Are your bank fees higher?

Are your bank fees higher?

In Bankrate's 2012 Checking Survey, almost every checking fee they follow went up, with some bank fees rising 25% or more. The average monthly maintenance fee for a noninterest-bearing checking account rose to a record high $5.48, an increase of 25% over last year. The minimum balance to avoid a monthly maintenance fee has nearly doubled in the last two years, reaching $6,117.80. Making matters worse, if you don't make that threshold, you'll be on the hook for a $14.75 monthly maintenance fee.
ATM fees have become routine, especially for using other bank ATMs.  "Our recent survey showed that 72% of the largest credit unions still offered free checking." Members buy only what they need using the “tricks of the trade” and pay zero fees:http://www.amazon.com/Insiders-Guides-Discount-Financial-Services/dp/143480593X

Long-term care insurance and alternatives

Please read all the exclusions and restrictions in at least three policies before buying. Consider that half of all policies lapse before any benefits were paid. Most owners were unable or unwilling to continue paying their premiums. Even if an owner has LTCi and goes to a facility, only half collect from the policy. If you need home care or use a residential facility, you may not collect benefits. When LTC benefits were paid, they were usually far below the actual cost of care. For many of the longest-term residents, benefits were used up before the nursing facility stay ended. Consider using the premiums to buy assets that can be used for LTC or legacy or retirement supplement, whichever is needed.http://www.amazon.com/Long-term-Care-Insurance-better-alternatives/dp/147006877X/

Decades of federal dollars, NOT entrepreneurs, helped pay for the natural gas boom

Pioneers in gas drilling say government research and tax breaks helped launch boom. The current new gas billionaires did NOT put up the money to assure their own success. The government did. In 1975, the Department of Energy began funding research into fracking and horizontal drilling, where wells go down and then sideways for thousands of feet. But it took more than 20 years to perfect the process. Millionaires like Romney say they did it all themselves. Not true.

GOP wants to eliminate the Department and every other government bureaucrat in Wash.

RomneyCare—emergency room for uninsured—disputed by doctors

"Emergency care is not health insurance," according to Dr. David Seaberg, president of theAmerican College of Emergency Physicians, responding to a statement by Governor Mitt Romney on 60 Minutes about how uninsured patients get medical care in emergency rooms. Most people need comprehensive care and can save with a high-deductible policy:http://www.amazon.com/Industry-Insiders-Guides-Buying-Insurance/dp/1466435712/

KS regulator ask GOP governor to set health exchange plan

GOP governor declines. He is waiting for election to see if he will comply with law to have exchanges for citizens to buy insurance. This will make it more difficult for uninsured to meet the deadline in 2014.

AR Gov embraces health care overhaul

Arkansas Gov. Beebe now wants to use ObamaCare to widen government-funded coverage to thousands of additional families. He’s relying on the move to help prevent a Republican takeover of the state Legislature for the first time since Reconstruction. Gov. Mike Beebe, the first Southern governor to back the law's expansion of Medicaid, has become an unlikely advocate for a central part of the overhaul that would expand Medicaid, a position made easier by the fact that he's not seeking re-election. Beebe has said he thinks lawmakers will support expanding eligibility when they see the broad benefits. The Department of Human Services has estimated expanding the state's Medicaid rolls by 250,000 people will save the state $372 million over the next several years. Republicans have expressed skepticism about that figure, noting that it factors in savings from other parts of the federal health overhaul. 

SD agrees to Fed health exchanges

South Dakota will not set up its own health insurance exchange, instead deferring to the federal government to operate and pay for a key component required by the federal health care overhaul. Each state has the option of making or renting exchanges. 

Are extended warranties right for you?

Experts agree that you should choose warranties backed by manufacturers and not third parties. Most cars have solid reliability records on engine/powertrain so you won’t need one. Check reliability at JD Power, Edmunds.com etc.

Sellers have considerable mark-ups on contracts – as much as 50%. Warranties are the profit line for most retailers. Some use warranty sales as sales bonus plans. Staples is a good example of what companies use extended warranties for—extra profit, not service. According to Staples employees, they are told: no warranty, no computer. The advertised computer is not in stock if you don’t buy the computer but is in stock if you do.

65% of Consumer Reports respondents spent significantly more for the extended coverage than they reaped in repair savings. Twelve percent noted they had difficulty getting warranty repairs because of contract terms or disagreements with an administrator. CRrecommends you put the $1,500-$2,300 you might spend in a moneymarket fund and "insure" yourself. Members self-insure for all large purchases:http://www.amazon.com/Build-Your-Tax-FREE-Wealth-Reserve/dp/1456505041

NJ Gov Christie fails to help homeowners in foreclosure—losing $300 million

ABC News reporter Jim Hoffer asked the governor to explain why New Jersey ranks last out of 18 states who have received hundreds of millions in funds from the US Treasury Department to help unemployed or underemployed homeowners to avoid foreclosure.

Specifically, New Jersey has distributed less than $4 million of a $300 million grant, placing the Garden State in last place among states that have received grants from the Treasury’s Hardest Hit Fund. The GOP governor has spent a good deal of time during the month of September campaigning out of state on behalf of Republican presidential candidate Mitt Romney. He allocated only 5 employees to the program. 

