#Old Age Pension Distribution

[argyrocratie]

"Our beloved heroine has said our choice is ‘socialism or barbarism.’ It is quite clear what she meant. Capitalism threatens to annihilate civilisation. Socialism took it upon itself to save it. By ‘socialism’ we should understand ‘the real movement’ – trade unions, workers’ parties, workers’ councils, proletarian revolutions, a large body of theory and of committed art, and the resulting systems of government – that set its face against capital and the bourgeois state, and thus, has attempted to save and transform civilisation as it has found it. Civilisation has certainly survived, such as it is, thanks to socialism, nuclear war has been averted and, for a while, we have perhaps witnessed a slight attenuation of cruelty and a minuscule retreat of misery and inequality, at least there, where the workers’ movement could force temporary compromises on the adversary. While fighting barbarism and saving civilisation, socialism became barbarous itself and was compelled to forget how to be socialist.

Socialism aimed at equality in every sense, social fairness, a well-anchored presence of the working class in politics where the Party has played the role of the tribunus plebis. In some places it has expropriated private companies and let them be run by the state, helped to introduce universal franchise, old-age pensions, paid holidays, free schools and healthcare, higher wages, shorter working hours, cheap housing, cheap public transport, unemployment benefit, social assistance of various kinds, upheld the possibility of a strong cultural opposition to the system, thereby making bourgeois society freer, more pluralistic, less racist and sexist, mostly rid of traditional deference and humility, less religious, less punitive, more hedonistic in its general outlook, less restrictive in its sexual mores – and so on.

This is indeed an advance for civilisation, at a tremendous cost of course. Be that as it may, the perfected variant of bourgeois society, modern liberal democracy, would have never come into being without the contribution of socialism, given the intrinsic and pervasive political weakness of the bourgeoisie, which was always sharing its class power either with elements of the ancien régime or, failing that, with representatives of the working class or various state élites such as, in the recent past, the military and other bureaucratic apparatuses, marching to the beat of a different drummer.

It is precisely this civilisation that is now collapsing all around us.

This forcibly reminds us (and it should) that we communists are barbarians, that we are enemies of civilisation, that the salvaging work of socialism has only propped up capitalism, which is the only kind of civilisation to be had if the separations that are at its base persist – and this civilisation is sure to destroy itself and humanity exactly as Rosa Luxemburg predicted.

(...)

Our civilisation has been ‘humanised’ thanks to separations. It has separated power (branches of government) because there is power. It has declared pluralism and tolerance because it has given up on truth. It draws frontiers and boundaries because it cannot trust merely human communities, it must ground them on the basis of race, ethnicity, language, culture, tradition, inertia about the past, on any social passion that transcends – or seems to transcend – class. It redistributes wealth because wealth is always poorly-distributed. It offers legal redress for injustice, for it is unjust. It enforces voluntary contracts between the unequal to offer formal equality because there is no substantial equality. It offers marriage to make peace between men and women whom it has made into enemies. It punishes thieves because there is property. It enforces taxation because people don’t feel they have to contribute to the common good, as it does not appear to exist. It instigates elections since the permanent power of the same powerful men would be intolerable, thereby recognising – what everybody knows – that power is evil. It differentiates between legal entitlements and rights, and informal power. It tries to mitigate cultural differences through schooling, as ‘raw,’ untutored humanity sinks into spectacular idiocy, as economic, political, military, and cultural power seems to coagulate."

-Gáspár Miklós Tamás, "Communism on the Ruins of Socialism" (2012)

[cogitoergofun]

Monique Louvigny, an event coordinator in the San Francisco Bay Area, economizes where she can. She drives a 10-year-old Prius, brings a thermos of coffee to work instead of patronizing a place with baristas, and takes advantage of a drive-through food pantry once a month.

Laid off at 57, “I kind of reinvented myself,” she said. She rebuilt her career as a freelancer, overseeing receptions and conventions for many companies and institutions, including the local de Young and Legion of Honor art museums.

But her income fell to less than $30,000 last year. “It’s erratic,” she said. “In January, I have 12 days of work.” In the summer, she might have only three or four.

Ms. Louvigny, 64, feels fortunate on two fronts. For health insurance, she has qualified for Medi-Cal, California’s Medicaid program. And two years ago, she paid off the mortgage on her condo in relatively affordable Vallejo. A housemate pays rent, which helps cover maintenance costs and rising condo fees.

“I think I can hang on for two years, workwise,” she said, and then she plans to begin receiving Social Security benefits at her full retirement age of 66.

Ms. Louvigny’s earnings place her in a category defined in a recent study in the journal Health Affairs as lower middle class for Americans nearing retirement. It’s a group that has steadily lost ground financially over the past two decades, with stagnating earnings and fewer economic resources than it had in the early 1990s.

Not only do such losses portend insecure retirement, but they also have disturbing implications for both health and life expectancy, the study and others have found.

The upper middle class, on the other hand, has fared distinctly better.

“There’s a lot of attention paid to the inequities between the very bottom and the top of income distribution,” said Jack Chapel, the lead author of the study, an economist and doctoral candidate at the University of Southern California. “We wanted to look at the middle class, where people are struggling.”

Drawing on data from the national Health and Retirement Study between 1994 and 2018, the researchers found “a bifurcation” among Americans in their mid-50s, he said.

In effect, they now divide into two middle classes: the more secure upper tier (which, in 2018, had on average more than $90,000 per person in annual resources, including income and the annualized value of home equity, retirement savings and pensions); and the increasingly precarious lower middle class. In 2018, people in that group had average annual resources of less than $32,000.

In the early 1990s, by contrast, “our lower-middle-class group had pretty comparable outcomes to the upper middle class” in measures of health and economic well-being, Mr. Chapel said.

