Your Wealth Reserve: GOP "freedomes"

Showing posts with label GOP "freedomes". Show all posts

Friday, March 24, 2023

In 2024, Roth 401(k)s will no longer impose RMDs

When to start your guaranteed stream of income

Most of us are lucky: we can start our guaranteed income stream whenever we want. We only need to decide how much we want or how much we need to live comfortably. And the bonus at no extra cost is that the benefit grows with inflation. My wife and I began receiving our guaranteed income stream at different times in our life so it is easy to compare how your decision can make a huge difference. I started my stream of income at age 62 because I could find no work. I have been getting my monthly check of $1,691 with inflation step-up for a number of years. It goes right into our checking so we can spend it right away. No wait to clear a paper check. My wife liked working so she waited to start her stream of income till she could improve her benefit no more. At age 70 she began and now she receives $3,495 a month. This is over double my benefit and my last salary was greater than hers. We pay nothing extra for the inflation increment each year and the administrative costs. Medicare costs come out of the benefits automatically so we don’t have to worry underpaying our health insurance plan. These benefits come because we paid for them every paycheck. No supplemental insurance (annuity) could have matched these benefits for life. Plus we get to keep our retirement funds growing—earning more for later. “The question isn't at what age I want to retire, it's at what income.”

https://www.amazon.com/Not-Buy-That-Annuity-Guaranteed/dp/1466494573

Have you taught your child how to make tax-FREE money?

Make sure you teach your kids how to create wealth the easy way. My parents were not investors. At my first job, I had no clue which investment option to use for my 401k contribution and company match. The HR person told me to put it into the 'safe' stable value fund. That was the worst choice at my age I learned later when I got my securities licenses. If I had followed their advice I would have ended up with about $150,000 instead of a Wealth Reserve of $877,233 about 33 years later. I have used this 'Wealth Reserve' as I call it to have funds to buy low-cost insurance, to buy two homes and 5 cars with higher down payments or cash, and now to receive $2,500 a month in retirement supplement. Now your child can build an account that provides tax-FREE education and retirement income too.

Time is on their side: https://www.amazon.com/Give-your-child-leg-up-manage/dp/1096505355

If you are worried about your money in a bank, move it

Most large banks can handle your money unless you keep $millions in 0% savings loosing money. Even holding Treasuries isn’t safe. Many of my readers aren’t worried because they are riding out the craziness of the gains and losses of the gamblers’ market moves. When gamblers loose at the tables, they are supposed to go home poorer. The well-connected never have to suffer it seems. Congress is happy to lower the bank regulations for their schemes. Regulators are happy to please the rich and famous, especially if they sit on the same boards. My readers are investing for the long term so they only have to keep their money spread around in profitable businesses as Buffett advises. Over time they have been rewarded with gains and dividends that will help their nest eggs grow. They don’t have to speculate on stocks or ETF during these crisis times. They are happy with most 10-year growth periods. Using low-cost mutual funds that compound over time they have found steady growth—doubling their funds every 7 years. They own shares in real profitable firms making things of value not ticks in a computer. It is TIME, not timing that builds wealth.

https://www.amazon.com/Vanguards-Top-Ten-mutual-funds/dp/150073909X

S&P 500 up 5% YTD vs 5% 1 year CD

Investing is about taking a chance—short or long-term. With your CD, you will always receive your 5% in a year. You will usually pay a penalty to withdrawal early. Your money is guaranteed up to $250,000 unless the government steps in to make you whole no matter how much you lost. This doesn’t happen often. Investing in the top 500 US corporations gives you no such guarantee but you have the chance to earn 32% or lose 18% in one year. However, over time investors have found the 11% average return annually. Average is important. There are bad years. But your funds double every 7 years if you wait. My readers have found that after some time—10 to 15 years—they have a balance that allows them to take out enough money for emergencies. They don’t need an emergency fund as a 1 year CD. They don’t pay a withdrawal penalty if they need the money. With certain tax-FREE retirement accounts they can have their cake and eat it too. They can withdrawal without penalty or tax due. More likely they just keep building a bigger retirement account because the low cost accounts maximize the Miracle of Compounding. That is the Buffett secret to wealth.

