Your Wealth Reserve

Friday, June 4, 2021

The Warren Buffett retirement portfolio: save $3-6,000 a year

Give your graduate the best gift you can give them: tax-FREE money

High school and college graduates need the best gift you can give them: a future of tax-FREE income. Get them started now since your gift can grow a THOUSAND times its value over time. For instance, $50 invested now can provide them with $20,000 when they need it later. Since you have started your grad off with this special IRS-approved tax shelter they will find it easier to keep saving/investing the right way. They will end up with a tax-FREE retirement. They can create a $500,000 tax-FREE account. Some young people have grown their accounts to over $1 million by investing $167 a month while they work. They will pay NO taxes on their wealth. They can avoid future tax increases. They can boost their savings by 30% just with the fed/state tax savings alone. And if they need a home down payment or business start up fund, they can use the contributions tax and penalty FREE.

Perfect gift: https://www.amazon.com/Tax-Shelter-Young-Americans/dp/1500426520

Most folks in or near retirement fear outliving their money

Advisors usual solution: guaranteed income from an annuity. Because the commissions and fees can be large and are hidden, retirees usually buy these no-refund contracts. The contracts are usually thick with legal protections for the insurer and sales agent. There are expensive provisions that can help protect you but the bottom line is that you are paying a lot of money for a stream of payments that may not overcome inflationary costs. So for a 65 year old female with $100,000 payment, she will receive $454 a month for life. However, by age 85, her fixed $454 a month will buy about HALF the necessities it originally did. She can purchase a ‘cost-of-living’ rider like the COLA SS benefit but that reduces the amount per month. Also she can get a refund: for $415 a month, her heirs can get back whatever is left if she dies early (before age 86). She may need more than $227 a month for living expenses. There are better alternatives.

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

Invest the money you now waste

My readers have offered suggestions on how to take money they used to waster and use it to build their wealth. Building your Wealth Reserve with money you waste has been the goal I have shared with many readers for years. First I moved my IRAs to a low-cost mutual fund. Then I moved my brokerage account to a discount broker since I did not need to pay 2% a year for financial advice I found elsewhere. Third, I started shopping for car insurance to save on premium. I have moved coverage 4 times. I cashed in my universal life insurance policy for a term policy of 10 years until my Wealth Reserve could support my family after death. I stopped leasing our vehicles and bought used ones—investing the monthly payments instead of wasting the money on new every 3 years. I started doing my own home repairs saving $ hundreds over the years. Most home repairs are illustrated on YouTube. I started my own publishing company, using Amazon books to handle the merchandizing. My former colleagues from financial services firms helped with the content. A small business provides ways to deduct certain expenses, saving $ hundreds over time. Readers who have followed my advice have accumulated $ millions instead of $ thousands over time using this strategy.

https://www.amazon.com/DIY-Financial-Independence-Freedom-Workbook/dp/1088908500

Why Warren Buffett is your best financial advisor

Mr Buffett does not need your fees and commissions. He has $ Billions. He has more experience than any paid advisor or brokerage firm. Most advisors and brokerage firms provide standard advice and portfolio models pre-packed for retail customers. Unless your wealth includes special assets totaling in the $ billions, you get the regular firm products. Sellers sell only what supplies the firm with profits. When you need specific unbiased advice you can buy it from a fiduciary for a single charge. Most of us are going to accumulate less wealth over time by paying the annual fees and charges firms need. Those who pay 1-2% a year in fees and trading mistakes will give away 50 to 60% of their possible accumulation over time. Buffett credits “compound interest” for his success. Thus your $250 a month investment can become $2 million over time IF you don’t pay for advice you don’t need. Buffett’s advice is unbiased and simple to follow. Use Buffett’s advice:https://www.amazon.com/New-American-Retirement-System-ReserveTM/dp/1461030072/

The Warren Buffett retirement portfolio: save $3-6,000 a year

Do you really need to waste $3,000 or $6,000 or more on portfolio advice in retirement? If you have a pension and IRA, the amount you withdrawal from your accounts monthly or annually is already calculated. Unless you are wealthy and can live on T-bills paying 0.09% to 0.17%, you will need to own stocks to overcome inflation during the 30-40 year income needs. You can always hire a fiduciary planner for specific retirement concerns. There is no reason to pay an expensive product salesperson to help you secure income during retirement. First, the IRS will determine how much you will take from your 401k and IRAs. You must pay tax on your tax-deferred money. Second, you could lose up to 63% of your possible nest egg by paying an advisor/broker. Paying 2% of your $500,000 nest egg means you lose $300,000 in 30 years. You may need that money for health care.