No more. In two dozen years, the gap between them widened. Homeownership, for instance, declined by 5 percent in the upper middle class but declined by 31 percent in the lower middle class, only 54 percent of whom owned homes in 2018.

[anniewilliams098]

Planning for Taxes in Retirement: What to Know

You’ve saved. You’ve budgeted. You’ve pictured your perfect retirement—maybe it involves coastal mornings, cross-country RV trips, or just time to slow down and enjoy life. But here’s a piece many people forget to plan for until it’s too late: taxes.

Yes, even in retirement, Uncle Sam still wants his share. In fact, understanding how different income streams are taxed can make or break your monthly cash flow. Strategic tax planning isn’t just something for the wealthy—it’s a core part of Retirement Financial Planning for everyone.

Whether you're a few years from retirement or already there, it pays (literally) to know how taxes could impact your golden years.

Why Taxes Still Matter in Retirement  

There’s a common misconception that your tax bill will magically shrink when you stop working. And while your income may drop, your tax liability can still be surprisingly high—especially if you draw from multiple income sources.

If you’re not careful, you could find yourself in a higher tax bracket than expected, or worse, paying penalties on retirement account withdrawals. Planning ahead helps you stay one step ahead of the IRS—and keeps more of your money in your own pocket.

Know Your Taxable Income Sources  

Not all retirement income is taxed the same way. Here's how the most common sources break down:

Social Security: Depending on your total income, up to 85% of your benefits could be taxable. It’s not always “free” money.

Traditional IRA and 401(k) withdrawals: These are taxed as ordinary income since contributions were made pre-tax.

Roth IRA withdrawals: If the account is at least five years old and you’re over 59½, withdrawals are tax-free.

Pensions and annuities: Usually taxed as regular income.

Investment income (dividends, capital gains): Taxed based on how long you’ve held the assets—long-term gains are usually taxed at a lower rate.

Rental income or part-time work: Also taxable and can bump you into a higher bracket.

The Impact of Required Minimum Distributions (RMDs)  

Once you hit age 73 (or 75 depending on your birth year), the IRS requires you to start withdrawing a minimum amount annually from traditional retirement accounts like IRAs and 401(k)s.

The problem?

You don’t have much flexibility with RMDs. Whether you need the money or not, you have to take it—and that added income can increase your tax bill and even push up taxes on your Social Security benefits.

Tip: If you don’t need the RMD income, consider doing a Qualified Charitable Distribution (QCD) to a charity. It can satisfy your RMD without adding to your taxable income.

Strategic Roth Conversions  

One way to reduce future taxable income is by doing Roth conversions. This involves transferring money from a traditional IRA or 401(k) into a Roth IRA and paying taxes on it now—potentially at a lower rate than you would in the future.

Why it works:

Reduces future RMDs

Creates a source of tax-free income later

Provides flexibility if tax rates rise in retirement

But this move isn’t for everyone. Converting too much in one year could push you into a higher tax bracket. Spreading conversions out over several years—especially before RMDs kick in—can help smooth out the tax hit.

Watch Out for the Medicare Surcharge  

If your income in retirement is too high, you may have to pay extra for Medicare Part B and Part D. This is known as IRMAA (Income-Related Monthly Adjustment Amount).

It’s based on your modified adjusted gross income (MAGI) from two years prior.

So if you're planning a big Roth conversion or large investment sale, know that it could affect your Medicare premiums down the line.

Tax-Efficient Withdrawal Strategies  

How you draw your retirement income matters just as much as how you saved it. A smart withdrawal strategy can help you minimize taxes over time.

General rule of thumb (though not one-size-fits-all):

Use taxable accounts first (e.g., brokerage accounts)

Then draw from tax-deferred accounts (traditional IRA, 401(k))

Save Roth IRA funds for last

This approach can help manage your tax bracket over the years. But your strategy might shift depending on your goals, income needs, and future tax projections.

Get Help from a Pro  

Retirement tax planning isn’t something you want to wing. There are moving parts—changing laws, varying income sources, and unexpected life events.

A tax-smart advisor or retirement specialist can help you:

Run tax simulations

Plan your RMDs

Optimize withdrawals

Identify charitable giving opportunities

Avoid tax traps before they happen

If you're just getting started, our in-depth guide on Retirement Financial Planning: Secure Your Golden Years Wisely covers the full scope of long-term planning, including how taxes fit into the bigger picture.

Conclusion: Taxes Don't Disappear—They Just Change  

You don’t stop paying taxes when you retire. You just pay them differently. Without careful planning, they can quietly eat away at your retirement income, leaving you with less than expected.

But when done right, tax planning becomes a powerful tool—helping you stretch your savings, avoid costly mistakes, and stay in control of your financial future.

The key is to be proactive. Whether it's fine-tuning your withdrawals, considering a Roth conversion, or just keeping an eye on your tax bracket, thoughtful planning today will pay off tomorrow.

Because when it comes to Retirement Financial Planning, taxes aren’t just a footnote—they’re part of the main story.

[thamilan24x7]

Tamil Nadu Outpaces Centre in Funding Key Central Welfare Schemes

In a significant revelation, Tamil Nadu Chief Minister M.K. Stalin recently highlighted that the State contributes more than the Union government to several major Central schemes. While these programmes are officially designed and partially funded by the Centre, the real financial weight behind their implementation in Tamil Nadu comes from the State government.

