New Year is time to plan ahead
Whether you are in retirement or near retirement, if you
don’t have a plan you will not be able to survive. We are all living longer and
so a plan is crucial to live well. The fastest growing age group is the age 85
to 100. The common myth: “Saving is a waste of time”. I used to believe this
because when you save in a bank, your $250 a month is worth only about $67,000
after 20 years. Then I learned from my boss who invested in mutual funds that
he had amassed $250,000. Every year you delay starting to invest costs you $thousands
over time. Sure, you might be able work past your assumed “retirement” age. But
what if you can’t? Will you live well or just survive? A low-cost stock index
fund has grown at 11%
over time so your money doubles every 8-10 years. You must leave it alone
to compound. This Miracle
of Compounding is the secret Warren Buffett cites: “My wealth has come from
a combination of living in
Let's start today. https://www.amazon.com/Your-Plan-Live-Age-100/dp/1548180793
Rebuilding our lost savings
More than half of us are dipping into our savings, with 60% using our IRA and 401k accounts to get us through the difficulties we are facing from the coronavirus pandemic. How can we rebuild our savings? Thousands of books are sold with the ‘secrets’ to investing. Each day a new TV guru provides a list of stocks that will ‘make you rich’. When you research the VALUE of these ‘secrets’ for you, you find a mountain has been built from a grain of truth for that time/place. Yes, if you had purchased Apple, Amazon or Tesla at their beginning, you would be rich. But few actually put their hard-earned savings into those companies early on. Instead of taking advice from the current gurus who get paid well to entertain with ‘success’ stories, let’s listen to the unbiased wisdom of multi-billionaire Warren Buffett. His advice is simple: buy and keep buying a low-cost stock index fund like Vanguard’s 500 fund. This was the fund he used to beat 5 hedge funds picked by a Wall Street guru. From 2008 to 2017, the index earned 8.5% vs 4% per year. A $100,000 investment at the beginning of 2008 would have more than doubled to about $225,586 by 2017.
Invest wisely: https://www.amazon.com/Warren-Buffetts-Investment-Secret-Steeple/dp/1484189809
Trump left us with tax-FREE account
A positive for Trump’s legacy is an IRS account that allows us to grow investments and spend compounded earnings without income taxes. You may not have started your life with a $100-200 million boost from your father like Trump, but you can create your own tax-FREE stream of income like his. Clearly the Trump tax plan helps businesses and the wealthy. There is no reason why you cannot benefit from the tax code too. It eliminates taxes when taken out for your needs and can pass to your heirs totally tax FREE. No matter what your income, this helps you avoid future taxes to pay off the national debt. You can build a $1/2 million fund by investing $250 a month over time. You can use the tax laws for your benefit like the people in the top 1% income bracket do!
Set up your Tax Shelter in 1 hour: https://www.amazon.com/Trump-Tax-Shelter-Avoid-taxes/dp/1985448300
Have tax forms; will file for FREE
W-2, unemployment, SS benefits, IRAs, pensions, RMD, brokerage, etc. If you have all your forms, file for FREE online. Usually filing your state return costs as little as $15 unless you buy the Pro helpline. Avoid $300-400 paid preparer fees—new IRS forms mean higher fees. Unemployment insurance is TAXABLE on the Federal income tax return; not on some state returns. Some states do not tax your SS and pension benefits. Retirees did not have to take their RMDs in 2020 so taxes may be less: it was a good time to convert IRA to Roth IRA for tax-FREE future. Unless you were self-employed, you can’t deduct home office expenses of working from home. Some states continue the health insurance mandate and penalty unless you have an exemption. Since the IRA contribution deduction has no age limit now, you may reduce your income/taxes by making a contribution of up to $7,000. The standard deduction went up to $12,400 single; $24,800 joint. Jan 15 last day to make 2020 estimated payments. You have to report your April/May and December/January stimulus payments even though they are not taxable. Some of us receive a bank credit; some a debit card; some a check. Even if you don’t have to file, you should file so scammers can’t use your SS number to mess up your IRS file. Tested E file software ratings.
E file avoids covid at your preparers’ office: https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free
Will your family be able to live if you are a virus victim?
Many parents are concerned about the survival of their families if the Covid spread continues in ’21. If 4,000 continue to die every day, this becomes a real threat. Half those who spread the virus have no symptoms so exposure is almost inevitable. We still don’t know which folks will suffer severely and which will have flue-like symptoms. Since many of us don’t wear masks or take precautions, we must assume we are at risk in any crowd. During this pandemic, many of us are seeking life insurance coverage. Life insurance is very easy to buy but higher levels of coverage—coverage for your family to live through this crisis—requires a blood test. This is how some of us find medical problems we didn’t know existed. The industry is offering ‘no test’ coverage for lower amounts. For those in good health, a $500,000 coverage lasting 10 years can cost as little as $20 a month. Premiums rise with age and health concerns. You may have lost your term coverage when your employment ended.
Check now while you can. https://www.amazon.com/Life-Insurance-Need-Save-right/dp/1480002178
**********ACCOUNTABILITY**************
Like 1776, this
period is a test
of democracy—We
rejected an "American
fascist"
President
of the United States tried to overthrow our government
House
impeaches Trump 2nd time: "incitement
of insurrection"
FBI:
36
most wanted Jan 6 terrorists
Self-coup
like Napoleon’s 1851
Our ‘Truth
and Reconciliation Commission’?