Buffett’s advice is free: https://www.amazon.com/Warren-Buffetts-Vanguard-Funds-Retirement/dp/1496148592

Is investing in real estate right for you?

Commercial real estate returns have shined during the last year despite the pandemic challenges. Like stocks, real estate investment trusts (REIT) are up 35% or more. REITs have often performed differently than stocks and bonds, so this fund may offer some diversification to a portfolio already made up of stocks and bonds. Since 2001 the Vanguard REIT has returned over 10% a year. Your contributions to a REIT inside a tax-FREE account may help you achieve a tax-FREE retirement.

Go Tax-FREE: https://www.amazon.com/Tax-FREE-Retirement-code-lifetime-income/dp/1475206976

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

Like 1776, this period is a test of democracy—We rejected an "American fascist"

Trump violates Constitution: seized reporters’ phone records

GOP & Trump involvement in Coup ends Jan 6 probe

No ‘Truth and Reconciliation Commission’ ?

GOP to skip 2024 prez debates

Democracy slipping away?

How Govt wastes our money:

$ 0.5 Billion warship can’t stop ballistic missile target in test: wasted taxes

NASA expensive Venus trips instead of cleaning up orbit debris wrecking space station

SCAMS/SPINS:

Gov can kill/injure people in the way of prez propaganda stunt: Trump’s Bible walk

GOP fear Benghazi-style anti-Hilary vendetta: Trump, et al will ignore subpoena too

Trump militarist Flynn advocates military coup overthrow US government like Myanmar

Trumpist plan coup by August: Trump thinks “reinstated” back in WH: Talk radio fluff

Pence: “does not see eye to eye” with the guy who incited terrorists to kill him Pence exit

Vatican’s new sex abuse rules still protect abusers from criminal law: just change ‘office’

German Cardinal resigns: "responsibility for the catastrophe of sexual abuse" No jail time

TX law stops teachers from discussing history of racial injustice: racism in TX society

TX law to limit minority voting: reduce time & place working people can vote: ‘whites only’

IRS loses revenue to Michael Jackson’s heirs in disputed asset value:

Landlord plan to evict pandemic victims denied by fed court for now

Police call for more gun control not less: Have Gun; Will Travel (to Kill)

two children armed with an AK-47 and a shotgun shoot it out with FL deputies

Mark Worley VA allowed pathologist to make tragic mistakes Vets not treated for cancer

CA Café caught charging $5 if customer wears mask

Bogus fraud alert lured Chase customer into a scam: Chase suspects customer is hacker

LJM Funds & Partners caught not informing investors re: risk of losses; lost $1 billion.

James Couture MA caught $2.8 mil fraud promised higher returns on sub-accounts

Virginia Theological Seminary pays only $2,100 a year to heirs of slaves forced to work

Fake news: Life insurance denies death benefit for person dead from Covid or vax

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

IRS tips to avoid scams: https://www.irs.gov/newsroom/tax-scams-consumer-alerts

Is it a scam? Check AARP scamline 877.908.3360. BBB Scam tracker

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

Find tax preparer: https://www.irs.gov/tax-professionals/choosing-a-tax-professional

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

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

Jobs

Unemployment claims lower: Jobs require vax so all safer

Is it a labor shortage or a wage shortage: back to work for less pay and no day care?

Post Master may have bought his job from Trump: contributions via employees

Side jobs offer temporary work while you look for permanent: GOP cuts unemployment

Who owns your account now?

Best health care insurer in your area: Blues, Kaiser

Aon to sell two retirement units to Aquiline, Alight

SafeAuto to Allstate’s National General

Evaluate Senior Living Facilities: helpful certificate program

Miracles:

$1 million lottery; groceries for vax takers: WV gives guns, trucks, cash for vax?!

Black student denied graduation for wearing wrong type shoe: Your Kidding?

Self-aware material allows heart stent to monitor blood flow: sends signal

New drug that delivers radiation directly to tumor cells: new life is possible

7 year old swims a mile to save father and sister in strong current

Virus deaths slow: less than 1,000 die each day: 675,000 died in 1918

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/

9549013194571154399289

IAN

41 Watchung Plaza, B242

Montclair, NJ 07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

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

Friday, May 28, 2021

Will Biden’s tax increase on capital gains hurt or help you?

Are you paying too much for your 401k or 403b at work?

