You can still afford to retire
Repairing your financial future can be done in steps. Take stock of where you are now before 2023 so you can use tax credits/deductions before 2022 is over. Consider some of the changes in retirement contribution limits and tax credits for 2023. For instance, Congress is still considering changes in refundable credits. Recent stock market history implies that we may see a large bump up in portfolio returns in 2023-24. Be ready to take advantage of those gains to catch up with your retirement plan. Many investors forget that once out of the market to try to avoid the downturn, they may miss the quick upturns that can happen in a 10 day lurch. Save money like billionaire Warren Buffett. Invest your tax refund for a $1,000,000 retirement fund in 35 years.
Use tax-FREE account: https://www.amazon.com/Tax-Refund-Millionaires-Let-Uncle-Help/dp/149595644X
Deduct $3,000 from your income; reduce tax
Before Dec 31, you may be able to sell some of your losing assets which allows you to deduct up to $3,000 this year from your income. I sold $3,000 of my Vanguard 500 Index since it is down for the year. I kept the rest since I know it will rise in future months. I don’t know when it will rise but I can afford to wait since I don’t sell in a panic and I am fully diversified. Look at the history of the market returns: 2008 -37.22; 2009 27.11; 2010 14.87; 1974 -26.95; 1975 38.46. Since I started investing in 1971, the market is up 12.69% a year on average. That beats CDs, bonds, real estate, gold, speculation of any type. Even in bad times like 2022, no fund has beaten the market index. Our government allows us to deduct the loss at $3,000 a year, every year until we have deducted all of our loss. So join the Tax-Credit class.
Pay less tax like the millionaire class: https://www.amazon.com/Tax-Credit-Class-your-credits-ZERO/dp/1539462382
Where has your advisor left you in 2022?
The financial services industry (your broker and advisor) did very well this year. BUT:
The average retail investor's portfolio is down 30%, compared with the S&P's 17%, according to Vanda Research. Tesla accounts for ~10% of the average active retail trader’s portfolio. So as the stock plunged ~55% this year, it wiped out $78 billion in value for retail investors, per Vanda." Overtime, these are the best market sectors even now: https://www.businessinsider.com/forgetful-investors-performed-best-2014-9.
In 30 years the average investor earns just 3.79%, not the 10-12% market rates. (QAIB)
Use Buffett advice: https://www.amazon.com/Warren-Buffett-Your-Investment-Advisor/dp/1518690963
How much of our charity donations can we deduct on our tax return?
Americans have always been known to be generous. However, the least able group to give (by income); gives the most as a percentage of their income—over 8%. The wealthy give less. The superwealthy obtain the deduction but retain control of who benefits. They use donor-advised funds and foundations to control who gets their charity.
IRS: deduction amount and average percentage of AGI:
Under $50,000 $2,588 deduction == 8.4% of income
$50,000 under $100,000 $3,305 == 4.5%
$100,000 under $500,000 $5,124 == 2.9%
$500,000 under $2,000,000 $25,510 == 3.1%
$2,000,000 under $10,000,000 $164,814 == 4.4%
$10,000,000 or more $2,813,343 == 9.3%
All returns $6,332 == 4.3%
https://www.amazon.com/Most-U-S-Corporations-Pay-No-Taxes/dp/1514274116
Most frequent cited financial regrets by retirees
1. Not working longer. 2. Not having insured income. 3. Claiming SS benefits too early. 4. Becoming financially dependent on others. 5. Not accumulating larger retirement fund. The most influential factor was shocks experienced earlier in life (e.g., divorce). The present paper considers different explanation for financial regrets--people may simply not understand how long they will live in retirement, leading them to make suboptimal life cycle financial decisions. Make your plan now.
https://www.amazon.com/Your-Plan-Live-Age-100/dp/1548180793
?**********ACCOUNTABILITY**************?
Like 1776, this
period is a test
of democracy—We
rejected an "American
fascist" once
The
Path to Dictatorship: 2010-2030
Parallels of this era in the past
may hint at our future: democracy breaks apart legally
Billionaires
paid $881 million for votes in 2022
midterm elections
Nov 2020 Wealthy
discredit election process
Jan
6 2021 Direct
assault failed: guns
& bombs ready
Trump
engaged in a "criminal
conspiracy" to stop Biden
“I
don’t f—ing care that they have weapons”
Trump was “detached
from reality”
Trump
used mafia-style intimidation on the defenseless
Parscale: “a
sitting president asking for civil war.”