Best homeowner’s insurance services survey

The 2012 survey by JD Power is done. Amica Mutual ranks highest in satisfaction (859) for an 11th consecutive year among homeowners award-eligible insurance companies and performs particularly well in all five factors that contribute to overall customer satisfaction. Following Amica Mutual in the rankings are ACSC (AAA) (824) and Erie Insurance (822), respectively. USAA, an insurance provider open only to U.S. military personnel and their families and therefore not included in the rankings, also achieves a high level of customer satisfaction. Find your carrier on the list athttp://www.claimsjournal.com/news/national/2012/09/27/214364.htm.

Members find that quality service need not be expensive when you buy what you need.http://www.amazon.com/Industry-Insiders-Guides-Buying-Insurance/dp/1466435712/

SCAMS           “Only the little people pay taxes.” Leona Helmsley

Romney violated his own rule: Extra tax payments make him “unqualified” to be president!

Romney’s returns showed that the couple paid $1,935,708 in taxes on income of $13,696,951. Romney had claimed fewer deductions than he was entitled to just to keep his rate at such a level. Romney told reporters in August he had never paid below 13 percent in taxes in any given year over the past 20. Had he taken the full charitable deduction, it would have pushed his tax liability below 13 percent. Romney also said that "I don't pay more than are legally due, and frankly if I had paid more than are legally due I don't think I'd be qualified to become president."

Redistribution of wealth . . . to the wealthy, by the wealthy, for the wealthy!

Americans don’t understand why the wealthy don’t pay Social Security tax on ALL income.

Currently, workers pay the tax on the first $110,000 in income. Everything above that threshold remains untouched. Why? The current cap was set in 1983 to expose "90% of total national wages to the Social Security tax." Because of inequality in income growthsince then (the rich growing richer), the amount of wages escaping such taxation has grown from 10% to about 15%. It is said that if we raise the taxable portion, we will return to historical intent and also address the erosion of income equality since 1983.

Removing that cap entirely while leaving benefit levels the same could ensure Social Security's solvency for the next 75 years. 

Since the wealthy make more they should pay more. This seems fair. If you make $110,000 you pay $6826 but if you make $220,000, you pay only $6826. If you make $22 million, you pay only $6826.

Americans don’t understand why they pay 40-50% taxes in total and Romney and friends pay under 15% taxes in total.

Who owns your account now?

Morgan Stanley dropping the Smith Barney name from the joint venture it co-owns with Citigroup Inc.

Auto insurers Permanent General and The General to American Family Insurance. 

IAN

41 Watchung Plaza, B242

Montclair, NJ 07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

Is Long-Term Care Insurance right for you?

Is Long-term Care Insurance right for you?

Rating firm Moody's says the health of the long-term-care business is questionable. Of the 15 companies that generated the most statutory earned premiums for LTCI in 2010, five either no longer sell the product or have curbed sales. The list includes John Hancock Life Insurance Co., MetLife Inc., Unum Group, CNO Financial Group Inc. and Prudential Financial Inc. Many owners have to drop coverage as premiums rise. 

Compare the alternatives: http://www.amazon.com/Long-term-Care-Insurance-better-alternatives/dp/147006877X/ . $19.95

Is dog bite protection right for you?

Dog bite claims are on the rise and account for more than one-third of all homeowners insurance liability claim dollars in 2011. Every owner thinks their pet is God’s gift so coverage is not considered. Reality sets in when you receive a notice of suit. Between medical and settlement costs, your homeowners may not pay all. For a couple of hundred dollars you can protect yourself with an umbrella liability policy. Some breeds are NOT covered so ask. Most dogs respond to young children well but practice with known situations. Consult specialists if your pet is aggressive with the unknown. Use our Guide to pick the right “umbrella:” http://www.amazon.com/Drop-Your-Insurance-Only-What/dp/1448623391

Don’t stand near post office buildings

U.S. Postal Service asks Floridians to stop crashing into post offices

This year so far, eight drivers have crashed into post offices in Central Florida alone. Post office “tips” include: Visibly check to see whether your foot is on the gas pedal or the brake pedal," and "Visibly check to see if the vehicle is in Park, Reverse or Drive."

Medicare premiums will rise only $1.47 next year – overall spending down

Monthly premiums for popular private insurance plans through Medicare are only inching up next year, the Obama administration said. Average monthly premiums for Medicare Advantage plans will rise by $1.47 in 2013 to $32.59, said Blum. When premiums and out-of-pocket costs such as co-payments are combined, Medicare estimates that beneficiaries will actually spend less on average. e administration says Medicare Advantage premiums have gone down 10 percent since the president's health care overhaul passed in 2010.

KS questions Obama’s birth and presidency AGAIN—GOP never gives up

Kansas election officials on Friday were seeking to obtain a certified copy of President Obama's birth certificate as they determined whether to allow him to remain on the ballot after a state resident challenged his citizenship. Here it is: http://www.whitehouse.gov/sites/default/files/rss_viewer/birth-certificate-long-form.pdf

GOP never gives up or has KS moved that far to the right?

Romney never had to prove he wasn’t a Mexican.

It is only because he is black that Obama has to show he is American

GOP hopes to win election by ending our deductions!!

If elected president, Mitt Romney has promised he will create 12 million jobs, replace Obamacare and the Dodd-Frank financial reforms, slash corporate tax rates, preserve the Bush income tax cuts, and then cut an additional 20 percent to boot. And, oh yes—balance the budget.