Tamil Nadu’s Bigger Role in Six Major Central Schemes

A detailed analysis of both Central and State records shows that Tamil Nadu’s financial contribution exceeds that of the Centre in at least six Central welfare and development schemes, including:

Indira Gandhi National Old Age Pension Scheme (IGNOAPS)

Indira Gandhi National Widow Pension Scheme (IGNWPS)

Indira Gandhi National Disability Pension Scheme (IGNDPS)

Pradhan Mantri Awas Yojana – Rural (PMAY-R)

Pradhan Mantri Matsya Sampada Yojana (PMMSY)

Jal Jeevan Mission (JJM)

These three pension schemes fall under the National Social Assistance Programme (NSAP) umbrella.

What CM Stalin Said

During an event in Salem, CM Stalin said, “Even for schemes named after the Prime Minister, the State government provides over 50% of the cost. Without this, implementation would not be possible.”

This statement has brought attention to the financial asymmetry in so-called Central schemes.

The Ground Reality Behind the NSAP

Although the NSAP is officially funded by the Union government, Tamil Nadu has long been ahead in supporting welfare pensions. As early as 1962, the State had launched its own old age pension scheme. Over the decades, it expanded to cover widows, persons with disabilities, agricultural labourers, and deserted women. These were eventually subsumed into NSAP in 2007.

Funding Breakdown: NSAP Schemes

Old Age & Widow Pensions

Centre: ₹200–₹500/month

Tamil Nadu: Adds ₹700–₹1,000 to ensure a total of ₹1,200/month

Disability Pensions

Centre: ₹300–₹500/month

Tamil Nadu: Contributes the remaining amount to make it ₹1,500/month

Additionally, Tamil Nadu runs its own scheme for persons with disabilities, fully funding ₹1,500/month without Central support.

PMAY-Rural: State Share Nearly Double

The Pradhan Mantri Awas Yojana – Rural (PMAY-R) aims to provide housing for the poor. Officially, the funding ratio is 60:40 (Centre:State) in plain areas. But in Tamil Nadu, the actual cost distribution tells a different story:

Total unit cost per house: ₹2,83,900

Centre: ₹1,11,100 (39%)

State: ₹1,72,800 (61%)

The additional State cost includes RCC roofing and funds integrated from NREGA and Swachh Bharat Mission for toilets.

PMMSY: State Bears the Major Share

Under the Pradhan Mantri Matsya Sampada Yojana (PMMSY), the official ratio is 60:40 (Centre:State). However, in Tamil Nadu:

Centre’s actual share: Only 27%

State’s share: A whopping 73%

This demonstrates a huge gap between policy intent and ground execution.

Jal Jeevan Mission: A 50-50 Scheme in Theory

While the Jal Jeevan Mission (JJM) is supposed to be an equal partnership between the Centre and State (50:50), the actual figures in Tamil Nadu show:

State’s real contribution: 55%

Centre’s share: 45%

This marginal difference still places the heavier burden on the State.

Conclusion: Tamil Nadu’s Silent Contribution

The narrative of Central schemes often overlooks the huge financial role played by State governments, especially Tamil Nadu. Whether it's housing, pensions, or water supply, the real push for welfare comes from State-led funding and proactive implementation.

With Chief Minister M.K. Stalin drawing attention to this imbalance, it's clear that Tamil Nadu is not just a passive recipient of Central schemes — it’s often the primary engine behind their success.

[scrumptiouskiddefendor]

Distribution of Historical Pensions  in Andhra Pradesh

Nara Chandrababu Naidu, the former Chief Minister of Andhra Pradesh, is known for his administrative acumen and innovative approach to governance. During his tenure, especially between 1995-2004 and 2014-2019, Naidu introduced several welfare schemes aimed at improving the lives of marginalized communities. One of the significant aspects of his governance was the distribution of pensions to vulnerable sections of society. His government expanded pension schemes to provide financial security to the elderly, widows, disabled, and other disadvantaged groups, setting a benchmark for welfare governance in the state.

Under Nara Chandrababu Naidu’s leadership, the distribution of pensions underwent significant reforms to ensure that benefits reached the intended beneficiaries. Recognizing the importance of social security, Naidu’s government focused on expanding the coverage and increasing the pension amounts to provide more substantial financial support. He introduced mechanisms to streamline the distribution process, minimize leakages, and ensure timely payments. One of the key reforms was the emphasis on technology-driven governance. Naidu’s administration utilized Information Technology (IT) solutions to improve transparency and efficiency in the pension disbursement process. The integration of digital platforms, biometric authentication, and direct bank transfers helped reduce corruption and ensure that pensions were delivered directly to the beneficiaries. During Naidu’s tenure, several pension schemes were introduced or expanded to cater to various vulnerable groups:

●             Old Age Pension Scheme: The old age pension scheme was a flagship welfare program that provided financial assistance to senior citizens who lacked other means of support. Naidu’s government increased the pension amount periodically to adjust for inflation, recognizing the rising cost of living and the needs of the elderly.

●             Widow Pension Scheme: This scheme targeted widows from economically weaker sections, providing them with a stable income source. Naidu’s administration ensured that widows from low-income households received timely financial assistance, helping them to manage daily expenses in the absence of other family support.

●             Disabled Pension Scheme: Aimed at individuals with disabilities, this scheme provides essential financial support to help beneficiaries meet their basic needs. Naidu’s focus on inclusivity ensured that persons with disabilities were recognized and supported through increased pension amounts and streamlined processes for application and disbursement.

●             Weaver Pension Scheme: Recognizing the declining traditional occupations, Naidu’s government introduced a pension scheme for aging weavers, a significant community in Andhra Pradesh. This pension helped weavers sustain their livelihood during old age, preserving the traditional art while providing financial security.

The pension distribution reforms under Naidu had a profound impact on the social welfare landscape of Andhra Pradesh. By expanding the coverage and increasing pension amounts, Nara Chandrababu Naidu's government,   with the help of other TDP MLAs, provided a critical safety net for millions of vulnerable individuals. The focus on technology and transparent governance set a precedent for future welfare programs in the state.