https://www.amazon.com/Warren-Buffetts-Vanguard-Funds-Retirement/dp/1496148592

In 2024, Roth 401(k)s will no longer impose RMDs

The Roth 401k will get even better in 2024. Your money—deposits and earnings—are already tax-FREE after retirement (contributions are never taxed). Starting in 2024 you are not subject to RMDs which make you take your retirement benefit out every year. This means you get to create a legacy for your family without a trust—FREE. You can use your money whenever you wish. The required minimum distributions are required for 401k and IRA accounts because you get the tax benefit at the time of contributions. This lowers your income and tax if you pay in every payday. If you also make contributions to a Roth account, you have the option of never paying income tax on the gains. Thus you could turn your Roth IRA or 401k into a tax-FREE retirement system worth $millions

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

GOP vision of America’s future “freedoms”: what they are doing/will do

Children’s education reduced to DeSantos Conservative ideology

WV bans health care for transgender minors

FL wants to ban the Democratic Party as revenge for toppling Confederate monuments

FL blocks League of Women Voters legal activities (rally, meetings)

FL DeSantis will have a veto-proof majority in both chambers: junta installed

Kids Carry concealed weapons without a permit back to 18

Cancel programs on diversity, equity and inclusion, and critical race theory.

TX takes over Houston Independent School District: GOP not parents will run schools

SC Republicans want death penalty for mothers after abortion: christians? kill women!

Death sentence without a unanimous jury.

Easier to sue journalists you don’t like

Further restrict abortions. TX man sues 3 women for helping his ex-wife obtain abortion

WY medication abortion providers could serve six months in prison

Near-total ban on abortions drives doctors away: ID hospital stops delivering babies

Trump: military to ‘stop’ crime: martial law replaces civilian control of cities: dictator

Couples with 10 kids would have their property taxes cancelled under TX law

Catholic group spent millions to track gay priests: Russia or America?

30 GOP states limit public health authority: next pandemic wipes out million+?

AR Gov bans child sex talk and child labor law limits: roll back child labor protections

Child abuse? kids under 16 can marry in West Virginia with parent consent

GOP repeals long-standing environmental rules: business to take ‘Freedom’ hand

FL Gov raises private army: 150,000 “brownshirts”, answer only to DeSantos

GOP Clarence questions our right to counsel in criminal actions against us

Pence: “History holds Trump accountable” but ‘I won’t help jail him NOW’: 3^rd Rail?

Wealthy avoid tax we have to pay

How do all these wealthy people avoid the taxes we need to fund our military, legal system and the airports? They use them but don’t pay. They fly their private jets from the airports we pay for, the legal system they use more than us and all the military supports around the world as they visit their global homes and businesses. Our country taxes personal income not loans on $millions in assets. This means we pay for what they use and they don’t. We can’t afford to buy legal help to use special financial tricks to reduce taxes. We can’t afford owning sports teams or real estate or “hobbies” that show paper loses to deduct from our income. We can’t afford to buy the help of Congress people who change the rules on business income like Trump did in 2017. One critic said, "Wealth managers are bragging" about the effectiveness of their "tax dodging tricks." Even when they die, they can leave $ millions to their legacy using special rules to avoid the estate tax. This is how dynasties happen and the cycle of tax avoidance continues. Wealth perpetuates itself almost automatically.

Use your tax haven: https://www.amazon.com/Your-Tax-Haven-Tax-FREE-Americans/dp/1482659441

?**********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

Jan 21 2010 Corporations’ election-spending unlimited

Billionaires paid $881 million for votes in 2022 midterm elections

Nov 2020 Wealthy discredit election process

Nov 21 2020 Trump’s Plans for a Coup: criminal

Nov 21 2020: Trump plan: US Marshals seize voting machines

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

Trump still terrorizing election woman

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

January 6, 2021 “A date which will live in infamy”

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

Nov 8 2022 Trump’s “national revolution” failed

Nov 15 2022 Trump announces for 2024 to avoid lawsuits

Dec 3 2022 Trump: cancel Constitution rules so ‘I win’

Mar 11 2023 Pence straddles his place in history

Jan 2025 Dictator pardons himself: his Supremes agree

How Govt wastes our money:

Money for new Moon Rover but not for hungry US kids: priorities?

