Your Wealth Reserve: Smash the myths about long-term care insurance

Best free tax filling software

Some of my readers have used https://www.freetaxusa.com/freefile2022/ from the IRS list of Free file offers https://apps.irs.gov/app/freeFile/browse-all-offers/. Once you start using this software, you can file and print from it. It also retains the non-private items (name of bank, mutual fund and employer) so you don’t have to reenter the same name address, phone, IRS number next year. I personally have used this company for 7 years and have never had a problem. Since my tax return is a little more complicated than most, I pay only $15 for the state filing. The Fed return is still free. Compare this to the $500 I used to have to pay a person to compete all the forms. Most paid preparers charge by the page so filing can be expensive. I still pay $15 even though last year’s page count was over 40. Since I use direct deposit my refund hits my bank about 2 weeks after I file. The software is written without jargon so I have only had to ask the company for help once. They answered within 36 hours. Now that most filers do NOT itemize, the software helps you take all the other deductions available. Try one of the Free File firms. Then use a FREE preparer like AARP to compare the outcome. You can always cancel before you “submit” if you don’t like an answer. Be aware that some tax preparers lure you with “Free” but hit you with a bill at the end. Even if you don’t need to file, there are 4 tax benefits available. I volunteer in the AARP tax aide program and my best advice is to use last year’s return as a guide to make sure you include all items. Do your return yourself. Then you can always pay someone if the numbers are not close to last year if nothing has changed. Some pandemic $ stopped. BEST: use a Tax Free retirement account to avoid paying anything.

https://www.amazon.com/New-American-Retirement-System-ReserveTM/dp/1461030072

Two more states adopt “best interest” standard annuity sales model

Illinois and Georgia adopted rules requiring a “best interest” standard for annuity sales and recommendations based on a model designed by the National Association of Insurance Commissioners (NAIC). But remember, the “best” annuity as far as the sellers and their companies are concerned may not be the best strategy for you. Government protections that “safeguard consumers while also ensuring that middle- and working-class families retain access to annuities” may be the “best” compromise for insurers but their annuity strategy for life-time income may not be the best “life-time income” strategy for you. Insurers are not going to point you to other options unless they were true fiduciaries like a lawyer. They are not—they are salespeople. The “ensuring … retain access to annuities” means having large enough commissions so the industry can make a profit. One of the critics of the “best interest” regulation called the rule “one of the most anti-consumer actions” taken by the commission, arguing its “best interest” standard was woefully insufficient. You need to learn about alternatives for steady income.

https://www.amazon.com/NO-Cost-Annuity-Years-Income/dp/1508487308

GOP future world of “freedoms”

Based on what we have been promised, this is the GOP way of life:

Women can’t have leadership roles in religious life

Women are “free” to have more kids ONLY: men decide control of women’s bodies

Women are “free” to be forced to have children they can’t care for

Poor families denied help: SNAP ends for millions

One radical group decide NOT to pay our national bills, pay for Medicare or SS benefits,

One radical group decide NOT to defend democracy from Putin

Potential president bans books he doesn’t like and courses for more intelligent folks

GOP to make sure almost anyone can carry a gun any where any time

Blaming gay people for Hurricane Katrina: Nikki’s spiritual leader

God sent Hitler to create Israel Nikki’s spiritual leader

Women are only good for childbearing and motherhood. Nikki’s spiritual leader

GOP starves IRS: so never stop wealthy tax cheats like Bezos, Musk, Buffett, Trump

Smash the myths about long-term care insurance

7 in 10 (70%) of people who turn 65 today will probably need some kind of long-term care. It is the “some kind” that is true. LTCI sellers quote this stat so you can imagine most people need expensive facility stays. Among people who live to age 65, one in four 25% would spend at least one year or more in a nursing home or other type of long-term care facility. Medicare covers inpatient care. It covers skilled nursing care for a limited time (on a short-term basis). It covers care in a long-term care hospital (comprehensive rehabilitation, respiratory therapy, head trauma treatment, and pain management). After being discharged from the long-term care hospital, many people get one of these: Care in a skilled nursing facility or Custodial care in a long-term care facility. Medicare may cover both inpatient and outpatient rehabilitation after an operation, as well as in-home care. Your recovery time is influenced by your age, health, and the complexity of the operation. Medicare Part B (medical insurance) helps pay for medically-necessary outpatient rehabilitation including outpatient physical therapy. You generally pay 20% of the Medicare-approved amount and the Part B deductible applies. While your hospital stay may only be for a short time, you may need assistance when you return home. Medicare can provide home health care services to help you during your recovery. Medicaid will pay for full long-term care, but individuals will essentially be required to redeem their assets and spend down most of their cash prior to becoming eligible for Medicaid. About 14 million people need some sort of long term care. However, 85 percent, live in their own homes or with relatives.

Consider alternatives: https://www.amazon.com/Long-term-Care-Insurance-Updated-2013/dp/148274001X

Avoid these scammers’ “hooks”

We are susceptible to get rich scheme of all types. However, these are dead giveaways. There are no new ideas in becoming wealthy. We are all seeking the wealth to alloy us to live in “freedom” without a money worry. Think about it—why would someone you don’t know be offering you such a ‘great’ deal? Even “guaranteed” “secrets” of the super smart financial person? The stock market or any other market can’t provide returns over 12% over the short-term and return of 12% usually takes time. Social media is not a source of financial wisdom. However, a smart guy like Warren Buffett took years to attain an average return of over 19%. His strategy costs nothing in 8 steps. The pressure of “secret” and “urgent” response is not likely to come your way. If you can’t understand their means of high profits, it is not good for you to trust them. If there is money due upfront or you don’t need expertise, you have a scam. Pyramids take your money and tell you to sell what you bought. Your recruits are just creating competition for yourself.

More money scams: https://www.amazon.com/Money-Scams-insurance-financial/dp/1505437962

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