Nara Chandrababu Naidu’s initiatives helped lift many out of poverty, provided financial stability to elderly and disabled persons, and ensured that marginalized communities received the support they needed. The legacy of these reforms continues to influence pension distribution policies in Andhra Pradesh, highlighting the importance of innovative governance in achieving social welfare goals. Nara Chandrababu Naidu’s tenure marked a transformative period in the distribution of pensions in Andhra Pradesh. Through reforms, technology integration, and a commitment to social security, his administration significantly improved the lives of many vulnerable citizens. These efforts not only provided financial relief but also restored dignity and stability to countless households across the state. To know more about this scheme, follow the TDP Live Update website.

[gpaccouning]

The Importance of Financial Planning for Canadians: How an Accountant Can Help You Achieve Your Goals

Financial planning is one of the most crucial steps toward securing your future and achieving your long-term goals. Whether you are saving for retirement, purchasing a home, or planning for your children’s education, a well-thought-out financial plan can guide you toward making sound decisions and optimizing your resources. As a Canadian, understanding the importance of financial planning can be pivotal in ensuring that you are on track to meet your objectives, no matter how big or small .At G&P Accounting Services is here to help you take control of your finances and achieve your goals with confidence. One of the best resources you can utilize to build and implement a strong financial plan is a professional accountant. In this article, we will explore why financial planning is so important for Canadians and how an accountant can assist you in reaching your financial goals.

Why Financial Planning is Essential for Canadians

Financial planning is essential for everyone, regardless of age or income level. In Canada, there are several unique financial considerations that make planning even more crucial. From navigating complex tax laws to understanding the nuances of government programs like the Canada Pension Plan (CPP) and the Registered Retirement Savings Plan (RRSP), Canadians have a number of factors to account for in their financial strategies.

Navigating Complex Tax Laws Canada has a progressive tax system, meaning the more you earn, the higher your tax rate. This can have a significant impact on your overall financial situation. Without proper financial planning, it’s easy to miss tax-saving opportunities, resulting in paying more than necessary. An accountant can help you develop tax-efficient strategies to minimize your liabilities, such as tax-deferred investment accounts, tax credits, and income-splitting strategies.

Retirement Planning Canadians are living longer than ever before, which means that retirement planning has become more important. The idea of simply relying on government benefits such as the Old Age Security (OAS) or CPP might not be sufficient to maintain your standard of living once you retire. Through financial planning, you can ensure that you are contributing to your RRSP or Tax-Free Savings Account (TFSA) consistently, and have a diversified portfolio to meet your future needs. An accountant can also help you understand the tax implications of withdrawing from retirement savings and develop strategies to make your money last longer.

Debt Management Managing debt effectively is another reason why financial planning is crucial for Canadians. With high consumer debt levels in the country, many individuals and families find themselves struggling to keep up with credit card payments, mortgages, and other loans. An accountant can help you understand your financial situation, devise a strategy to pay down high-interest debts first, and create a budget to prevent accumulating more debt in the future.

Estate and Succession Planning Planning for the future means not only focusing on your own needs but also considering what will happen to your assets after you pass away. Estate planning allows you to ensure that your family and loved ones are taken care of when you're no longer around. This includes things like drafting a will, minimizing estate taxes, and ensuring that your assets are distributed according to your wishes. An accountant can help you organize your finances in a way that reduces the burden of taxes on your estate and ensures that your plans are followed.

Education Planning If you have children or grandchildren, saving for their education is likely one of your key financial goals. The rising cost of post-secondary education can be overwhelming, but with careful financial planning, you can start saving early and take advantage of programs such as the RESP (Registered Education Savings Plan). An accountant can guide you on how much to save, the best investment strategies, and how to maximize government grants.

How an Accountant Can Help You Achieve Your Financial Goals

Accountants offer expertise and insight that can simplify the often overwhelming process of financial planning. By working with a certified accountant, you gain access to professional advice and tailored strategies designed to help you achieve your unique financial goals. Here are a few ways an accountant can support you in reaching those goals:

Tailored Financial Advice No two individuals or businesses have the same financial needs. An accountant will assess your specific circumstances, such as your income level, expenses, financial goals, and risk tolerance, to create a personalized plan that aligns with your objectives. Whether you’re planning for retirement, managing a growing business, or seeking to purchase a home, an accountant can help craft a strategy that suits your needs.

Maximizing Tax Efficiency One of the primary roles of an accountant is to help you minimize your tax burden. By understanding the Canadian tax system and taking advantage of various deductions, credits, and exemptions, an accountant can optimize your tax situation. For example, they can help you plan your RRSP contributions to lower your taxable income and offer advice on utilizing tax-free accounts like the TFSA for investments. These strategies can significantly improve your ability to save and reach your financial goals more quickly.

Creating a Budget and Financial Roadmap Building a budget is a critical aspect of financial planning. An accountant can help you create a realistic budget that balances your income, savings, and expenses, ensuring that you are consistently saving for your future while still covering your current living costs. A well-designed budget helps you stay on track, avoid overspending, and make adjustments when necessary.

Investment Guidance Investing wisely is essential to building wealth over time. An accountant can provide guidance on the best investment strategies based on your goals and risk tolerance. They can help you diversify your portfolio, invest in tax-efficient accounts, and adjust your investment approach as your financial situation changes. Additionally, accountants can help you understand the tax implications of your investments, ensuring you are making decisions that align with your long-term goals.