How does Romney propose to pull off this feat of budgetary magic? He isn’t saying. He has said he wants to end loopholes to pay for this: charitable giving ($47 billion), mortgage interest ($89 billion), retirement savings ($118 billion), and employer-provided health insurance ($131 billion). Aren’t these cuts going to raise our taxes? http://www.businessweek.com/articles/2012-09-13/mitt-romney-and-the-fantasy-budget

How much do we really spend out of our paycheck? Less than HALF?!

Elections are about taxes. In 1960 middle-income Americans paid less than 30 percent of their earnings in local, state, and federal taxes; today that figure is up to 40 percent. Many middle- and upper-income families living in the states that have the highest taxes, such as New York and California, pay nearly 50%—HALF—their incomes in taxes. High taxes reflect the growth of government. Subsidies go to every group.

We pay Federal and state income taxes, Social Security and Medicare, state sales tax, gas tax. In some states, we pay workers compensation insurance, family leave insurance, disability income insurance, unemployment insurance. Some of us then have to pay our employer for union dues, health insurance, life insurance, long-term care insurance, etc. Some then have chosen to pay for retirement 401k, 403b, etc. Some also pay property tax, homeowner fees, road tolls to get to work, etc. Some pay interest on cars, etc. Some pay student loans. Some give a tithe to religion. The only tax credits we have are taxes, charity, mortgage, retirement and health insurance. Now even these are at risk.

The Patient Millionaire

You don't need an advisor to earn $100,000, $500,000 even a $1,000,000 tax FREE! You can do it yourself using the same low-cost high-return mutual funds that pension fund managers use.

You already have the power to control the process they use to earn your first $1,000,000. After that, it is easy to double your money without income taxes or advisor fees. There is no reason why you can't become a Patient Millionaire. You can also use a tax-advantaged account like they do. You can compound your money into $1,000,000 with monthly contributions of just $250. Compounding high investment earnings is “the most powerful force in the universe,” Einstein said. Simple but powerful AND you pay NO tax AND NO advisor/broker account fees for life.

Law Steeple is one of our Insiders. Just $12.95

https://www.createspace.com/4000350

SCAMS           “Only the little people pay taxes.” Leona Helmsley

Who are the 47% of Americans Romney says don’t pay income taxes?

There are 78,000 tax filers with incomes of $211,000 to $533,000 who paid no federal income taxes last year. Even more amazingly, there are 24,000 households with incomes of $533,000 to $2.2 million with zero income tax liability, and 3,000 tax filers with incomes above $2.2 million with the same federal income tax liability as most of those with incomes barely above the poverty level.

http://economix.blogs.nytimes.com/2011/06/28/who-doesnt-pay-federal-income-taxes-legally/

Congress people and staff not paying taxes either

The Republican-led House passed legislation last month that raised the consequences for federal civilian workers behind on their taxes, or anyone who wants to work for the government. Supporters say the measure is necessary to hold employees accountable, collect about $1 billion past due and foster confidence among Americans that public servants aren't ditching their tax obligations. Employees of the legislative branch — which includes members of Congress — owe millions, too. In the U.S. Senate, 217 employees owed $2.1 million; 467 workers in the House owed $8.5 million.

IRS has the power to put a lien on salary but some have friends in high places.

Some states will not renew a driver’s license if you owe taxes.

Guilty banker gets out of jail and collects $104 million as he passes GO!

First, the government threw Bradley Birkenfeld in prison for helping a former client at UBS AG hide his wealth from the Internal Revenue Service. Now, as part of the same case, the IRS has awarded the former banker $104 million for helping expose the widespread tax evasion scheme by the Swiss banking behemoth. The IRS collected $5 billion in back taxes and penalties from 4,700 Americans who held secret overseas accounts and $780 from UBS.  

What a business!

John Hancock helps business owners avoid paying taxes

John Hancock sold a tax shelter called the Benistar plan, which was intended to provide benefits funded by life insurance policies. Customers are now suing the insurer and their law firm which provided a letter of plan legality. In 2008, the IRS declared the Benistar plan an "abusive tax shelter" and assessed back taxes and penalties on the customers. Benistar plans claim a business can make unlimited tax deductions for contributions and employees can receive benefits free of tax using the insurance exemption. 

IAN

41 Watchung Plaza, B242

Montclair, NJ 07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

Keep More of What You Earn

Keep More of What You Earn

10 Mutual Funds for Tax-FREE Income, Growth and Diversification

>Earn 10% to 12% on your mutual funds FREE of income taxes.
>Avoid 1% to 3% sales fees and commissions on your account.
>Use low-cost mutual funds that are well diversified.
>Use a special IRS account to protect all your interest and gains.

Isn't it time you started using the low-cost high-return mutual funds the pension fund managers use?
You may not have the $ millions that pension fund managers have in their accounts, but that is no reason you can't Keep More of What You Earn like they do. You can also use a tax-advantaged account like they do. Get started in 1 hour. Presented by Law Steeple, MBA, one of our Insiders. Just $12.95.

https://www.createspace.com/3992600

 

 

 

No secret to having money: Invest early and spend less

New survey says HALF (47 percent) of the 1,038 respondents pointed to “living within my means” while more than a third (35 percent) say they “started saving from an early or at a young age.” Forty-two percent say saving for retirement is their primary financial goal. What is new is how to build wealth ON YOUR OWN and tax-FREE: http://www.amazon.com/The-ABCs-Building-Wealth-accumulating/dp/1468033344

 

 

Preferred auto insurance customers wasting premiums

Texas Office of Public Insurance Counsel found that the longer customers stay with a company, the more likely they are to pay more than they need to. The analysis found that the insurers' risk of loss is less the longer you stay with the company, meaning you become more profitable to the company the longer you stay around. While the savings will vary from person to person, long-term customers are likely to be paying too much.