Own your own bank: capitalism without risk: CEO changed law & keeps pay packet

Farm lobby seeks more subsidies: GOP to cut Food Stamps for poor: corn for gasoline?

Fed raises rates to increase joblessness 4.5%: my credit card already at mob rate: 29.99%

NY prosecutor cancels meeting: Trump gets away with crimes again?

SCAMS/SPINS:

Trump is inciting another overthrow of our gov: “TAKE OUR NATION BACK!”

Fake images of Trump arrest show how propaganda may tear US apart

Fox silences own producers from telling about falsehoods it broadcast about election win

Tesla recalls 362,000 of its Full Self-Driving (FSD) Beta software: causes crashes

238,000 Honda Civics probe: steering can stick, increase in effort, risk of a crash.

Hyundai and Kia 571,000 SUVs and minivans park outdoors: tow hitch harnesses fires

Ford recalls 1.5 million: fix leaky brake hoses and windshield wiper arms that can break.

Media influencers (not doctors) paid to hawk drugs on TikTok

Matt Damon, Tom Brady, Reese Witherspoon caught promo crypto: fees hidden: no jail

Toxic ‘food’ brominated vegetable oil, red dye 3, potassium bromate, propylparaben and titanium dioxide?

Grover Norquist conservatives stop free tax filing service we need: gives $500+ to Turbo

IRS finds worst scammers this year

Tax refund myths: IRS warning

Trial over fake Trump real estate tax deductions halted by bomb threat: mystery caller

Darryl Matthew Cohen caught steered money to self, fund his son’s basketball league.

Nick Palky caught stole $250,000 client’s account using forged checks to steal

Joe Harding GOP FL caught fraud $150,000 in Covid Relief scheme: no jail

Portfolio Recovery Associates caught illegal debt collection practices: fine no jail

CO allows gun-toting teen to show up at school every day: what think would happen?

How US succession happens in specific areas: schools, taxes, laws, red-line, clubs, sports

baseless-claim-that-jan-6-rioter-flipped-against-the-fbi-circulates-on-twitter

false-reports-claim-bill-gates-faces-premeditated-murder-charges-over-vaccines

Countertop composter Lomi does NOT make “nutrient-rich fertilizer.”

Arrest warrant for Putin: stealing kids from Ukraine homes: Seal Team 3?

Jobs

Construction industry faces a gap of roughly half a million workers; skilled trades too. Application rate jobs like plumber, electrician dropped by 49% between 2020 and 2022.

More than 550 slots for emergency medicine residents were left unfilled this year

White Americans feel left out; even they think they don’t belong. This is not good.

25 High-Paying In-Demand Jobs: salary & requirements

Tennessee plant aims to build 500,000 electric trucks

Who owns your account now?

DJ Equity REIT Index beats Total return S&P 500: stocks up in last decade

Medicare special plans to help with expenses and coverage: do you qualify?

Millions of people could lose Medicaid next month: check now

5% one year CD for temporary money: shop bankrate.com/banking/cds/cd-rates/

what-if-i-cant-pay-my-taxes: here are your options: it costs less to deal with the IRS itself

Miracles:

'Vibrant' Roman mosaic discovered under supermarket in Olney

Some ingredients crucial for the advent of life arrived aboard rocks from space years ago

Some young Americans are turning to friends to find romantic partners: not vid strangers

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

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.

Gold made from neutron stars: collisions produce more neutrons:79 protons,118 neutrons

The proton is so complicated science still finds new energy entities/forces every year.

“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 electron itself.

Scientists build 'baby' wormhole as sci-fi moves closer to fact: inside quantum computer

starts-with-a-bang/universe-expansion-not-accelerating/

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

http://www.theinsidersguides.com/

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

Friday, March 3, 2023

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

?**********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

Jan 21 2010 Corporations’ election-spending unlimited

Billionaires paid $881 million for votes in 2022 midterm elections

Nov 2020 Wealthy discredit election process

Nov 21 2020 Trump’s Plans for a Coup: criminal

Nov 21 2020: Trump plan: US Marshals seize voting machines

Jan 6 2021 Direct assault failed: guns & bombs ready

Trump engaged in a "criminal conspiracy" to stop Biden