Debt Reduction Strategies If you're dealing with multiple debts, an accountant can help you design a debt reduction plan that minimizes interest payments and pays down principal faster. By organizing your debts and prioritizing higher-interest obligations, they can help you reduce the financial strain of accumulating debt and move you closer to your goals.

Financial Monitoring and Adjustments Financial planning is not a one-time event; it’s an ongoing process. Your accountant can provide regular reviews of your financial plan, ensuring that you’re on track to meet your goals. They can make adjustments based on changes in your financial situation, the tax laws, or new opportunities for investment or savings.

ConclusionFinancial planning is a crucial aspect of achieving financial security and reaching your long-term goals. For Canadians, having a strategic plan to manage taxes, save for retirement, pay down debt, and plan for the future can provide peace of mind and help build a secure foundation for life’s important milestones. By working with an accountant, you gain valuable insight and expertise that can help you navigate the complexities of personal finance and put you on the path to success. Whether you are just starting to plan your financial future or need help refining your current strategy, G&P Accounting Services is here to help you take control of your finances and achieve your goals with confidence. Contact us today to begin your journey toward financial success.

[kingstonfinancial-ca]

Preparing for Retirement in Kingston, Ontario: Smart Strategies for Financial Freedom

Retirement is a significant milestone, marking the transition from years of hard work to a time of relaxation, personal pursuits, and enjoying the fruits of your labor. However, achieving a financially stable and comfortable retirement. In Kingston, where the cost of living is moderate, but rising steadily, smart strategies are essential to ensure financial freedom in retirement. Here’s how to plan effectively.

1. Start Early and Save Consistently

One of the best ways to prepare for retirement is by starting early. Whether through employer-sponsored retirement plans,Registered Retirement Savings Plans (RRSPs), Tax-Free Savings Accounts (TFSAs), or personal savings accounts, setting aside a portion of your income consistently will provide you with a safety net as you approach retirement.

In Kingston, leveraging investment vehicles such as RRSPs and TFSAs is crucial. These savings tools offer tax benefits and flexibility, allowing your money to grow without the burden of high taxes, which is especially important as you approach retirement age. Setting up automatic contributions ensures you consistently save without having to think about it.

2. Diversify Your Investment Portfolio

Building a diversified investment portfolio is another key strategy for financial security in retirement. In Kingston, consider investing in a variety of assets such as stocks, bonds, real estate, and dividend-paying stocks to reduce risk and enhance returns over time.

Many retirees are also turning to real estate investments in Kingston’s growing housing market. As housing demand increases in this scenic city, purchasing rental properties or downsizing to a smaller home can provide additional sources of income in retirement. Work with a local financial advisor to ensure that your portfolio aligns with your retirement goals and risk tolerance.

3. Maximize Government Benefits

As a Canadian resident, you’re entitled to several government retirement benefits that can supplement your savings. In Kingston, it's important to understand the various programs available to you, such as the Canada Pension Plan (CPP) and Old Age Security (OAS). These benefits can significantly boost your retirement income if planned for strategically.

Maximizing your CPP contributions during your working years and choosing the right time to start collecting can make a big difference. For some clients, financial planners recommend delaying CPP payments until age 70 if possible, as this increases your monthly benefits. Understanding how OAS payments work and when to apply will also provide additional financial security.

4. Develop a Detailed Retirement Budget

Creating a realistic retirement budget is critical for maintaining financial freedom. Many retirees in Kingston find that their spending habits change once they stop working. While some expenses, such as commuting or work-related costs, may decrease, others, such as healthcare and leisure activities, could rise.

Your budget should account for basic living costs like housing, food, and utilities, as well as discretionary spending on travel, hobbies, and family activities. Factor in inflation and potential increases in healthcare costs, and don’t forget to include a cushion for unexpected expenses. A clear budget will allow you to live comfortably without overspending.

5. Work with a Financial Planner

Enlisting the help of a qualified financial planner is one of the smartest moves you can make as you approach retirement. A financial expert can guide you through the complexities of tax planning, investment management, and income distribution. In Kingston, look for advisors who specialize in retirement planning and have a deep understanding of the local economy.

A professional planner can help you create a tailored retirement plan, ensuring your savings last throughout your retirement. They’ll also assist in strategies to minimize taxes on your retirement income and make sure you’re making the most of available benefits.

Final Thoughts

Preparing for retirement in Kingston doesn’t have to be overwhelming. By starting early, diversifying your investments, maximizing government benefits, and creating a realistic budget, you can build a financial foundation that ensures freedom and security throughout your golden years. Working with a financial planner can also provide personalized strategies that align with your goals. With careful planning and smart strategies, you can enjoy a worry-free retirement in Kingston.

[townpostin]

321 Pension Approval Certificates Distributed in Jamshedpur

Senior Citizen Pension Certificates Distributed at Baridih Assembly Office Under the directives of Jamshedpur East MLA Saryu Roy, 321 approval certificates for the Chief Minister’s State Old Age Pension Scheme were distributed at the Baridih Assembly office on Sunday. JAMSHEDPUR – On Sunday, 321 approval certificates for the Chief Minister’s State Old Age Pension Scheme were distributed at the…

[rauthschild]

The Social Security Administration started out as an old age pension and medical insurance program for Federal Employees and Dependents under Franklin Delano Roosevelt's Administration. 

This self-help pension program was to be paid for by the workers and their employers, fifty-fifty. 

Upon reaching retirement age, arbitrarily set at 65, the program would begin paying for a monthly stipend and basic medical care.  The tax supporting this, FICA, was extracted from every paycheck with an Employee portion and an Employer portion duly noted. 

What the General Public wasn't told is that the Social Security Act was vaguely worded, so that while it appeared to mean "dependents of Federal employees" in the traditional sense of spouses and children, who might be eligible for some consideration under the program, the word "dependent" could also indicate anyone who was subject to a public trust or political asylum.  