The report was meant to be a siren call to shop around for home and auto policies. Our Guides show the ‘tricks of the trade’ to save: http://www.amazon.com/Industry-Insiders-Guides-Buying-Insurance/dp/1466435712

 

ObamaCare forced insurers to return premium overcharges

Virginia residents and businesses have received about $43 million in rebates from their health insurance companies. Fourteen insurers returned the money because they failed to spend at least 80 percent of their premium income.

 

What else does ObamaCare do for you?

See http://cigna.promo.eprize.com/hcrig/?affiliate_id=cigna

 

 

Romney now says he will keep ObamaCare benefits …. Sort of… (if you qualify?)

Romney does FLIP right on TV—he will gut ObamaCare, Then won’t, then will again!

On Meet the Press yesterday he said he intended to reform the health-care system to allow people with preexisting conditions to obtain health insurance. However, Romney doesn’t have a plan, or even a vague outline of a plan, to cover people with preexisting conditions. To preempt a conservative freak-out, Romney’s campaign clarified to National Review that its actual position remains, “Governor Romney will ensure that discrimination against individuals with pre-existing conditions who maintain continuous coverage is prohibited.” What does that mean?

The key clause here is “who maintain continuous coverage.” Romney is saying that if you have health insurance, you won’t get kicked off health insurance if you develop a serious condition, even if you switch insurers. That’s not the same as finding a way to give coverage to people who are locked out of the insurance market for medical reasons. It’s not even a new proposal. That right has existed in federal law since 1996. It’s possible Romney is saying he wants to strengthen it but, as Jonathan Cohn has explained, that’s really hard to do, and even if he could, it would be a very limited change that would affect very few people.

GOP captures the undecided by using half-truth sound bites?

 

Ryan lied about running a fast marathon!? Can we trust this man?

Runner who first questioned Paul Ryan’s marathon time speaks out. http://news.yahoo.com/blogs/ticket/runner-first-questioned-paul-ryan-marathon-time-speaks-155321505--election.html

“Turns out Ryan never ran a marathon in that time; a campaign spokesman was forced to walk back the comment.”

Why would he make up such a lie? Just to influence runners?

Does Ryan think we are stupid that no one would check him out?

Do all politicians think this way?

 

CA approves pay-for-miles-driven program

Regulators approved an auto filing by Esurance that will allow its policyholders to voluntarily participate in a unique pay-drive verified mileage auto program. Under the company’s “Drive Less, Save More” program, customers provide odometer readings each term for possible additional savings on their car insurance. Other companies that offer pay-drive programs include: The Automobile Club of Southern California, State Farm, CSE Safeguard Insurance Company and the Sequoia Insurance Company of Marin. Learn all the ‘tricks’ to lower your premium with our Guide: http://www.amazon.com/Industry-Insiders-Guides-Buying-Insurance/dp/1466435712

 

Vanguard low-fee ETFs shaking industry to core (profits)

Vanguard's ETFs have attracted 70% of the inflows over the past three years, according to a recent AllianceBernstein LP research note. “A fee cut could go a long way toward helping their [BlackRock] products compete more directly,” said Mike Rawson, an ETF analyst at Morningstar Inc. The battle between the two firms' emerging-markets ETFs is the clearest example of the shift that's been under way. The iShares Emerging Markets ETF (EEM) and the Vanguard Emerging Markets ETF (VWO) track the same index but the Vanguard ETF has an expense ratio of 0.22%, 45 basis points lower than the iShares product.

Members know there is no difference between the two funds except sales charges, which reduce the size of their nest eggs. http://www.amazon.com/Wealth-Without-Wall-Street-Commissions/dp/1442168137

Is your income going backward?

Median incomes fell 1.5 percent in 2011, while the official poverty rate ($23,021 for a family of four) remained essentially unchanged at 15 percent.

A family right in the middle of the income spectrum had an income of $50,054, which is actually lower than the 1989 median level of $50,624 expressed in 2011 dollars. The implication: For much of America the economy has produced not just one lost decade but two. Stagnation has even hit wealthier and more educated households (the 95th percentile in the Census data) for the past decade. http://www.myfoxspokane.com/news/economy/story/us-incomes-fall-1989-levels-how-did-happen

 

Top 1% of America’s wealthy now take double the national income http://www.nytimes.com/2011/10/26/us/politics/top-earners-doubled-share-of-nations-income-cbo-says.html

Top companies have moved their work overseas for lower wages and tax benefits.

 

 

SCAMS           “Only the little people pay taxes.” Leona Helmsley

 

Wealthy already plan to avoid new tax—The Romney way

Tax planners are developing ways to help clients avoid the taxes set to take effect next year. Advisers are devising methods for high-income taxpayers to shelter investment and other forms of income.

Obama's healthcare law imposes a 3.8 percent tax on investment income and a 0.9 boost in payroll taxes, both applying only to individuals earning more than $200,000 a year or households earning more than $250,000. That is about 4 percent of the tax-paying population, according to the non-partisan Tax Policy Center.