Most employers keep the fees hidden so many working people have no idea. Some think their pension plan is free. Larger employers must keep fees low since many have been sued for charging excessive fees and kickbacks to themselves. However, if you are working for a small or non-profit employer, you are probably being scalped. Depending on which investment option you have chosen in your plan, you could be losing money. Fixed (no loss) investments like stable value funds may earn 2% or less. If inflation is 2% as it is now, you are losing money. Worse, some non-profits offer pension plans run by insurance agents. My wife was losing money in her tax-deferred annuity plan and was charged a surrender fee when she tried to transfer it to a low-cost provider. Many plan participants are urged to invest conservatively when hired so their life-time nest egg hardly grows at all. You may end up with less than $200,000 instead of accumulating $500,000. John Bogle, founder of Vanguard, said “the tyranny of compounding costs” is overwhelming. You may be giving up 63% “of what you would have had.” If your contributions are matched by your boss, this may overcome the high costs. Otherwise you are better off using the IRS-approved tax-FREE account.

Pay less; earn more: https://www.amazon.com/Robbing-You-Blind-401k-fees/dp/1493588966

Why is it critical to start investing as early as possible?

Why are the rich getting richer during this time when so many don’t even make the minimum wage? Part of the answer comes from the idea of compound interest. Warren Buffett swears by compounding: “MY WEALTH HAS COME FROM A COMBINATION OF LIVING IN AMERICA, SOME LUCKY GENES, AND COMPOUND INTEREST.” For those of us who invest in order to have enough money for retirement, time is critical. Buy buying the stock of profitable companies, we can earn about 11% a year over time. The stock provides dividends which buy more stock. Because of profits, each share is valued at a higher level each year. These two combine to make the value of our money double in about 7 years. If we invested $9 a day for 40 years starting at age 20, our account would show $2.1 million. If we waited to start investing until age 40, it would cost $82 a day to reach that amount. Time investing takes the place of cash. The rich who already have $2.1 million at age 60 might have $4 million by age 70. If they had $4 million at the beginning of 2020 when they lost their jobs, they would have over $5 million now just by holding on to their low-cost stock index fund that increased by 45%.

Follow Buffett’s advice: https://www.amazon.com/Warren-Buffetts-Vanguard-Funds-Retirement/dp/1496148592

Will Biden’s tax increase on capital gains hurt or help you?

This question will come to you during the next year. Consider this: the rich don’t live on wages that are taxed like we do. Many use family money to buy assets like commercial buildings. As the assets appreciate, there are no taxes on the rents. There are loans. The loan interest is paid by the rents. The loans finance the lifestyles of the rich—homes, cars, planes, servants, etc. The loan proceeds are not taxable. They actually get an interest deduction on the money they live on. To buy a bigger building, they don’t pay tax on the sale like you would because the IRS thinks the new building is just an exchange. Some like Mr Romney set up partnerships offshore so the lower taxes paid by the partnership actually offset taxes owed on other income. He also exploited the IRA rules to delay taxation on the gains from the companies he launched at Bain. The wealthy pay less than HALF the taxes we pay. The rich use gifts to charities they create or control to offset income also. The wealthy employ professional tax advisors to reduce/eliminate their income and capital gains taxes. Some use offshore tax havens to avoid the taxes we pay. If you don’t have capital and profits, Biden’s taxes may reduce all our tax increases.

Reduce your taxes legally: https://www.amazon.com/Tax-Free-Living-2012-strategies-build/dp/1477452702

Is getting paid to move your 401k right for you?

Some financial service firms will pay you up to $3,000 to move your pension to their self-directed IRA. Why do you think? Good will? Charity? No, it is because they want you to pay their fees for the rest of your life and beyond. However, read the small print—you have to let them hold your $1.5 mil to get $3,000. Such a deal! Over the next 30 years of your retirement, you may pay them 1-2% which will be over $100,000 for an average size 401k. One of my readers shared his story: $500,000 IRA rollover which costs 1% a year over 20 years in retirement equals $100,000 in fees he gave up to his advisor. I helped him transfer his money to a low-cost provider which cost him $2,000 a year not $5,000 a year. Consider better options for you not your advisor.

https://www.amazon.com/Best-Robo-Advisor-Ultimate-Automatic-Management/dp/1537111957/

Best stocks to own for the coming years

When you look at your most recent investment statement you should be delighted. The stock market is up 45% for 1 year; 17% for 5 years; and 14% for 10 years. The long-term average is 11% before your advisor’s charges and fees. My readers are telling me that they are buying more Apple, Amazon, Facebook, Google, JPMorgan, Visa, Home Depot, and other large companies. They are avoiding crypto for now. They want to continue to enjoy the benefits of an expanding economy and they feel unsure about new trends. Most of my readers are investing for the long-term—retirement or retirement income for their future 20 or 30 years. Most of them are not fast traders. They take their IRS-required minimum distributions by withdrawing dividends and selling shares across the entire portfolio. They don’t know which stock to hold. The future of each stock price is unknown. They are planning to live to age 100.