How Govt wastes our money:
Biden reverses Trump stockpiling vaccines to help more of us avoid 4000 daily deaths
Millions of $600 credits sent to wrong banks: Turbo? Others? Must wait longer!
GOP tax cuts for rich: our
debt has increased almost 40% in the past four
years. We will pay it.
Hospitals dump vaccines since health workers don’t want it: seniors turned away
Even a gorilla troop caught it: strain very contagious: Covid deaths 400,000 4,000/day
Curative
COVID-19 PCR tests not consistently accurate
Our govt wasted $10,000 each of our money on stupids: soda bottles called ‘test tubes’
Supremes start reversing women’s choice: Roe v Wade decision targeted by Trumpers
1 million new unemployment claims filed Jan week: need massive infrastructure effort
SCAMS/SPINS:
Terrorists plan more
attacks: Jan
20 is next target in this holy ‘war’ against US.
Terrorists
don’t understand employer/customer backlash after Trump’s
insurrection
Terrorists
recruit via Facebook: neo-Nazi politics within the global network.
Terrorists
had inside Capitol help plan overthrow: 3 GOP
conspired with leader Ali
Terrorists
claim antifa (antifascists) stormed Capitol: ‘blame other side for own bad
acts’
Terrorists
moving communication to Telegraph: follow which Capitol attacked next
Terrorists
wear Guard/police gear to breach Inauguration? Trump still ‘Commander’
Terrorists even had plans
of the tunnels/entry points for “war” on Capitol: FBI ignored
Commander in Chief
impeached again: GOP
breaking up: Mitch
lost: follow
the money
Chiefs remind
military: “insurrection
on Capitol was an anti-democratic, criminal act”
Sedition
task force has found many suspects in coup: planned
‘war’ motivated them
House security: “wasn’t
comfortable with the ‘optics’” of alerting Guard: Trumpists?
GOP
calls to Trumpists for help end coup rebuffed by Jared, Ivanka: watch TV 6
hours
FBI
VA warned of ‘war’ at Capitol: Officials deny; others claim intelligence
failure
Senate
takes another vacation to avoid Trump trial: Mitch fears Trumpists revenge
Rick Snyder fmr gov
MI caught
neglect poisoning Flint water; 12 die: $1,000 fine no jail
Michael Stepanek, caught
running over protesters for “attitude adjustment” no jail no fine
Oportun Financial caught
loan overcharging gregious debt collection practices
Scammers
use SS logo, titles, badge numbers to ask info for probe: check with SS
first
Scam
Chase users: “We detected some unusual activities on your account
and as a security measure we have locked it.”
Thomas Robbins
Daniel Merriman caught
selling unregistered securities in strategy con
Justin Robert King
CA caught
offering interest in his bogus firm; $4 million fraud
Multivitamin little
effect on health: 'benefits'
might just all be a trick of the mind: potion
Drugmakers
raise prices on 500 drugs: Humira
up 7.4%, Revlimid up 4.5% Opdivo up 1.5%, Eliquis 6%. CEO raises!
Caddy
that flies and drives itself: Keep your eyes on the ‘road’
Savior
sent by god to save ‘Christian’ America for ‘true’ believers: miracle for 2nd
term?
BEWARE: Work from
home scams: fees, shop, data entry, pyramid sales, stuff, net sales
Appliances
with problems: Viking, FisherPaykel, Amana: Better: Whirlpool,
KitchenAid
Big
problem cars: Volvo
(
Cable
costs went up: are the services/shows worth it?
Sales tax scam: Resale
certificate helps wealthy avoid sales tax: seller helps avoid taxes
Poor Mel T: “gossip,
false and misleading
statement on me”? Sounds like Don texting
Widow
of GW bridge jumper can sue since locked access can be climbed over by
jumper
Detroit
to sue Trumpers who tried to overturn MI election: cost to defend election
result
Trump
refuses to pay Giuliani for failed election challenges: will
face suits need him later
Graco car seats, Speed Stick, Keebler,
cashier seats, terrorists’ jobs, opioid suit,
Save on car
insurance: virus means less miles; less premium. Shop pay by
mile
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
Places with wider
mix of people in science, technology, engineering math jobs than most.
Prepare for jobs
that will be in future not in past: more remote; more digital; more tech
Priests
needed but still only man’s club: Pope allows women role in Mass already
have!
Paycheck
Protection Program PPP small biz loans: SBA will forgive
loans if all employee retention criteria met
Who owns your account now?
2020
was shorter than previous years - Earth is spinning quicker than it has in
decades
Mortgage shopping: check on what your creditors are saying/selling about you.
Forbearance and refinance: help mortgage relief mortgage assistance CARES Act
Miracles:
Thakur
told Trebek he learned
English watching "Jeopardy! as a child in India. Thanks Alex!
Global
warming: Spain covered
in snow? Weather patterns are
changing. Heat in 2020.
Retailers: keep
those items you do not want: too expensive to return them
Veterans
make statement countering those in the coup: march to clean up their mess
One Good
man holds back terrorists trying to take over our government: GOP
enablers
Lying over: right-leaning
talk-radio hosts told to cut election fraud rhetoric by owners
Bill Belichick
coach Patriots declines Presidential Medal of Freedom offer from Trump
Climate
change taking its toll on insects and sharks
as precursor to human
tolerance
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
41 Watchung Plaza,
B242
973.746.2014
www.InsuranceAdvisorsNetwork.com
Alerts available at http://dankeppel.blogspot.com/