Among ways these taxpayers might be able to avoid the full brunt of the new taxes: cashing in gains this year instead of next; characterizing income as active instead of passive; and moving profits into vehicles or structures not subject to the tax, said a range of tax experts. Of course, law firms and real estate partnerships are exempt.

The 3.8 percent tax is assessed on top of the existing 15 percent tax rate on income from capital gains, dividends and other investments for the $200,000-in-income-and-up set. The tax applies to investment income from dividends, interest, annuities, royalties and rents - except for income earned in the ordinary course of a trade or business.

This 18.8% tax is still less than the 20% capital gains in effect under Clinton, when the deficit was going down. See http://zfacts.com/p/318.html

 

 

Corporations don’t need another tax break to open more factories—They went overseas

Corporations are holding record amounts of cash. And none of them wants to keep it in the U.S.Cash holdings for U.S. non-financial firms rose 3% to $1.24 trillion, according to Moody's. That tops last year's all-time high of $1.2 trillion. Moody's also estimates nearly $700 billion, or 57% of the corporate cash total, is held overseas. The ratings agency attributes this to emerging-market strength, dividends and high levies on repatriated cash.

"Without permanent reform that lowers the tax on overseas profits, Moody's expects the absolute and proportionate amount of cash held overseas will continue to rise," the firm says in its release. Even among corporate behemoths, there's a 1%: Apple, Cisco, Google, Microsoft and Pfizer accounted for 22% of all cash balances. Apple alone represented 8% of all holdings.

 

How did we get here

National Debt Graph by President

http://zfacts.com/p/318.html

IAN

41 Watchung Plaza, B242

Montclair, NJ 07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

 

Make sure your student has the facts

Wealth: What Every High School Student Needs to Know NOW at iTunes $3.99

Use a simple tax-FREE account called a “Wealth Reserve” to learn how to invest for long-term growth.

This Wealth Reserve can provide $160,000 annual retirement income for life with NO income tax.
This Wealth Reserve can provide real “lifestyle” security.

This Wealth Reserve can self-insure and self-fund financial needs saving $3,000 every year.

This Wealth Reserve takes advantage of the miracle of compounding—$250 a month becomes $2,000,000 over time.
Start today! Every year you delay costs you $100,000 later. http://itunes.apple.com/us/app/wealth-what-every-high-school/id540588535?mt=8

Or paperback http://www.amazon.com/Wealth-every-school-graduate-century/dp/1466427906

 

What is your retirement income plan?

How much will you receive from Social Security?

From a part-time job?

From your nest egg?

From your other assets?

Having a plan makes your life easier in retirement. Do it now so you can have peace of mind. http://www.amazon.com/Your-Retirement-Spending-Plan-enough/dp/1461084016/

 

Did you receive an IRS notice about IRA contributions?

One member received a notice for more tax because IRS claimed the filers were not allowed to deduct all the contributions because the spouse was covered by a pension and the other was not. This member did not accept the IRS claim since their tax preparation was done online using one of the firms the IRS listed on its website. The member also looked up the rules about IRAs and sent the IRS a copy of the page in question. Recently, the IRS gave up and did not require more tax. The IRS is staffed with folks who may not know all the rules—too many to know. It also pays to mention that you used the software firm listed at http://apps.IRS.gov/app/freeFile/jsp/index.jsp?ck and paid $10 for it.

 

 

Our taxes provide extra income to mega farms—Socialism for the rich

In 2011, corporate farmers earned a record income of more than $100 billion. With crop insurance and very high prices helping to compensate for a smaller harvest, incomes should remain strong, says an Iowa State University agriculture economist. Our taxes buy insurance for farm businesses that can show a “revenue” drop. This drives up the price of land and rents for smaller family farms. Food prices soar to offset lower supply of crops that now goes to making fuel and exports. Large agribusinesses get bigger.

 

CA establishes citizen health care co-ops to save premium; expand benefits

“These CO-OPs are a help to California consumers by returning surplus revenue to members in the form of lower premiums, lower cost-sharing and expanded benefits.”

The bill implements a provision of the Patient Protection and Affordable Care Act.

The bill would also make co-ops in California eligible for federal grants.

Under the health care law, those seeking to form a CO-OP may apply for $3.8 billion in federal funds in the form of low interest loans. To date, 19 non-profits, offering coverage in 18 states, have been awarded over $1 billion by the Department of Health and Human Services.

 

GOP-run states have declined to set up health exchanges—citizens lose

Putting their citizens’ health farther in jeopardy, GOP-led states do not see the advantages of raising health access and screenings for those in need.

http://www.dailykos.com/story/2012/06/30/1104748/-GOP-governors-fight-to-preserve-dismal-red-state-health-care

 

Is buying long-term care insurance when you are young right for you?