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

Is a 529 college savings plan right for you?

If your state does not match the Fed’s deductibility feature, you can open any state 529 plan. You pay no taxes on the earnings in your plan. You can open multiple 529 plans, and you can roll over your funds from one into another 529 plan once every rolling 12 months. Check the Morningstar Top 529 College Savings Plan Rankings. Utah and Michigan are top plans and pay bonuses. You can accumulate more in your plan by opening the account yourself—brokers take fees annually. You can set up the plan even before you or your adult children have a child. There are many options if the plan is not tapped right away for education for the intended person. Eventually, if you or someone else does not use the funds for an education, the plan is like an IRA—tax on earnings and 10% penalty. So you could use the plan to grow funds tax-deferred if you have maxed out your IRAs. Check options to pay for college: https://www.amazon.com/Education-Funding-Save-right-plan/dp/1482549956/

Minimize taxes on your retirement income

You found out that Social Security benefits are taxed—up to 85% of that income could cause you to hit the next tax bracket. A little planning can help you control when you are taxed on income in retirement. Unless you are really wealthy and can put most of your nest egg in tax-FREE municipal bonds paying 1%, you need a little knowledge to avoid the worst. The premium for the Medicare Part B program goes up at different income levels. If you try a Roth IRA conversion, you could trigger higher taxes on other income. Capital gains taxes are increased for higher income years. Reducing future IRA withdrawals (RMD) may be possible with a qualified charitable distributions QCD processed from your IRA. Control taxes: https://www.amazon.com/What-your-RMD-much-spend/dp/1718946716

Where is that refund?

The Internal Revenue Service reminds taxpayers that the most convenient way to check on a tax refund is by using the “Where’s My Refund?” tool at IRS.gov or through the IRS2Go Mobile App.

Where is the stimulus 1 or 2? If you did not receive stimulus 1 or 2, start filing here: https://www.irs.gov/newsroom/recovery-rebate-credit.

Stimulus 3? https://www.irs.gov/coronavirus/third-economic-impact-payment

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

Like 1776, this period is a test of democracy—We rejected an "American fascist"

Dictator steals reporter’s correspondence

Ted Cruz consulted by Jan 6 terrorist beforehand

When ‘Truth and Reconciliation Commission’?

How Govt wastes our money:

Can the Treasury find the money of tax cheats? Congress will find new ways to help rich

Most Americans don’t want unemployed to receive extra $300 week:

Even if Biden finds source of COVID. it won’t bring back almost 600,000 dead

GOP reverses AZ vote on wealth tax: voter decision ignored; voter pays more taxes

SCAMS/SPINS:

California Auto Finance caught charging interest late payment w/o notice

AZ GOP using “auditor” that will find election count errors to ‘prove’ Trump Big Con.

Fake news circulated by conspiracy promoters to disrupt US life

Trumpists rewriting history of failed Coup: terrorist clubbed police to stop Congress acts

Trumpists planned Congress reverse electoral vote that day: not ‘riot’ or ‘insurrection’

Trumpists relieved Biden supports keeping Trump obstruction memo secret from public

Trumpist Green calls Pelosi mask protection like Holocaust mass killings of millions

COPS BEWARE: Texas allows anyone to use guns: no license, untrained, anyone!

Does Qualified Immunity rule attract bullies who like to beat people up?

Not for your kids: Vehicles that have a bad accident record

Ebay cars are for sale but not with Ebay guarantee: scams galore! Better web sources

Scam: crypto is the hottest scam around: fake currency investment at a ‘discount’

Why firms pay ransom instead of using the file backup they already paid for

CEO pay jumped 16% in pandemic 2020 while average worker compensation rose 1.8%.

What the wealthy are buying now: diagnostic toilet replaces doc visits?

