Why do some folks wait to start taking Social Security?

 

Why do some folks wait to start taking Social Security?

One reader began taking retirement benefits at age 62 in 2010 because they could not find work. They headed a sales program at a bank after doing the same at small brokerage firms. In both cases the companies were purchased by bigger companies and this person was not needed. The spouse of this reader began taking retirement benefits at age 70 in 2013 because waiting longer provided no extra benefits. The spouse was still working so they were also adding annual benefits each year. Both individuals ended their working lives making about $100,000 gross—the highest 35 years of earnings determine the lifetime SS benefits. They have been receiving benefits for years but the amounts are forever very far apart. The reader receives $1,701 a month; the spouse receives $3,044 a month—that’s $483,480 more over the next 30 years. Their total benefits over 30 years: $1,708,200. They asked me for help in finding ways to maximize their income to age 100. Both have parents that lived a long time and they want to be prepared.

They used: https://www.amazon.com/Your-Plan-Live-Age-100/dp/1548180793

  

Is a Roth conversion right for you?
We have a unique opportunity to save on future taxes from our retirement accounts: a Roth IRA. Many of us have NOT had to take our RMD for 2020. Required Minimum Distributions are the IRS’s way of forcing us to pay tax on untaxed retirement savings. Since we could skip 2020 taxes on this money—perhaps 3-4% of our total nest egg of IRAs, pensions, 401ks, 403bs, we could convert some of that money by December 31 and save paying higher taxes in the future. Example: Convert $10,000 traditional IRA funds to a Roth IRA. We pay income tax on that $10,000—perhaps 22% or $2,200. Depending on our portfolio returns, that $10,000 could be worth $20,000 in 10 years at 7% annual return. In 10 years, that 22% rate could be 27.5% again. We would pay 27.5% on $20,000 or $5,500. We may save $3,300. And in 10 years we may have needed that extra $3,300 more acutely. Learn what to do with your RMD.

https://www.amazon.com/What-your-RMD-much-spend/dp/1718946716

 

Are those “free” seminars that include lunch right for you?

We have all been invited to hear a sales pitch at some time. Sure you can go and listen and not spend any money. However, what you pay for is your future peace of mind. We have had to decline calls and pitches from that initial contact for years. Legally, the sales person has the right to keep contacting us because we have a established business relationship (EBR). It is hard to stop these calls even when you ask and place your number on the DoNotCall list. The sales people don’t give up on a paid lead easily. A court order might work but you have to pay for enforcement. Also, tax-exempt non-profit organizations are not required to keep do-not-call lists. We receive hundreds of robo callers with just the town-state listed on caller ID. You need more than that to stop these sellers. Lobbyists have paid our reps to make sure they can bug us to death.

Buy direct & save headache: https://www.amazon.com/Best-Annuity-Strategy-Income-Growth/dp/1497532019

 

This is how Congress people make money on illegal insider information

Sen David Perdue (R-GA) is at the heart of special meetings involved with health care decisions. On Jan. 23, he learned that the coronavirus posed a major economic and public health threat, he sold off $1 million to $5 million in Cardlytics stock at $86 a share before it plunged. In March, Perdue bought the stock back for $30 a share, investing between $200,000 and $500,000. Those shares have now quadrupled in value, closing at $121 a share on 11/24. His profits did not come from superior market analysis but from insider information—something that is illegal for you and I. Martha Stewart went to jail for this kind of thing. Yet GOP led judicial arm of government never seems to find the evidence to indict let alone convict their friends. How can we have faith our reps will do what is right by us? GA voters will decide if Perdue should be representing them and tricking us. Sen. Kelly Loeffler (R-Ga.) did the same thing, sparking a Senate ethics investigation. Loeffler wrote that her household would “divest from individual stocks,” her subsequent financial disclosure form showed that she kept $5 million to $25 million worth of Intercontinental Exchange stock. Together, Perdue and Loeffler prove American-type Socialism is for and by the Rich: two uber-rich senators whose wealth helped bring them power and put them in a position where they could make more money.

https://www.amazon.com/Americas-Socialism-Rich-little-people/dp/1535218584

 

Trump promises to leave WH if Electors vote

But he promised to show his taxes before elected in 2016—but did not. He made many promises—The Wall paid by Mexico, job loss to China, end deficit, close Afghanistan, disarm Kim, etc. Can anyone believe him? After promising he will leave if states declare Biden the winner, he said, “If they do, they made a mistake.” He has still not accepted some states’ results so he may go to court to fix their “mistake,” postponing his moving date. Trump loves to fight and has his AR 15 groups “standing by.” Trump has trouble seeing facts so he is avoiding accountability on many levels. He just pardoned someone who pleaded guilty to lying to the FBI. He will probably pardon all his friends who continue to kiss his ass. Since personal loyalty is the highest good to him, he will not pardon his right hand--lawyer Michael Cohen. However, Cohen gets out of jail to avoid the sickness that thousands of poor prisoners must endure. In a larger context, he is no different than other powerful men. No one who caused the 2007-8 financial meltdowns went to jail. Obama’s lawyers say they could not have proven “intent” so we never see the powerful face accountability. Our justice system does not let our juries decide because powerful people have elite status. Judges usually come down hard on street crime but not on the well positioned. Not one executive/doctor/druggist is going to jail for the OxyContin addictions and subsequent 70,000 deaths. Oxy killed at least 70,000 but the Sacklers took $ billions home before bankruptcy. Drug dealers who sell addictive drugs like the Sackler family go to jail all the time. The wealthy criminals will continue to get away with murder without accountability. All they give up is money. Of course they will continue to ‘do the crime since there is no (jail) time.’