The LTCi industry is pushing this product for the young at work because sales have been slow for seniors. The sellers use arguments about how people at any age may need care. They cite very inexpensive policies. They drag out the best-case “examples” from insurers to show that someone actually received $730,200 in benefits at age 28 or 44. There are few details but the message is clear. http://www.lifehealthpro.com/2012/09/06/the-24-year-old-ltci-claimant?ref=hp

You can hit the LTCi benefit lottery by playing and you must be in it to win. But this policy is a really poor choice for young adults with few dollars to use for the rest of their lives. Yes, there are a few people who benefit just like there are a few wealthy widows and widowers. However, this is not the kind of long-odds bet you want to make at age 21. Buy LTCi at work ONLY if you have maxed out your 401k and Roth IRA and have a golden comprehensive health policy. You have a greater need for ready money later in life without having to become disabled first. For example, $250 a month can be worth $1million tax-FREE later. And you don’t need to get sick.  http://www.amazon.com/Lies-Financial-Advisors-Told-alternatives/dp/1478281545

 

 

 

Book review: Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street Neil Barofsky (Author)

A taxpayer’s look inside the way Washington acts when our country is in crisis created by one of its own power centers. Prosecutors hired to stop fraud and waste of our tax dollars are considered enemies by bureaus with the money to bailout their friends and intentionally hurt homeowners. Programs were “designed by Wall Street, for Wall Street.” (p. 129) All the banks that bet their money with AIG got 100% back—no losses. http://www.nytimes.com/2009/11/20/opinion/20krugman.html

Despite Congress funding to modify struggling homeowners’ loans, servicing banks and holding companies pushed foreclosures because fees are higher for them than for modifications. Treasury poured money into banks without any accountability, thinking that banks would never do anything wrong. Banks paid bonuses, fixed their balance sheets, bought other companies—spent all $700B without improving lending. Bank stockholders and executives that should have lost their jobs and their investments due to their own failed policies were paid off. Treasury even approved bonuses for the AIG execs who caused it.

Consider Angelo R. Mozilo, the CEO of Countrywide, one of the biggest bad loan originators. He never faced a trial let alone jail time. He was named second "Worst American CEOs of All Time". He received $57 million in 2005 at the height of the fraud.

 

Barofsky concludes, “future massive crises—and bailouts—are … inevitable.”

 

SCAMS           “Only the little people pay taxes.” Leona Helmsley

 

Socialism for the rich

Crop insurance for agribusiness—drives up prices for land too.       

Oil and gas subsidies—drilling already paid for by speculators.      

Cotton subsidies—we have to pay off Brazil farms.  

Rice subsidies—mega farms collect most of it—two firms got over half of total. http://farm.ewg.org/top_recips.php?fips=00000&progcode=rice&regionname=theUnitedStates

 

Who owns your account now?

American Financial Group's supplemental insurance business to Cigna

Hartford s Retirement Plans business to Massachusetts Mutual Life

 

IAN

41 Watchung Plaza, B242

Montclair, NJ 07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

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

 

 

Is timing our Social Security benefits important?

Is timing our Social Security benefits important?

When planning retirement benefits, know the rules:

1. Starting benefits at age 62, cuts benefits for life. Women live longer and are more likely to end up with SS benefits alone. Women who wait to age 70 receive ¼ more than at age 62 or 65, so waiting may be best for her.

2. Coordinating benefits and working may help both of you. This recession’s structural unemployment affects men more than woman. Men can take benefits at age 62 if they cannot find meaningful work. Women can continue working to age 70 to maximize their benefits and take ½ the man’s benefits if they have attained their full retirement age. http://www.ssa.gov/retire2/retirechart.htm The total benefits may equal what the man would have received if he started later. This preserves the woman’s increase in benefits for the rest of her life. She loses nothing of her own work credits by taking his too.

3. Medicare can be engaged at age 65 but may not be needed if the woman’s coverage is better or cheaper through her employer. Medicare does not cover all expenses. Medicare supplements and Part B are usually necessary. http://www.medicare.gov/sign-up-change-plans/decide-how-to-get-medicare/original-medicare/how-original-medicare-works.html

It may be helpful to meet with a SS official when one of you reaches age 62 to find out what works for you. Call your local office for an appointment and free analysis.

 

CAUTION: Advisors giving poor advice to clients on SS, survey says

The newly released findings from the Wharton School's Pension Research Council concluded that “many advisers still approach Social Security claiming as an individual decision rather than a household decision (even though) clients would be better served if a household- approach was utilized.”

 

Financial Power in the 21st Century: $1,000,000 Tax-FREE

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Isn't it time you started using the tax laws to your benefit like the people in the top 1% ! How does Warren Buffett pay only 17% total tax?  http://www.youtube.com/watch?v=Cu5B-2LoC4s

How does Mitt Romney pay less than 13.9%? You may not receive $21 million a year like Romney does but you can use a tax haven he can't use to compound $9 a day into $1,000,000. Compounding high investment earnings is “the most powerful force in the universe.” Compounding is money earning money on its earnings over time. Simple but powerful and ... no tax … ever.

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Two Americas—states providing health insurance to uninsureds

California, Connecticut, Hawaii, Iowa, Maryland, Nevada, New York, and Vermont have received new grants to help support the establishment of Affordable Insurance Exchanges. GOP states have said no to Exchanges for us.

 

TX voters will NOT need special ID to vote—GOP lost voter supression tactic

A federal appeals court in Washington Thursday struck down the Texas voter ID law requiring photos for voters at the polls, calling it racially discriminatory.

The decision is a major victory for the Obama administration and its Democratic allies, which had challenged the law.

 

Is critical illness insurance right for you?
This insurance is being pushed as a group plan in small companies. However, it only covers the unusual illness-- such as cancer, heart attack or stroke. If you have to go the hospital for other reasons, you may be faced with a large bill you can’t pay. This kind of policy is popular in Canada because everyone is covered already by national health and it is the only product insurers can sell. If you cannot afford a comprehensive policy which covers all the expenses of these illnesses, compare a high-deductible comprehensive plan. You will have a limit on your expenses but large bills will be covered. You do not need critical ill policy if you have the more comprehensive one. http://www.amazon.com/Industry-Insiders-Guides-Buying-Insurance/dp/1466435712/

 

 

SCAMS           “Only the little people pay taxes.” Leona Helmsley

 

Romney/Ryan claim to cut taxes AND not increase the deficit—except for workers!

