.3% in Los Angeles County Orange County San Diego County
Who will receive your IRA when you pass?
If you haven’t checked lately, now is the time. Your IRA may go to your ex-spouse. Your will does not direct where IRAs, pensions, and other retirement funds go. Wills only deal with minor children, property and trusts. Wills can pass on assets on a “stepped up” basis so heirs avoid your taxes. Common mistakes include putting your kids on your bank accounts and house deeds. Kids lose the benefits of the will. If you want them to control some of your asset, give them a power of attorney and health directive. Find out more athttp://www.nolo.com/legal-encyclopedia or pay your lawyer for an update.
SCAMS “Deficits don’t matter” GOP grandfather Dick Cheney, 2002
22 Republicans who voted against protecting women from beatings!?!
Even GOP hopeful Rubio cited federal mandates on spending decisions that he prefers be left to the states, and a provision that would leave Americans open to prosecution by tribal authorities for crimes against women on Native American reservations. "Looks like he's not a savior to women," former strategist Stephanie Cutter said, according to Politico. "Regardless of what his future may be, this vote will follow him."
Read more: http://www.nydailynews.com/news/politics/rubio-gop-white-house-hopefuls-oppose-violence-women-act-article-1.1263096#ixzz2KoD1iUzj
Even GOP hopeful Rubio cited federal mandates on spending decisions that he prefers be left to the states, and a provision that would leave Americans open to prosecution by tribal authorities for crimes against women on Native American reservations. "Looks like he's not a savior to women," former strategist Stephanie Cutter said, according to Politico. "Regardless of what his future may be, this vote will follow him."
Read more: http://www.nydailynews.com/news/politics/rubio-gop-white-house-hopefuls-oppose-violence-women-act-article-1.1263096#ixzz2KoD1iUzj
Ameriprise takes advantage of its own employees; what about you?
Ameriprise employees suing their own firm because their own proprietary mutual funds have underperformed the market and the fact that to even offer them in a 401(k) plan violates the trustee’s fiduciary duties is just classic. Throw in an additional count in the complaint alleging that the firm which administered the plan charged excessive fees and paid “kickbacks" to Ameriprise management. This says it all about Ameriprise. Time to get out.
Ameriprise employees suing their own firm because their own proprietary mutual funds have underperformed the market and the fact that to even offer them in a 401(k) plan violates the trustee’s fiduciary duties is just classic. Throw in an additional count in the complaint alleging that the firm which administered the plan charged excessive fees and paid “kickbacks" to Ameriprise management. This says it all about Ameriprise. Time to get out.
IAN
41 Watchung Plaza, B242
973.746.2014
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