Trump:
“Just
say the election was corrupt and leave the rest to me”
GOP fascism: “RINO
hunt armed; no bagging limit” J6
comm threat
Trump’s Supremes END
personal rights & state
laws except for weapons
WMDs
Fascism: GOP
to stop women leaving state for abortion
It’s
not a court. It’s a junta: Two Americas
Trump: President
Biden is 'enemy of the state'
Christian
Nationalist Party (CNP) replaces
GOP
Jan 2025 Dictator
pardons himself: his Supremes agree
How Govt wastes our money:
1966
moon capsule splashdown in ocean: repeat moon
shot wastes $93 Billion
Our
tax money given to GM and LG to make lithium batteries? in OH TN MI
Buttigieg,
transportation, often flies on taxpayer-funded private jets: fears
confronting
NASA loses control $252
million ICON satellite, fears failure: no refund
Fentanyl is now
the leading
cause of death for Americans ages 18 to 49
Biden stops Sanders
bill to stop helping
Saudis kill Yemen citizens: leverage oil?
Biden tries to cut
inflation by cutting jobs not excess profits and tax avoiders
SCAMS/SPINS:
Financial
aid letters don’t reveal the real cost of college: fees, charges, costs
added
Fisher Investments: “make money only
when you make money” except fees every month
Fraudster Sam Bankman-Fried's gave $20
million to PACs and parties: Fights
extradition
SCAM: Don’t
click email with any of these subject lines in your inbox
8 fake traders CA,TX,NJ caught
“pump and dump” scheme 2000: stole $100 million
Lawrence Billimek Nuveen, Alan Williams trader caught
insider trades: net $47 million
Trump to pay for crimes by selling
pictures of himself: $99 each: not rich anymore
We have done nothing about killing our children: 20
at a time in school: WMD are legal!
Glock switches have the ability to shoot
35 rounds in five seconds: TX machine guns
3 terrorists get 10-12 years in prison: kidnapping
gov over mask mandate to save lives
TX
to round up data on LGBTQ citizens: gender change records taken
Trump’s co-conspiracists plan
to use our military to overthrow duly elected government
Trump’s to pay $4,000
fine for “willfully disobeying” four subpoenas: no deterrent!
D.C. Bar lawyer calls for Giuliani’s
disbarment: filing suits to overturn gov is wrong
Twitter: don’t use it for biased news: one
megalomaniac is enough:
Supremes’
decisions tilt toward Christian evangelicals: constitution says no favorite
faith
Jobs
jobs-that-let-you-set-your-own-hours
Who owns your account now?
Best energy system: Heat pump vs Solar panels—pro & con
Start withdrawals from IRA, SIMPLE IRA, SEP IRA, retirement plan when you’re 72
Even Artificial Intelligence models can’t beat the low-cost index fund
40% dads believe parents hosting adult children is bad while only 12 % think it’s good
Miracles:
Picture worth
thousands: https://twitter.com/DavidCayJ/status/1600229045387419648
How brain physics Distinguishes
Memories From Perceptions
Winter
Olympics may have to be held in Antarctica: global warming forces sites
studied
Church
turns into garden club; food pantry as people skip pews: do good works
Moderna's mRNA Skin Cancer Vaccine
Shows Early Promise in a New Study
Arctic is
Heating Up, Disrupting the Planet and Local Communities injured
Fusion experiment
had net gain in energy but forgot to add energy to
charge lasers
@
Our Universe is Mind-Blowing
Light is both
a particle and a wave depending on how we look at the light.
I
don’t think that there is any such thing as a position or a velocity of a
particle.
Everything (galaxies
to stones) in universe made of subatomic
energy ‘vibrations’
A subatomic ‘particle’
is the smallest possible vibration (quantum) of a quantum field.
Mass–energy
equivalence: E=mc^2. At the smallest
level; Everything is moving a little
Energy into matter: scientists
converted light energy directly into matter in one step
Physics Nobel Prize:
“entanglement” 2
particles share info instantly at a distance
“It may be that gravity and quantum mechanics are
exactly the same thing,” Leonard Susskind
Gravity
might induce the collapse of quantum vibrations into 1 quantum state—our
world
There is no TIME at this
level because of force fields come and go in all directions.
Universe expanding: events
may not come together like they did before.
Inside protons,
neutrons, it
is the fields of the virtual particles that creates its mass.
“Empty space is a
boiling, bubbling brew of virtual
particles that pop in and out of existence in a time scale so short that you
can’t even measure them.” Space expanding.
The electricity we use comes
from the field around the wire not from election itself.
Scientists
build 'baby' wormhole as sci-fi moves closer to fact: inside quantum
computer
@
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
973.746.2014
www.InsuranceAdvisorsNetwork.com
Alerts available
at http://dankeppel.blogspot.com/
No comments:
Post a Comment