It was this second, undisclosed meaning of "dependent" that FDR employed in making his odd demand that "everyone" sign up for Social Security and telling everyone including the General Public that they had to sign up and receive a Social Security Number in order to have a job.  

As  usual, FDR did nothing to disclose that the "everyone" he was talking to was supposed to be the Municipal citizens of the United States who were staffing the Federal Civil Service.  He also failed to disclose that the only people who needed to enroll in Social Security "in order to have a job" --- were those seeking Federal Employment or Federal Asylum.  

It was this second group of people seeking Federal Asylum, that we were all conveniently supposed to belong to.  

This deceptive wordsmithing and use of double meanings for common words led to millions of Americans believing that this was a new "government law" and that they were required to enroll in Social Security, which they did by the millions in response to this deliberately induced misunderstanding. 

The actual wording of the first Social Security Act made it quite clear that this new program was only intended for Federal Employees and their Dependents, that it would be an old age pension and benefit package for Civil Servants, and that the money collected would go into a special Social Security trust fund set aside from the General Fund, so that Congress couldn't spend it for anything else. 

Suddenly, millions of people were mistakenly paying into this program for Federal workers and their pensions were being heavily subsidized by all these Americans and by the employers of all these Americans.  

Still, all would have probably gone well-enough, if the Vermin had simply kept their word, but of course, being Vermin, they didn't. 

Soon, the U.S. Congress had tinkered with and "redefined" everything without the consent of the program participants, steadily increasing the amount of the FICA tax levied as a payroll tax on both the Employees and their Employers, redefining the "pensions" as "distributed payments" and finally, merely "benefits".  

The program prospered and the tremendous amount of money collected under this scheme created a huge potential Slush Fund for the Congress, which, predictably, started tapping and finally just dissolved the Social Security Trust Fund and rolled it over into the General Fund for direct hand-to-mouth spending. 

It comes as a great shock to many people even today to learn that there is no special Social Security Trust Fund anymore, and that their pension and benefits under that program are not secured.  It also comes as a shock that more than 7% of their lifetime gross earnings and an equal amount extracted from their Employers, adds up to a tremendous amount of money that has simply been purloined by the British Territorial U.S. Congress to be spent however Congress wants to spend it.  

There is no Golden Parachute and no safety net for Social Security as a result. 

This is bad enough, but the story gets worse.  Immoral profit-seeking has led to the program being pillaged and plundered by fraud artists, especially impacting Medicare and Medicaid.  

Medicare has traditionally been a program paid for by the presumed Federal Employees or Federal Dependents and their Employers, while Medicaid has been a program for the destitute and indigent and anyone else who fell through the cracks, whether or not they ever paid a penny into Social Security or not.  

Like everything else subject to Congressional meddling, Medicaid has become a supplement to Medicare, and another new program, SSI is now used to provide payments and benefits to a wide variety of uninsured, indigent, unemployed or unemployable persons who enrolled in Social Security but never "vested" in the program by contributing to it during forty (40) three-month "quarters" --- a period of ten (10) years.  

These people who didn't work long enough to qualify for benefits, nonetheless receive benefits, and often receive more than those who worked and contributed to the program for forty years --- which is a boiling sore spot with the American Public, which is outraged to realize that they have been defrauded and deliberately misinformed and misrepresented as Federal Asylum Seekers, and then are expected to take a back seat for every poor-mouthing special interest group on the planet.  

Most recently, Social Security was plundered to pay for housing and food stamps and support payments to illegal aliens--- a situation and misappropriation for which we hold every member of the Biden Administration and the entire British Territorial U.S. Congress accountable for.  

Efforts are ongoing to recoup credit that Americans have paid into the Social Security Administration by mistake, as a result of the deceptive language and misinformation they were given. 

All of these abuses have taken place while the same Bad Actors have been operating under color of law, and seeming to have government authority to enforce these "taxes", when in fact the Federal Subcontractors involved were engaged in their own administrative and personnel issues--- and deliberately misaddressing these to the American Public and self-interestedly entrapping members of the American Public in their crooked and ill-defined pension system.  

There's more: 

Here's a recent example of how our Federal Subcontractors have abused their Employers and misused their own positions of trust for political ends: 

Americans who worked hard all their lives and who counted on "Social Security" for all or part of their retirement plan, have been robbed blind and now must face the likelihood that there will be some kind of collapse that benefits the cronies and the criminals while leaving these innocent people destitute in their old age. 

Notice to Agents is Notice to Principals; Notice to Principals is Notice to Agents. 

[thellawtoknow]

Contributory Pensions: Concept and Importance

Definition and Mechanism of Contributory Pensions Definition: The Core Principle The Mechanism of Contributory Pensions1. Accumulation Stage 2. Fund Management Stage 3. Distribution Stage Variations in Structure and RegulationMandatory vs. Voluntary Contributions Tax Advantages Employer Incentives An Example of Contributory Pensions in Practice Advantages of Contributory Pension Schemes Challenges and Criticisms The Role of Governments and Policy Interventions Future Perspectives Conclusion The Concept and Importance of Contributory Pensions A contributory pension scheme represents a structured approach to retirement savings, wherein both employees and employers (or individuals alone) make regular financial contributions to a pension fund throughout the employee's working life. This essay explores the concept, advantages, and challenges associated with contributory pensions, emphasizing their role in securing financial stability in old age and fostering economic resilience.