Trump left us a legal tax haven: https://www.amazon.com/Trump-Tax-Shelter-Avoid-taxes/dp/1985448300

 

Save on 2020 taxes

1. Deduct up to $6,000 ($7,000 over age 65) from income making IRA contributions each. No age limit if you have earned income.

2. Take Savers Credit for retirement account contributions. Income limits.

3. Earned Income Credit for wage earners up to $56,844.

4. Adoption Credit if you adopt.

5. Education Credit for college and non-college courses.

6. Child Credit.

Use your credits: https://www.amazon.com/Tax-Credit-Class-your-credits-ZERO/dp/1539462382

 

One reader’s experience with Buffett advice during virus

Why is Warren Buffett’s advice to most investors the best you can get? And it is free of advisors fees and charges. His advice of “buy and hold” low-cost market indices helped this reader move their retirement nest egg from $991,546 to $1,039,555 in November alone. Buffett backs up his advice with his most recent example: he won $ million from a hedge fund manager who used 5 different hedge funds of top Wall Street ‘professionals.’ Over ten years, Buffett’s pick—Vanguard’s 500 Index—beat 5 hedges chosen by Ted Seides, Protégé Partners. Ted has moved to a higher-fee fund. Paying extra fees and charges does not assure us of financial success over time. For many folks, paying so-called financial ‘professionals’ can mean the LOSS of over 50% of our potential gains over time. We are assured of earning the market returns over time which is better than guessing whether our advisor or broker has the right answers for the coming years. This reader, a teacher, can relax in 2021 with $48,000 in extra retirement income.

Use Buffett advice: https://www.amazon.com/Warren-Buffett-Your-Investment-Advisor/dp/1518690963

 

Money is how foreigners and the wealthy make US policy

Foreign countries, their wealthy and their ambassadors turned to con man Imaad Zuberi to get face time in our Congress. A CIA officer called him the “best connected person I know,” marveling at the depth of his Rolodex contact list. Money is the juice that lights up the wealthy-Congressional connections. Where does Zuberi get the money to become the top donor to presidential candidates? From those with the money: “We get request(s) for meeting(s) from all scumbag of the world, warlords, kings, queens, presidents for life, military dictators, clan chiefs, tribal chiefs and etc.” Zuberi was the “mercenary” political donor who gave to anyone — often using illegal straw donor cutouts — he thought could help him. “Pay to play”, he explained to clients, was just “how America work(s).” “Pay to play” is why our interests are not what Congress considers when making laws and regulations. Even now as Trump nears the End, lobbyists make offers for Trump pardons. The wealthy—inside and outside our country—determine the course of our lives on the grand scale. Trump is not the only one who takes money from foreign players. Now you know why we taxpayers had to bailout the banks, the foreign banks and business after the 2007-8 market crash. We didn’t rob the banks; the wealthy executives and stockholders did. No one went to jail. We will pay for the bailout forever.

https://www.amazon.com/Americas-Socialism-Rich-little-people/dp/1535218584

 

Where to invest if you have maxed out IRAs

Several readers have asked where to invest since they have contributed their $6,000 ($7,000 over age 50) each for 2020. We use two options. We can prepay our taxes on deferred money in our IRA so that any growth in our IRA will be tax-FREE in our Roth IRA via an IRA conversion. This will also reduce the amount of tax we have to pay when we begin taking the mandated distributions (RMD). And/or we can buy a stock with no dividends in a regular brokerage cash account. As long as we don’t sell or trade, there are no taxes on the future gains in value and no tax on dividends. We could buy Warren Buffett’s company stock BRK.B which is really a mutual fund since it owns many other profitable companies and stocks. Many companies pay no dividends so choose wisely. One final thought: give up to $15,000 to grandkids for their 529 college fund.

https://www.amazon.com/What-your-RMD-much-spend/dp/1718946716

 

 

 

 

**********ACCOUNTABILITY**************

 

Like 1776, this period is a test of democracy—We reject the "American fascist"

 

Court: “Voters, not lawyers, choose the President”

 

Trump’s war: 280,000 KIA

 

Our ‘Truth and Reconciliation Commission’ 

 

Dictator: His criminals need pardons

 

Insanity: “doing the same thing over and over again, but expecting different results.”