Romney is still committed to making his tax cuts "revenue neutral"--in other words, not leading to an increase in the deficit.

When asked how this was possible, given the magnitude of the cuts (20% across the board on personal income taxes, along with a 10-point cut to corporate income taxes), Hubbard, his spokesman, explained that the cuts would be offset by:

• Stronger economic growth, and
• "Broadening the base" of taxpayers (in other words, having poor and lower-middle-income Americans pay income tax)

In the past, Romney has also promised to increase revenue by eliminating some loopholes and deductions. Romney has never been specific about which loopholes he would eliminate, and Hubbard did not provide any specifics.

Earlier this year, the Tax Policy Center concluded that it would be impossible for Romney to cut income taxes across the board and make the cuts "revenue neutral" without also effectively increasing taxes on the lowest-income Americans (and that was when the Romney plan called for merely maintaining current tax rates, not cutting them). The Romney campaign dismissed this conclusion as factually wrong and "partisan."

But stronger growth means LESS revenue for government when rates are cut and taxing low-income working people means LESS demand for products in US.

 

We saw this movie before. The job ‘creators’ moved their Bush tax cuts to Bermuda and left us with the debt. http://finance.yahoo.com/news/u-firms-move-abroad-024200566.html. Reagan and Bush started the deficit climb; Bush II added to it. See chart at http://www.ritholtz.com/blog/2010/05/national-debt-by-president/

 

 

 

Why my IRA has not grown to $10l.6 million like Romney’s has.

Mitt Romney made use of arcane techniques in several of its Cayman Islands-based funds to avoid U.S. taxes, according to a trove of Bain Capital's private audit and finance records made public on the website Gawker today.

The audited financial statements of one of the Cayman Islands funds make note of the use of "blocker" entities, which are used to help retirement accounts and nonprofit entities avoid some taxes. Financial statements for another fund note that it "intends to conduct its operations so it will … not be subject to United States federal income or withholding tax ..."

http://www.newyorker.com/online/blogs/johncassidy/2012/08/the-gawker-romney-files-seven-takeaways.html

 

Congress allows hedge funds to rip off the gullible

New rules allow any manager to sell “private placements” to those who wish to become “instant millionaires.” One commentator wrote: ‘The “JOBS Act” has authorized virtually any company to offer securities to the public without review or registration. This event is as catastrophic as the repeal of the Glass Steagall Act. Within the year, there will be horrendous stories of fraud by companies using this act and of the powerlessness of securities agencies to take any action because of the act.’

 

Who owns your account now?

TD Insurance, a subsidiary of TD Bank to USI Insurance Services

 

IAN

41 Watchung Plaza, B242

Montclair, NJ 07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

 

 

Wealth: What Every Student Needs to Know iTunes $3.99

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This Wealth Reserve can self-insure and self-fund financial needs saving $3,000 every year.

This Wealth Reserve takes advantage of the miracle of compounding—$250 a month becomes $2,000,000 over time.
Start today! Every year you delay costs you $100,000 later. http://itunes.apple.com/us/app/wealth-what-every-high-school/id540588535?mt=8

 

NC to reduce uninsured by 64% with ObamaCare

With the implementation of health reform, the first year of the Medicaid expansion alone is expected to reduce the number of uninsured persons in North Carolina by 64 percent, said a new report from the Budget and Tax Center a project of the North Carolina.

 

America is getting older

Baby boomers will turn age 65 at a rate of nearly 8,000 per day for the next 17 years. Most couples will need income for 30 years. IRAs must be used starting at age 70.5. If they are not needed, IRAs may be converted to Roth IRA which allows all gains to be left to heirs tax FREE like life insurance. 401k income is taxed as income. Social Security benefits (up to 85%) may be taxed if other income is high. A little planning goes a long way with our Guide:   http://www.amazon.com/Your-Retirement-Spending-Plan-enough/dp/1461084016

Will you have enough? Where will you invest? How much will you spend?

 

Is your advisor talking and showing variable annuity benefits again?
LPL and other firms are helping their advisors to push variable annuities since sales are down and commissions are up. LPL and others are using videos to help capture more clients’ dollars. The benefits are income and growth in the future during low interest times. Your advisor should also mention the costs and risks of these products. The SEC has warned that misleading claims can lock you into low benefits/rewards in the future:

 

RememberVariable annuities are designed to be long-term investments, to meet retirement and other long-range goals. Variable annuities are not suitable for meeting short-term goals because substantial taxes and insurance company charges may apply if you withdraw your money early. Variable annuities also involve investment risks, just as mutual funds do.

http://www.sec.gov/investor/pubs/sec-guide-to-variable-annuities.pdf

 

 

Book review Red Ink: Inside the High-Stakes Politics of the Federal Budget

How did we get to this point of owing $49,000 for each family member, up from $1,640 in 1966? Pulitzer-Prize-winning reporter David Wessel explains each party’s contribution to the mess. Who pays tax and who does not, how much goes to waste, how much is decided by 12,000 Washington lobbyists at $10,000 to $20,000 A MONTH retainer? How did corporations reduce their share from over 30% in the 1950’s to 6.6%? In 1980, 22% of all business profits were booked by firms that did not have to pay corporate taxes. In 2008, 73% of all business profits are booked by firms that don’t pay corporate taxes (yellow line in graph keeps going down).