Definition and Mechanism of Contributory Pensions Contributory pension systems are structured financial arrangements designed to provide individuals with a stable income post-retirement. These systems are characterized by the requirement that participants actively contribute to their pension funds during their working years. This section delves deeper into the principles, operations, and variations in contributory pension systems to explain how they function and why they are an integral part of retirement planning. Definition: The Core Principle At its core, a contributory pension system is based on the principle of shared responsibility between individuals and, often, their employers or the government. Participants allocate a portion of their current earnings to a pension fund, which is typically managed by professional entities or government agencies. This fund is designed to grow over time through regular contributions, compound interest, and investment returns. Upon reaching retirement age, participants access these savings in the form of regular payments (annuities) or lump sums, providing financial security when they are no longer earning a regular income. The Mechanism of Contributory Pensions The operation of contributory pension systems can be divided into three primary stages: accumulation, management, and distribution. 1. Accumulation Stage During the working years, participants regularly contribute to their pension fund. Contributions are usually deducted directly from an employee’s salary, ensuring consistency and minimizing default risks. The specifics of the accumulation process include: - Employee Contributions: A fixed percentage of the individual’s earnings is allocated to the pension fund. For instance, an employee may contribute 5-10% of their gross salary. - Employer Contributions: In many contributory systems, employers match or supplement employee contributions, doubling the rate of accumulation. This not only incentivizes employee participation but also builds a larger retirement corpus. - Self-Employment Contributions: For self-employed individuals, contributions are voluntary or mandated by regulatory authorities. These individuals bear the sole responsibility for contributing to their pension fund. Contributions are often tax-advantaged, meaning they are deducted from pre-tax income or are eligible for tax rebates, further incentivizing savings. 2. Fund Management Stage Once contributions are made, they are pooled into a pension fund managed by professionals or regulatory entities. The effectiveness of this stage determines the long-term viability and growth of the fund. Key aspects of fund management include: - Investment Diversification: Pension funds are invested in a mix of financial instruments, such as stocks, bonds, real estate, and government securities. The aim is to balance risk while ensuring steady growth. - Compound Interest Growth: Contributions benefit from compound interest over time, significantly amplifying the fund's value as the years progress. - Risk Mitigation: To minimize risks, fund managers often adhere to strict guidelines, such as capping exposure to high-risk investments or ensuring a balanced portfolio. - Government Oversight: In most jurisdictions, regulatory frameworks ensure transparency, accountability, and security in the management of pension funds, protecting participants’ interests. 3. Distribution Stage Upon reaching the specified retirement age, participants begin to receive benefits. The method of disbursal varies depending on the system’s structure and the individual’s preferences: - Annuities: Regular monthly or yearly payments that continue for the remainder of the retiree’s life. Some plans offer inflation-adjusted annuities to maintain purchasing power. - Lump-Sum Payments: In some systems, retirees can opt to withdraw their entire savings at once, often for large expenditures or investments. - Hybrid Models: A combination of lump-sum withdrawals and regular annuities to balance immediate needs with long-term income security. Variations in Structure and Regulation Contributory pension systems are not uniform and are adapted to suit the economic, cultural, and regulatory contexts of different regions. Common features and variations include: Mandatory vs. Voluntary Contributions - Mandatory Systems: In many countries, participation in contributory pension schemes is legally required for employees and employers. This ensures universal coverage and reduces the risk of old-age poverty. - Voluntary Systems: Self-employed individuals or workers in informal sectors often contribute voluntarily. Governments may encourage participation by offering incentives, such as tax deductions or co-contributions. Tax Advantages Tax policies play a critical role in contributory pension schemes. Contributions are often tax-deductible, reducing the individual’s taxable income. Similarly, the growth within the pension fund is typically exempt from capital gains tax, and in some cases, payouts are taxed at a reduced rate or exempt entirely. Employer Incentives Governments often incentivize employers to contribute to pension funds by offering subsidies or tax breaks. For example, employers who participate in pension programs may receive reduced payroll taxes or other financial benefits. An Example of Contributory Pensions in Practice Consider a contributory pension system where: - An employee contributes 5% of their monthly salary. - The employer matches this contribution with an additional 5%. - The pension fund invests in diversified assets that yield an annual return of 6%. Over a 30-year career with consistent contributions and compound interest, the accumulated fund can grow significantly, ensuring a comfortable retirement income. This model demonstrates the cumulative power of joint contributions, disciplined savings, and professional fund management. The definition and mechanism of contributory pension systems embody a partnership between individuals, employers, and governments to secure financial stability in retirement. By pooling contributions, leveraging investment growth, and adhering to regulatory standards, these systems transform small, consistent savings into substantial retirement funds. Their adaptability across jurisdictions underscores their importance as a cornerstone of modern financial planning, balancing individual responsibility with collective support. Advantages of Contributory Pension Schemes - Financial Security in Old Age A contributory pension ensures that individuals have a reliable source of income after retiring from active employment. This reduces dependence on family members or state welfare systems, fostering dignity and self-reliance. - Encouragement of Savings Culture By requiring regular contributions, these schemes inculcate a culture of long-term financial planning. This disciplined saving mechanism benefits individuals by ensuring financial stability even in unforeseen circumstances. - Employer-Employee Relationship Employers who match employee contributions often cultivate stronger relationships with their workforce. Such benefits enhance job satisfaction and employee loyalty, fostering a productive work environment. - Economic Stability On a macroeconomic scale, contributory pension funds serve as significant pools of capital for investment. Managed prudently, these funds can finance infrastructure projects, stabilize financial markets, and spur economic growth. - Inflation Adjustment Many modern contributory pension plans are designed to adjust payouts to reflect inflation, ensuring that retirees maintain their purchasing power over time. Challenges and Criticisms Despite their many advantages, contributory pension schemes face several challenges: - Affordability and Coverage Low-income workers or those in informal employment sectors often struggle to contribute regularly, leading to inadequate retirement savings. This issue underscores the need for inclusive policies and flexible contribution structures. - Investment Risks Pension funds are typically invested in financial markets, making them vulnerable to market volatility. Economic downturns or mismanagement of funds can jeopardize retirees' savings. - Longevity Risks As life expectancy increases globally, pension funds must support retirees for longer periods. This places additional pressure on fund sustainability and necessitates regular adjustments to contribution rates and payout structures. - Employer Non-Compliance In some cases, employers may fail to remit their share of contributions, especially in countries with weak regulatory oversight. Such practices can compromise the effectiveness of contributory pension schemes. - Transition Challenges In nations transitioning from non-contributory to contributory pension systems, individuals nearing retirement may not have sufficient time to accumulate adequate savings, necessitating supplementary measures. The Role of Governments and Policy Interventions Governments play a pivotal role in ensuring the success of contributory pension systems. Key interventions include: - Regulation and Oversight: Establishing robust regulatory frameworks to monitor fund management, prevent fraud, and ensure transparency. - Incentives: Providing tax breaks or subsidies to encourage participation, particularly among low-income earners. - Public Education: Enhancing awareness about the benefits of contributory pensions to promote enrollment and understanding. - Support for Informal Sectors: Creating tailored solutions to extend pension benefits to informal workers and marginalized groups. Future Perspectives The demographic shifts toward aging populations in many parts of the world underscore the increasing importance of contributory pensions. Innovations in digital finance and artificial intelligence offer promising avenues for improving fund management, increasing accessibility, and personalizing pension plans to meet diverse needs. Moreover, the integration of sustainable investment principles into pension fund management can align financial goals with broader societal objectives, such as combating climate change and promoting social equity. Conclusion Contributory pension schemes are an indispensable tool for securing financial stability and promoting economic well-being, both at the individual and societal levels. While challenges such as coverage gaps and investment risks persist, strategic interventions by governments, coupled with technological innovations, can enhance the inclusivity and sustainability of these systems. By fostering a culture of shared responsibility and disciplined saving, contributory pensions not only protect individuals in their twilight years but also contribute to broader economic resilience. Read the full article