 

 

 

 

How Govt wastes our money: Our Representatives gave 3.7 Trillion to the wealthy! 

Trump’s Border Patrol interrogates citizens 35 mi from Canada: No 1^st Amend; only 2^nd.

Don & Jared make killing on virus ‘loans’: keeping $3.65 million loans: crime?

Trump using presidency to set up his next job: costs us $5 million per day WH campaigns

 

 

SCAMS/SPINS:

Trump discussed “pardons for family & friends” YES, they are criminals: all dictators do it

Ivanka questioned by DC law: misuse of donors’ funds 2017 rent on Trump Hotel over $1million

For a price: pardons for past and future fed crimes for 20 of his BFF: Trump fantasy game

 

Trump threatens to fire all fed employees who were not considered loyal: Dictator’s revenge

 

Trump orders gutting a longstanding federal protection for the nation’s birds: eagles too

Trump: my own FBI and Justice Dept involved in conspiracy to help Biden

The Big Con continues: we never learn: Can 74 million Americans keep the illusion for 4 years?

Even now as Trump nears the End, lobbyists make offers for Trump pardons. Pay to play

 

 

Supremes violate Constitution: “apportioned by adding to the whole Number of free Persons”

            Constitution does NOT say “exclude immigrants” as Trump’s Supremes think.

 

 

GOP spits at new prez and Dem: no working across partisan lines: F**k Dem nominees

Trump raised $170 million keep Putin’s “American chaos” alive: Also remodel mar lago!

Trump lawyer: “kill” election security head Krebs: dictators send goon to do ‘wetwork’

 

Biden to use ‘temporary’ appointments to keep gov running?; reverse dictator’s bad acts

Some Senators trying to help us but McConnell still tells most GOP what to do and think

Georgia Republicans beg Trump to release them from his prison of lies: also whole world

 

GOP inspiring violence against fed and state election officials: Election rigged like in ‘16

Even Trump’s own Attorney General said there has been no evidence of voter fraud

Trumper’s ‘hit’ list gets longer: Even GOP regulars getting death threats: MI gov target

Trump installed his own “deep state” in agencies for sabotage: Justice banned one so far

 

91% of us actually engage with scammers on social media; 51% give scammers money!

Active service/Veterans often targets of scams: all types of fraud; taking your money

Sunbeam recalled 940,000 Crock-Pot 6-Quart Express Crock Multi-Cookers: they burn 

Town-run virus test costs $6,816 for four family members. We pay $1,944 too.

 

Fake “sale”: Popular retailers use these tricks to make us pay more for what we want

 

Beware: debt parking: collector places dubious obligations on credit file forces payment

DMB Financial MA caught misleading clients of debt-relief services: fine no jail

Eugenio Garcia Jimenez Jr., stole $7.1 million of Municipality Mayagüez, Puerto Rico.

 

Timothy Hanna PA CFP certification suspended for aggravated assault on coach

Craig Rumbaugh, Desert Strategic caught misleading on Werth Ponzi loan scheme

Anson Jean-Pierre FL caught stealing $794,000 promised Haiti development

 

IRS: Easy Steps to Protect Your Computer and Phone and Avoid Phishing Emails.

IRS: Free special ID protection PIN goes on your return so scammers can’t take refund

IRS: Previous tax returns available online: https://www.irs.gov/individuals/get-transcript

 

 

Is it a scam?  Check AARP scamline 877.908.3360.

 

Check IRS: https://www.irs.gov/newsroom/dirty-dozen-part-1-taxpayers-should-be-on-the-lookout-for-these-scams

https://www.irs.gov/newsroom/dirty-dozen-part-2-thieves-work-all-year-to-scam-taxpayers

Check Social Security: https://blog.ssa.gov/

Safeguard data: ConsumerReports help: https://securityplanner.consumerreports.org/

 

Jobs

Remote and flexible jobs: https://www.flexjobs.com/

 

 

Who owns your account now?

Check out the free services and products: you have to do your homework though

 

Miracles:

Trumpers drink more Kool-Aid: PA court; WI recount make Biden more secure

Wear your mask for others; save your personal freedom: you may be next

30 min exercise helps combat computer-sitting ‘disease’: humans need movement

 

Brilliant young scientist/inventor Gitanjali Rao: age 15 uses tech to solve problems

Moving CA highway 1 inland: oceans take back the land: Wake up ‘smell the warming’

Have Gun—Will Kill: just kill the person playing loud music in public area?

Hottest November on record: Australia wildfires burn for weeks like CA

 

We can apply for Medicare online: https://blog.ssa.gov/apply-for-medicare-online

We can apply for Social Security online: https://www.ssa.gov/benefits/retirement/

We can apply for health care online: https://www.healthcare.gov/

 

 

IAN

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Montclair, NJ   07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

Alerts available at http://dankeppel.blogspot.com/