Estate taxes account for less than 1% of revenue. Wage earners are paying 58 cents to state/local government for every $1 paid to the Feds. Why Reagan had to raise taxes 14 times and still couldn’t balance the budget. 

Is this socialism for the rich or what?

http://economix.blogs.nytimes.com/2009/10/20/federal-revenues-at-lowest-share-of-gdp-since-1950/

 

Accumulate $1,000,000 with NO taxes EVER.
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Insurers to raise price of UL life policies

Survey shows many insurers must raise the premium and lower their guarantees because of low interest rates and poor profit records. UL has a life insurance component which continues to cost less and savings component that can’t meet promises. Perhaps you should take your buildup and invest it while you switch to a lower cost term policy. You will have more later and still be covered. Life insurance is never a solid investment.

http://www.amazon.com/Drop-Your-Insurance-Dan-Keppel/dp/1448623391

 

 

GOP wants Romney to abolish interest deduction to lower his classes’ taxes

Republican platform drafters refused to put their party on record for preserving the mortgage- interest deduction, giving Mitt Romney more flexibility to promote his plan to lower tax rates paid by corporations and the wealthiest Americans without increasing the federal debt. Middle-class taxes would go up to pay for GOP tax breaks.

Who would vote for that outside the 1%ers?  http://www.sfgate.com/business/bloomberg/article/Republican-Platform-Won-t-Spare-Mortgage-Tax-3804350.php

 

 

Are commission-based accounts right for you?

Advisors are trying to switch our accounts into fee-based revenue accounts. Some are getting rich on 1-2% per annum but 72% of industry assets remain in commission-based accounts. Which is best for you? Like life, it depends on what you want to do. If you are a buy and hold investor, paying a low annual fee and no commission may be your best bet. If you like to pursue the hot products, a 1% fee may be great for hopping in and out of new trends. ETFs are popular but there are commissions to pay while an index fund of the same market may be cheaper. Learn from the insiders: Lies My Financial Advisor Told Me http://www.amazon.com/gp/product/1478281545/

 

Are your mutual funds really holding index funds (ETFs)?

Since you are paying 1-2% for a manager to pick market beating returns, would you be surprised (and angry) to find that they have put a lot of your money into index funds? It is true. Smart Money revealed that some small cap funds are actually invested mostly in the Russell 2,000 stock index ETF. Your manager may claim that they can easily sell the ETF when you and others want to cash in, but doesn’t that defeat the purpose of paying a “professional” to make the “smart” bets? Why pay extra for ETFs when you can buy the real McCoy and save the manager’s 1-2% fee plus ETF fee. The difference can be 40% of your total nest egg long term. In the last 10 years, Vanguard Small Cap Index has moved up 9.79% annually. You need your money more than your manager! Try it “neat!”  http://www.amazon.com/Wealth-Without-Wall-Street-Avoid Commissions/dp/1442168137

 

Women dissed by advisors?

According to a Boston Consulting Group survey, 73 percent of women say that they are dissatisfied with the financial services industry. Women claim they are overlooked, excluded, receive contradictory or poor advice and get worse deal terms than men.

But women are better investors than men and most know how to shop for a bargain. Stop wasting money and get better financial performance too: http://www.amazon.com/Leahs-Money-Book-control-money/dp/1448654408

 

Woman dissed by GOP

Paul Ryan, a married Roman Catholic, would overhaul women’ s health rights, Medicare, Social Security, and the health care law. He has actively fought abortion rights, government funding of family planning and insurance coverage for contraceptives. GOP platform says no abortion for rape, incest, even the death of the woman. GOP claims the sanctity of life, but not the pregnant woman’s life? Back to the coat hanger in the alley?

 http://www.nytimes.com/2012/08/22/opinion/what-the-gop-platform-represents.html

 

College student’s stuff may be covered by homeowners’

Check your policy or agent to confirm that your policy covers most of their stuff in the dorm or off-campus housing.

 

10 investments that worry regulators

Test your knowledge of the top investing scams being investigated by local regulators.

http://www.nasaa.org/3752/top-investor-threats/

 

 

SCAMS           “Only the little people pay taxes.” Leona Helmsley

 

Life Partners accused of fraud—“Gambling on death”

Accusing Waco-based Life Partners of fraud, state officials asked a state district judge in Austin on Thursday for authority to seize the life insurance settlement broker because it may run out of cash in two months. Texas claims that Life Partners sold unregistered securities and manufactured the value of the life insurance, or viatical, settlements by artificially shortening the life expectancies of those covered by the policies.

The company bought up insurance policies from elderly people, then resold fractions of the policies to investors, often promising big returns -- saying they are safer than buying gold or stocks. But some investors discovered that they had to pay premiums to keep the policies from collapsing, as people lived far longer than Life Partners predicted. Dah.

 

Congress benefits from letting lobbyists write our laws?

You have to be a millionaire to understand how the laws are written and they are.

http://thehill.com/business-a-lobbying/243625-the-hills-2012-50-wealthiest-in-congress

 

 

Who owns your account now?

Coventry Health to Aetna

 

IAN

41 Watchung Plaza, B242

Montclair, NJ 07042

973.746.2014

www.InsuranceAdvisorsNetwork.com