Budget Hearing Aids caught making false claims for products

Affection scam: get weekly pay to be lover is not real: empty your account results

Scammers Target Families Who Post Missing Persons on Social Media

Frontier Communications caught misrepresenting Internet speeds

Edward E. Matthes caught using fake investments promised high returns; 5 years prison

Emil Botvinnik FL caught churning clients’ funds to increase his income

Driver Loan caught misrepresenting the risks associated with their deposit product

Phone apps that hog memory and drain battery rated

Work at home scams: it sounds easy but that is why it is a scam

Catholics may bar Biden from Host: his politics not God determine Heaven or Hell?

Wormuth confirmed as first woman Army secretary — then she was unconfirmed

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

IRS tips to avoid scams: https://www.irs.gov/newsroom/tax-scams-consumer-alerts

Is it a scam? Check AARP scamline 877.908.3360. BBB Scam tracker

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

Find tax preparer: https://www.irs.gov/tax-professionals/choosing-a-tax-professional

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

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

Jobs

Biden fills lost positions: Gov hiring: good pay, benefits, pension, no layoffs,

Job managers spend 6 seconds per resumes: write yours for those 6 seconds!

Who owns your account now?

Health care coverage affordable with ACA special enrollment to Aug 15

Miracles:

Microscope trick helps create pic of atom despite fact we can’t ‘see’ ‘particle’ atom.

We know atom components are not particles but energy clusters that move.

Why some people are limited: any amount of alcohol causes brain damage

Nine states now have 70% of adult residents with at least one vaccine shot

Blind regains some sight using special protein and a virus

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

Montclair, NJ 07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

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

Friday, May 21, 2021

Advisors having a hard time beating low-cost index funds.

Student loan rates going up

Interest rates on federal student loans are set to rise nearly a full percentage point later this year, increasing the price of borrowing to pay for college for current and incoming students. The new rates, which are based on the results of a Treasury auction Wednesday, apply only to loans issued for the upcoming 2021-2022 academic year. Old loan rates stay the same but is it time to take some gains and pay old loans down or off? Unless you have need of the tax deduction in retirement, getting rid of debt now may be a smart move. On the other hand, the interest on this debt reduces income and taxes even if you don’t itemize. If you are concerned about your grandchild paying for higher education, you might use some of your gains to reduce the amount of loans taken out. Some of us have experienced better earnings (56%) than expected and a college education is a great use of our money. Saving for college can be less expensive using a 529 plan. You may also consider having your student do the first two years at a community college.

Consider your options: https://www.amazon.com/Education-Funding-Save-right-plan/dp/1482549956

Advisors having a hard time beating low-cost index funds.

If you did not notice or your advisor does not use a benchmark, your low-cost index fund beat almost all the traders this past year. Vanguard’s 500 Index is up 56% for one year. Yes the stock market goes down but you get a long-term average of about 11% in a low-cost fund. Since 2010, advisors have been hard pressed to earn their fees. Vanguard charges 0.04% a year because we investors own it—no middle people—so we keep almost all of our gains. Many of my readers hit or passed their goals for the year already. Just consider how right your advisor must be buying and selling to beat the market. Even the smartest gurus have trouble beating the markets. Yale’s legendary manager David Swensen with his 12.4% record failed to beat the market rate of 13.02% during his 1985-2020 tenure. Most advisors earn you only 3.79% over time. You can do better.

Earn 11%: https://www.amazon.com/You-Beat-Wall-Street-professionals/dp/1986031373

Does “bundling” insurance save you money?

Several carriers claim “bundling” or “customizing” saves you money. Certainly, it saves the insurer money. But buying two or more policies from the same company may actually cost you more. We need to shop for the best deal for each—auto, home and umbrella—since each contract has good and bad elements. For instance, my homeowner’s has been in place for 40 years and no other provider can match the price. On the other hand, my car company keeps raising the price despite me driving less, taking the safe driving course, and keeping my cars longer. And only my vehicle insurer will write my lawsuit coverage since it depends on a certain amount of vehicle liability coverage. Giving all your insurance business to one agent makes sense for their convenience but often costs you more, not less. Worse: some folks buy their retirement income and investments from their insurance agent. “Bundling” is a sales gimmick not an insurance discount.

Shop and save: https://www.amazon.com/Save-000-every-year-Only/dp/1500681571

Can we pay fewer taxes like the rich?

