Friday, June 21, 2013

When will you become a millionaire?

When will you become a millionaire?
>Double your money every 7-9 years over time.
>Grow your wealth with NO taxes or commissions.
>Use 10 low-cost mutual funds earning over 10%.
>Use an IRS-approved tax-FREE account to protect gains.
“My wealth has come from a combination of living in America, some lucky genes, and compound interest.” Warren Buffett
The wealthy become wealthy by buying assets that grow quickly. As Buffett says, they compound. Compounding is money earning money on its earnings next period. The wealthy stay wealthy by paying lower fees, charges, commissions and taxes.  http://www.amazon.com/When-will-you-become-millionaire/dp/1490373241/

Can you help the next generation?
The average retirement fund of pre-retirees is about $60,000, excluding car and home. That might pay for 5 years as a supplement to Social Security which currently averages $15,000. If parents or grandparents invested just $50 a month for their newborns for 21 years, and just left it in a market index fund, the kid would not have to worry about retirement. The miracle of compounding over TIME is what can be your greatest gift to your family. Works just like Social Security. http://www.amazon.com/Give-your-Grandchild-000-Lifetime/dp/1456433105/

How long does it take to get benefits from long-term care insurance?
Your family members will need to work long hours getting your care bills paid, according to some who have gone through the process for months.
It is important to consider alternatives before spending $3000 a year for 20 years. http://www.amazon.com/Long-term-Care-Insurance-better-alternatives/dp/147006877X

Are you happy with your discount broker?
JD Power customer satisfaction scores are in. Scottrade Inc. edged out Charles Schwab & Co. Inc. as the highest-ranked firm, scoring 810 this year versus 798 last year. Schwab scored 797, down from 801. The Vanguard Group Inc. was right behind Schwab at 795. Scottrade did better on its fees-and-commissions ranking as well as the interaction it offers on its website and through mobile devices. Some banks have online offering but are not supporting them as well. Members find better values online: http://www.amazon.com/Insiders-Guides-Discount-Financial-Services/dp/143480593X

Are you required to take money from your pension, 401k, IRA?
Yes, according to the IRS: ‘You must take your first required minimum distribution for the year in which you turn age 70½. However, the first payment can be delayed until April 1 of the year following the year in which you turn 70½. For all subsequent years, including the year in which you were paid the first RMD by April 1, you must take the RMD by December 31 of the year.’ You must pay tax on the earnings part of your RMD. If you won’t need the money, you can convert any part of an IRA to a Roth IRA, pay tax, and use it as a tax-FREE legacy to your heirs if you don’t need the money for long-term care or other medical costs. http://www.amazon.com/Your-Retirement-Spending-Plan-enough/dp/1461084016

Aetna health leaving CA
Aetna said it would stop selling individual health insurance policies in California next month, and nearly 50,000 existing policyholders will have to find new coverage by January. Buy only what you need: http://www.amazon.com/Health-Insurance-ONLY-right-policy/dp/1480125083

MS uninsured stuck by GOP
Many Mississippians may have no options when the new federal health insurance marketplace starts enrolling customers in October. Areas that won't have coverage offered through the online marketplace include swaths of the Delta region and southwest Mississippi, plus scattered areas elsewhere. Among those areas are Hancock and Pearl River counties. Republican Gov. Phil Bryant opposed the state-run plan proposed by the insurance department. http://www.sunherald.com/2013/06/20/4749315/insurers-may-skip-health-plans.html

NC OH health policyholders get refund due to Obamacare
Nearly 193,000 North Carolina customers will get rebates averaging $87 this summer because their health insurance company could not keep overhead costs down. Obamacare requires that at least 80 percent of each premium dollar go toward medical services. The benchmark was established to control the amount used by the companies to pay for overhead and bonuses. Ohioans will receive $486,681 this year in rebates. The rebates, issued for the first time last year, will be divvied up among 6,333 Ohio residents and come out to an average of $133 per family. This year, $500 million in rebates will affect 8.5 million consumers nationally, according to HHS, with an average rebate of about $100 per family.

CA patients receive settlement after denial of health care
Anthem-WellPoint has agreed to pay $6 million to resolve allegations that the company improperly dropped policyholders after they got sick and needed treatment. Anthem had been dropping patients since 2006 after they got sick. Anthem claimed their already-accepted applications had errors. Obamacare made this practice illegal.

CA pension fund switches to index funds
Lower cost and higher acceptance by participants were cited by trustees. The plans' custom target date funds also will be switched to passive management. Fees for the funds will drop to 6 basis points (.06), from 52, because of the change. Public employees will have up to 40% more cash in retirement because of the change. You can too: http://www.amazon.com/The-New-American-Retirement-System/dp/1461030072

CA auto rates down
Californians spent less per year on auto insurance in 2010 than they did in 1989, a rate reduction that no other state in the nation achieved. California drivers paid an average of $746 per year for auto insurance coverage in 2010, which is $2.00 less per year than they spent in 1989. Americans nationwide spent an average $791 in 2010, which is $240 more than the average price in 1989. "Name another product whose price is less today than twenty-five years ago," said Harvey Rosenfield, author of Proposition 103. It required insurance companies to open their books and publicly prove they need rate increases. Until your state gets tough, shop and save: http://www.amazon.com/Vehicle-Insurance-Beware-Double-Coverage/dp/1480027634

MetLife caught avoiding tax
Metropolitan Life is on the hook for a $2.2 million tax penalty imposed by a 2003 amnesty program. A court ruled that the phrase "all taxes due" in the amnesty act means just that: taxes due. It has only taken 13 years and $ millions to catch them.

SCAMS           "Good people do not need laws to tell them to act responsibly, while bad people will find a way around the laws." - Plato (427-347 B.C.)

Can justice be done in the mortgage scam that banks profited from?
Investors in mortgages packaged by banks were scammed by deceit. Who should pay if the investors were part of the scam or should have known better? Will there ever be justice for all Americans who were innocent victims? Can regulators ever regulate?

GOP repeals Obamacare again 37th time
We are paying these people (half are millionaires) to meet and vote on the only chance we non-millionaires have of receiving health care we can afford in the future. Do any of them consider what other countries do for their people? Is it really so bad in Sweden or Switzerland? Not as bad as GOP says it is. Perhaps because Congress is covered already.  http://www.nytimes.com/2013/06/16/business/what-sweden-can-tell-us-about-obamacare.html

Fed pays $½ million to avoid probe
Fed regulators paid $580,000 (tax dollars) to settle claims by a former employee who says he was fired in an effort to quash his investigations. Employee Weber reported allegations of unethical conduct by recently departed Inspector General H. David Kotz. David Williams, the inspector general of the U.S. Postal Service, concluded that Kotz violated ethics rules by overseeing probes that involved people with whom he had personal relationships. Kotz had quit in January 2012 amid questions about his conduct. Smoke or Fire? $½ million sounds like a big fire.

Crop Ins: “Fraud is everywhere.”
Wealthy Congressmen want to cut benefits to the poor and give them to conglomerates
While Congress debates cuts in the federal food stamp program, it has been reluctant to make changes in the crop insurance program, despite several recent fraud cases. Ins agents OK fake crop losses so big farms can reap $millions. “Fraud is everywhere.” http://www.nytimes.com/2013/06/18/us/politics/fraud-used-to-frame-farm-bill-debate.html?

Who owns your account now?
GMAC Insurance changes name to National General Insurance. Coverage or claims of existing policyholders will not be affected in any way.

American Fellowship Mutual Insurance has been declared insolvent. 

IAN
41 Watchung Plaza, B242
Montclair, NJ 07042
973.746.2014

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