Advisors stealing $ millions from retirees, especially
soldiers
John Turner, an economist, suspected that brokers were
encouraging federal workers to ditch their top-flight retirement plan. So he
went under cover. The former U.S. Labor Department economist called
representatives at companies such as Bank of America Corp., Charles Schwab
Corp. and Wells Fargo & Co. He identified himself as a potential client
grappling with what to do with his own
nest egg. Turner knew the right answer: Leave it alone. He kept his money
in the Thrift
Savings Plan, considered the gold
standard of 401(k)-type programs for its rock-bottom fees. Yet all but one
company told him to roll over all his money into funds that charge almost 50 times
more than the government plan. The fiduciary rule, meant to fix this,
has been tabled by Congress.
“It’s a scandal,” said Turner. “They are trying to sell me investments clearly not in my interest. It’s in their interest. They want to get the fees.”
“It’s a scandal,” said Turner. “They are trying to sell me investments clearly not in my interest. It’s in their interest. They want to get the fees.”
You can transfer your high-cost 401k into the low-cost
leader: http://www.amazon.com/Vanguards-Top-Ten-mutual-funds/dp/150073909X
Obama as Stephen Colbert
Obama appeared Dec. 8 on Comedy Central’s “The Colbert
Report,” where he took the place of host Stephen Colbert for a regular segment
called “The Word” -- retitled “The Decree” for his appearance -- to pitch
enrollment to young viewers.
“Most young people can get covered for less than $100,”
Obama said, using lines purportedly meant for Colbert. “How is the president
going to get that message out to the kids? He could try to appeal to them
directly through a speech or a press conference, but young people don’t watch
real news shows. They watch comedy shows. Watch: https://www.youtube.com/watch?v=Te6S-mL1hF4
ObamaCare to cover over 9.1 million Americans at risk
This client had ObamaCare premiums go down 2nd
year
She did not have to change her insurance plan or subsidy.
Her cost for the Gold plan with Horizon NJ
Can you qualify for an exemption from ObamaCare penalty?
If you do not have health insurance this year, you may owe a
penalty in your tax return in April.
There are ways to avoid it but you must apply now. If you had coverage, just
check a box. However, most time-consuming exemptions require mailing
a signed paper application to the exchanges: These are processed manually,
which can take a couple of weeks. Those exemptions include several hardships,
such as foreclosure, the death of a family member, unpaid medical bills
and eviction, as well as religious reasons for not using insurance. “Do it now
because it’s a cumbersome process,” advised Mark Steber, chief tax officer at
Jackson Hewitt Tax Service. Healthcare.gov has lists of
where to apply for each.
Selling your home can provide Tax-FREE cash!!
Your home is your castle; but it is also an asset. When you
sell an asset for more than you paid, you must pay tax on the gain—but your home sale is FREE. If you bought
your home some time ago, it may have gone up by 5% or more a year. Over time,
$50,000 you paid 40 years ago becomes $400,000 you receive when you sell. When
you sell your home, Uncle Sam says “OK, forget the tax.” If you buy another
home or retire on it, you don’t get stuck with a tax bill. In fact, you don’t
even have to report it on your return. “You may be able to exclude from
income any gain up to a limit of $250,000 ($500,000 on a joint return in most
cases). See Excluding the Gain, later. Generally, if you can exclude all the
gain, you do not need to report the sale on your tax return.” Pub 523, p 2.
Social Security benefits are NOT our earnings so Congress
thinks, “entitlements”
In 2014, if you retire at age 66, the maximum amount you
will receive is $2,642 a month.
If you waited to age 70 and retired in 2015, your benefit is
$3,501. In order for
us to have this level of income—$42,012 per year (for 25 years)—from an
investment account, we would need a nest of at least $800,000. Congress does not actually invest our SS
contributions from our paychecks, so they treat our benefits as if they were a
“gift” they can take away—“entitlement”—when they feel like it. The new
Congress is GOP so look for more limits on our benefits.
Make your own security: http://www.amazon.com/Lets-Do-The-Numbers-Retirement/dp/1502775522
Which 2015 cars are safest?
Most are foreign branded but made mostly in US. The design
and capability seem to determine which
is best in each type of vehicle. See list: http://www.fa-mag.com/news/top-cars-for-safety-announced-20277.html
Why do our freeways have speed limits?
Some people always exceed the speed limit. I hear about it
at parties, especially during the holidays. When there is little traffic and we
are late, it seems like a good thing our cars can do 85 MPH easily. However,
our chance of death increases dramatically.
KS raised the limit to 75 three years ago. Fatalities and
injuries are rocketing, according to the Transportation Department.
Surprisingly, the overall number of crashes is flat, but highway deaths jumped 54 percent since 2012 on
the seven highways where the speed limit was raised. Overall, 48 people were
killed in 38 wrecks on those seven highways in the two years before the speed
limit was raised in mid-2011. In the two years after the speed limit was
raised, 74 people were killed in 59 wrecks. We just can’t avoid it at 85! Watch
and cringe: https://www.youtube.com/watch?v=rFdx-_CbmAc
SCAM ALERT: Your tax preparer must be on the new IRS list
The IRS directory will include those professionals who have
registered with the IRS and have a valid Preparer Tax Identification Number (PTIN).
With the new directory, taxpayers can search and sort for tax preparers by
name, city, state and zip. In addition to the usual suspects (CPAs, attorneys,
Enrolled Actuaries and Enrolled Agents), the directory will also include those
taxpayers with the newest designation, the Annual Filing Season Program
(AFSP). The AFSP is a voluntary and temporary program which offers a
recognizable record of completion for tax preparers who (similar to those
required for the former Registered Tax Return Preparer (RTRP) designation);
requirements for the program consist of 18
hours of continuing education, including a six hour federal tax law
refresher course with test. If you preparer is not on the list, find another or
do it yourself with efile FREE using the software listed at IRS.gov.
SCAMS Why are
we still
paying $700 Billion a year for WWII
deployments?
We are paying for 164,253 of our active-duty armed personnel
to be in 150 countries around the world. We have about 50,000 in Japan Germany
Are we preparing for WWII again? There are 1,208,083[1] armed
personnel in the United States .
Our taxes pay for about HALF of the WORLD’s military expenditures
every year. We have wasted $398.6 billion
so far on the F-35 program—they can’t
fly safely.
We just can’t afford to pay for everyone else’s defenses
anymore.
Japan, Germany and S.
Korea can pay for their own defenses.
The War on Terror requires SEALS’ attacks on top terrorists
at their homes. Iraq
proved converting a nation to Western-style republic doesn’t work.
Goldman Sachs was behind the scenes of the largest taxpayer
bailout in history
It looks like all
the major players in this failure of capitalism were Goldman Sachs
shareholders. They stood to benefit from this windfall more than others. Sordid
details and lies revealed in trial. American history at its worst.
Swiss banker gets off in tax evasion by Americans
Raoul Weil, 55, the former head of wealth management for UBS
Group AG, was acquitted of conspiring to help thousands of U.S.
clients use Swiss banking secrecy to evade taxes. A Florida
jury let this only offshore banker go. The US
has warrants for 55 others outside of the U.S.
for tax evasion in 2008.
Who owns your account now?
New York Life's Retirement Plan Services to
Manulife’s John Hancock division.
IAN
41 Watchung Plaza, B242
973.746.2014
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