Inequality has grown dramatically over the last four decades: The top 1% have enjoyed extraordinary income growth, while growth for the vast majority has been anemic. Yet high-income households have not been asked to pay higher tax rates and corporations’ contributions to federal taxes have fallen to historic lows. Wages have fallen over time—they have become detached from productivity gains. Tax assessments come from wages and the rich don’t live on wages. And Social Security stops taking taxes on incomes over $142,800. Most of their income is tax-deferred or tax-advantaged. For instance, Warren Buffett with over $108.2 Billions pays only 17.7% while his office workers pay over 32.9%. The wealthy use complicated legal entities to hide their incomes. Take the former president’s claim that you are smart when you can pay professionals to manipulate your income. They found him a way to subtract his failed businesses on his personal income taxes so he can avoid taxes for years. Stop paying taxes like the rich; but do it legally.

Tax-FREE IRS account: https://www.amazon.com/Trump-Tax-Shelter-Avoid-taxes/dp/1985448300

How to keep your retirement full of income

First, you gotta beat inflation—25+ years may be the length of your income needs—but the VALUE of your fixed income is cut in half in 25 years. In the past, when people died right after retiring, they never had this problem. Today your $800 a month will be able to buy only $400 worth of goods in 25 years. You can’t beat inflation by holding your nest egg in 1% CDs and bonds. Stocks will protect you from inflation since the average return of 11% is greater than the 3% inflation rate. Prepare for a down market by using two buckets—one with a year of living expenses and the rest in a stock mutual fund like Warren Buffett’s heirs. Second, you can’t be assured of cash later if you spend it unwisely now unless you continue to grow your portfolio. Third, you can’t buy your kids happiness at the expense of your future. Most grandparents want to give financial support but they also don’t want to become a financial burden. Relax; your offspring will make it on their own by learning how to save. Fourth, get out of debt as soon as you can so you can have enough for later. Fifth, use tax-advantaged accumulation accounts. You have a great legal tax shelter available so use it for a tax-FREE retirement.

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

Maximize SS benefits with your spouse

Taking Social Security benefits is not so simple. You and your loved one need to look closely at the options together BEFORE making a decision since some decisions cannot be reversed. Because the SS offices are closed now, you need to use the website and get help from a knowledgeable source. If you can make an appointment, even virtually, your best source may not be the SS office personnel. However, they helped us learn of collecting higher benefits than we thought we received when we first applied. There are claiming strategies that are better long-term than taking benefits as soon as you can.

How to maximize income: https://www.amazon.com/Maximize-Social-Security-Benefits-Retirement/dp/1495439224/

Where is that refund?

The Internal Revenue Service reminds taxpayers that the most convenient way to check on a tax refund is by using the “Where’s My Refund?” tool at IRS.gov or through the IRS2Go Mobile App.

Where is the stimulus 1 or 2? If you did not receive stimulus 1 or 2, start filing here: https://www.irs.gov/newsroom/recovery-rebate-credit.

Stimulus 3? https://www.irs.gov/coronavirus/third-economic-impact-payment

What to do if you can’t pay by May 17?

Avoid the penalty for not paying estimated tax. Ask for an automatic extension to file till October. If that does not work for you, you can apply for a payment plan. An individual can setup an IRS installment plan if you owe $50,000 or less and can pay back the amount owed in 3 years. If you are a business owner, you can setup an installment plan if you owe $25,000 or less. The IRS will charge a one-time fee of $105.

If you own less than $25,000 and can pay the amount owed within six years, ask the IRS for a streamlined payment agreement. The IRS will charge a one-time fee of $102.

Request an Offer in Compromise if you cannot pay the total amount owed. This allows you to settle your tax debt for less than the total amount owed if you will be unable to pay back the total amount owed within 10 years. The IRS will charge a one-time fee of $150. Given the pandemic economic hardship, apply for the extension to file now: https://www.irs.gov/pub/irs-pdf/f4868.pdf

Special circumstances help: call the IRS Taxpayer Advocate Service 1-877-777-4778 for free assistance.

More ways: https://www.irs.gov/newsroom/heres-how-people-can-pay-their-federal-taxes

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

Like 1776, this period is a test of democracy—We rejected an "American fascist"

Dictator steals reporter’s correspondence

When ‘Truth and Reconciliation Commission’?

How Govt wastes our money:

Lack of health insurance delays treatments: more critical care and expensive solutions

GOP wavers on rounding up tax cheats: political donations matter: workers pay more tax

We paid $7 million in fake farm owners: no D&B, property or employee checks

Trump continues to take our money to push his propaganda: Steve Miller on our salary

SCAMS/SPINS: