1. Articles in category: Financial

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    1. 2 O.C. men sentenced to prison for scamming distressed homeowners during ’08 recession – Orange County Register

      2 O.C. men sentenced to prison for scamming distressed homeowners during ’08 recession – Orange County Register

      Two Orange County men were sentenced Wednesday to five and 12 years in prison for their roles in a Santa Ana-based home loan modification scheme during the Great Recession in 2008.

      Aminullah “David” Sarpas and Samuel Paul Bain started Santa Ana-based U.S. Homeowners Relief in late 2008 during the collapse of the housing industry that tipped the nation into a recession.

      The company promised distressed homeowners relief on mortgage payments in exchange for advance fees ranging from $1,450 and $4,200, prosecutors said. The two falsely promised they had a 97% success rate lowering mortgage payments for clients, prosecutors said.

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    2. How To Use Life Insurance To Pay For Long-Term Care

      How To Use Life Insurance To Pay For Long-Term Care

      There’s a good chance you’ll need long-term care as you age. But if you’re like many Americans, you likely don’t have a plan to pay for this sort of care.

      Although about half of adults turning 65 today will develop a disability that is serious enough to require assistance with daily activities of living, only 11% have long-term care insurance coverage that will help pay for the cost of care, according to the Urban Institute. Often, people don’t recognize the need for this sort of coverage because they underestimate the cost of care. And they mistakenly assume that Medicare and health insurance will cover long-term care.

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    3. Verify: Yes, you can get life insurance during the pandemic

      Verify: Yes, you can get life insurance during the pandemic

      According to AARP, some life insurers won’t issue new policies to people 65 and up during the pandemic because it says the Centers for Disease Control says that group has a higher risk of severe complications.

      AARP says some life insurance policies require an in-person medical exam, so the process will be delayed if you live in a state where such visits are restricted by stay-at-home orders. 

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    4. Mitch McConnell Just Opened the Door for an Extension of the $600 Unemployment Boost ... If President Trump Supports It

      Mitch McConnell Just Opened the Door for an Extension of the $600 Unemployment Boost ... If President Trump Supports It

      Senate Majority Leader Mitch McConnell said on Tuesday that he could support an extension of the now-lapsed $600 federal unemployment insurance boost — if President ends up backing it.

      At his weekly Senate Republican leadership press conference, McConnell was asked about Speaker Nancy Pelosi's appearing to draw a red line on the weekly federal supplement and whether he could support a negotiated spending package containing it.

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    5. 5 Simple Strategies To Manage Your Money Like A Millionaire

      5 Simple Strategies To Manage Your Money Like A Millionaire

      It doesn’t matter how much money you make; for some it never feels like enough. You’re putting in the hours, you’re networking, you’re building up your clientele, you’re working harder than you ever have before and your revenue reflects that, it’s increasing! So why does it seem like it all goes right back out the door to cover taxes, employee expenses, and bills? You should never feel alone when it comes to managing the financial side of your business.

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    6. Maxing Out Your 401(k) Could Lead to More Taxes on Social Security. Do This Instead

      Maxing Out Your 401(k) Could Lead to More Taxes on Social Security. Do This Instead

      A 401(k) plan is a great tool to save for retirement if your employer offers one. After all, investing in one is easy since the money is taken out of your paycheck directly. And you get to save with pre-tax dollars, which makes it much more affordable to put money into your account. Your employer may even match some of the contributions you make, which is a huge benefit since you're literally getting free money.

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      Mentions: retirement
    7. Mortgage rates just hit another record low

      Mortgage rates just hit another record low

      If there is an upside to all the pandemic-induced uncertainty in the economy, it’s the rock-bottom mortgage rate bonus for homeowners and homebuyers.
      The average rate on the popular 30-year fixed just fell to another record low — 2.87%, according to Mortgage News Daily.
      That is about a full percentage point lower than a year ago. And that’s just the average. Some borrowers are getting even lower rates.

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    8. Why Gen Xers Are Feeling the ‘Financial Squeeze’ — and What To Do About It

      Why Gen Xers Are Feeling the ‘Financial Squeeze’ — and What To Do About It

       Americans who are part of Generation X — ages 39 to 54 — should be focused on saving for their retirement. However, a recent survey conducted by Schwab Retirement Plan Services found that many people in this generation are behind on retirement savings while juggling debt payments and other living expenses. By understanding why they’re struggling to save for retirement, Gen X can get back on track to reach their retirement goals .

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      Mentions: retirement
    9. IRS Issues Additional Guidance for Retirement Account Withdrawals in 2020

      IRS Issues Additional Guidance for Retirement Account Withdrawals in 2020

      IRS Issues Additional Guidance for Retirement Account Withdrawals in 2020 Monday, July 13, 2020 The IRS recently released Notices 2020-50 and 2020-51 , on June 19 and June 26, respectively, which offer important but temporary relief to individuals who took their Required Minimum Distributions (RMDs) in 2020 prior to the enactment of the CARES Act. The Notices also expanded the number of people eligible to withdraw “coronavirus related distributions” from their retirement accounts.

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    10. 12 of the best tax deductions in 2020 - Cnet

      12 of the best tax deductions in 2020 - Cnet

      Your taxes are due today. The IRS in March moved Tax Day to July 15 due to the COVID-19 pandemic. As the economy tumbles and unemployment grows it's vital to maximize your tax refund -- or at least minimize what you'll pay this year. 

      We've rounded up a dozen of the most valuable tax deductions here. Note that these deductions are primarily for those who are not self-employed -- a group with its own, largely separate, set of tax write-off options.

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    11. What You Need to Know About Paying Taxes on Unemployment Benefits

      What You Need to Know About Paying Taxes on Unemployment Benefits

      Do you have to pay taxes on ? The answer may surprise you! Find out what you should know before tax season rolls around. The outbreak of coronavirus has left millions of Americans unemployed and relying on . Expansions of the unemployment system through the CARES Act and Pandemic Unemployment Assistance program have helped some weather the storm. Still, the more than 36 million Americans who have filed for are experiencing significant economic uncertainty.

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    12. How To Prepare For Unexpected Retirement Costs

      How To Prepare For Unexpected Retirement Costs

      Very few people like surprises in retirement. You’ve worked your whole life and want to relax. The last thing you want to encounter are surprise expenses on a fixed income. Yet they often bedevil retirees who are not prepare for them. A recent study published by the National Bureau of Economic Research and cited in the Squared Way blog showed how damaging some costly events can be. The death of a spouse, the study found, was one of the costliest events for retirees.

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      Mentions: Medicare retirement
    13. What I see:

      What I see:

      I just finished watch my typical Sunday morning new shows.  And, here is what I think:

      We are in for a nasty 9 months, or until we have a vaccine plus 3 months.

      • The infection rate continues to climb, and there is no reason to think it will stop.
      • Trump shows no signs of changing his position of opening up business.  I think businesses may limit what they open, but they will do what is in the best interest of their bottom line, which is what a business is suppose to do.
      • It appears the virus is weakening in it's ability to kill, but is becoming more transmittable.  More sick, but a lower percentage of deaths.  Can't figure out if the number of deaths is going up or down?  Should know more in a month.
      • Still a lot of people will not wear mask.

      So, I think, basically ...

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      Mentions: Virus Vaccine
    14. Second Stimulus Check: What Might Be On The Table?

      Second Stimulus Check: What Might Be On The Table?

      Senate Majority Leader Mitch McConnell recently weighed in on his thoughts about the potential for a second stimulus check going out to those affected by saying that one could included in a new economic relief package. He also noted some much tighter parameters for who might qualify for those checks.

      No doubt this will lead many to ask the question: 'Will I be getting more relief money?' Based on McConnell's comments, if you're in a higher income bracket, the answer is likely 'no.'

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    15. Today’s definition of financial adulthood is more flexible than ever

      Today’s definition of financial adulthood is more flexible than ever

      The financial milestones of adulthood used to be pretty clear-cut: 30-somethings were expected to get married, buy a home and have children. In fact, when the popular TV show “thirtysomething” hit the airwaves in 1987, back when many of today’s 30-somethings were in diapers, the show revolved around parenting young kids while climbing career ladders.

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      Mentions: Parenting
    16. Views on recovery weigh on debate over extending unemployment benefits

      Views on recovery weigh on debate over extending unemployment benefits

      To hear President Donald Trump tell it, the coronavirus will soon disappear, jobs are coming back, and Congress needs to let a $600 weekly unemployment benefit expire July 31, which he calls a 'disincentive to work.”

      But even with some jobs lost to the pandemic beginning to return, over 30 million people are still receiving the unemployment assistance and some fear the president's rosy assessment could leave them destitute if it goes away.

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    17. A $4,356 Social Security Benefit Cut Is Coming -- Will You Be Ready?

      A $4,356 Social Security Benefit Cut Is Coming -- Will You Be Ready?

      Social Security is facing a nearly $17 trillion funding shortfall
      Since 1985, the annually released Social Security Board of Trustees report, which examines the short-term (10-year) and long-term (75-year) outlook for the program, has cautioned that long-term revenue collection would be insufficient to cover outlays. In other words, Social Security wouldn't bring in enough money to cover the estimated payments to all beneficiaries over the coming 75 years. Based on the 2020 report, the program's unfunded obligations have now swelled to $16.8 trillion (yes, with a 't').

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      Mentions: Social Security
    18. Mortgage refinance rates could drop even lower ⁠— 4 ways to prepare

      Mortgage refinance rates could drop even lower ⁠— 4 ways to prepare

      Although the coronavirus crisis has had a devastating impact on the U.S. economy, the pandemic has also dropped mortgage rates to all-time lows. That’s great news for homeowners looking to refinance.

      The 30-year fixed-rate average plummetted to a record-low 3.13 percent the week ending June 18, according to data from mortgage giant Freddie Mac, marking its lowest recorded level since the company began tracking mortgage rates in 1971. The 5-year adjustable-rate average dropped to 3.09 percent, down from 3.48 percent a year ago.

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