[anniewilliams098]

Planning for Taxes in Retirement: What to Know

You’ve saved. You’ve budgeted. You’ve pictured your perfect retirement—maybe it involves coastal mornings, cross-country RV trips, or just time to slow down and enjoy life. But here’s a piece many people forget to plan for until it’s too late: taxes.

Yes, even in retirement, Uncle Sam still wants his share. In fact, understanding how different income streams are taxed can make or break your monthly cash flow. Strategic tax planning isn’t just something for the wealthy—it’s a core part of Retirement Financial Planning for everyone.

Whether you're a few years from retirement or already there, it pays (literally) to know how taxes could impact your golden years.

Why Taxes Still Matter in Retirement  

There’s a common misconception that your tax bill will magically shrink when you stop working. And while your income may drop, your tax liability can still be surprisingly high—especially if you draw from multiple income sources.

If you’re not careful, you could find yourself in a higher tax bracket than expected, or worse, paying penalties on retirement account withdrawals. Planning ahead helps you stay one step ahead of the IRS—and keeps more of your money in your own pocket.

Know Your Taxable Income Sources  

Not all retirement income is taxed the same way. Here's how the most common sources break down:

Social Security: Depending on your total income, up to 85% of your benefits could be taxable. It’s not always “free” money.

Traditional IRA and 401(k) withdrawals: These are taxed as ordinary income since contributions were made pre-tax.

Roth IRA withdrawals: If the account is at least five years old and you’re over 59½, withdrawals are tax-free.

Pensions and annuities: Usually taxed as regular income.

Investment income (dividends, capital gains): Taxed based on how long you’ve held the assets—long-term gains are usually taxed at a lower rate.

Rental income or part-time work: Also taxable and can bump you into a higher bracket.

The Impact of Required Minimum Distributions (RMDs)  

Once you hit age 73 (or 75 depending on your birth year), the IRS requires you to start withdrawing a minimum amount annually from traditional retirement accounts like IRAs and 401(k)s.

The problem?

You don’t have much flexibility with RMDs. Whether you need the money or not, you have to take it—and that added income can increase your tax bill and even push up taxes on your Social Security benefits.

Tip: If you don’t need the RMD income, consider doing a Qualified Charitable Distribution (QCD) to a charity. It can satisfy your RMD without adding to your taxable income.

Strategic Roth Conversions  

One way to reduce future taxable income is by doing Roth conversions. This involves transferring money from a traditional IRA or 401(k) into a Roth IRA and paying taxes on it now—potentially at a lower rate than you would in the future.

Why it works:

Reduces future RMDs

Creates a source of tax-free income later

Provides flexibility if tax rates rise in retirement

But this move isn’t for everyone. Converting too much in one year could push you into a higher tax bracket. Spreading conversions out over several years—especially before RMDs kick in—can help smooth out the tax hit.

Watch Out for the Medicare Surcharge  

If your income in retirement is too high, you may have to pay extra for Medicare Part B and Part D. This is known as IRMAA (Income-Related Monthly Adjustment Amount).

It’s based on your modified adjusted gross income (MAGI) from two years prior.

So if you're planning a big Roth conversion or large investment sale, know that it could affect your Medicare premiums down the line.

Tax-Efficient Withdrawal Strategies  

How you draw your retirement income matters just as much as how you saved it. A smart withdrawal strategy can help you minimize taxes over time.

General rule of thumb (though not one-size-fits-all):

Use taxable accounts first (e.g., brokerage accounts)

Then draw from tax-deferred accounts (traditional IRA, 401(k))

Save Roth IRA funds for last

This approach can help manage your tax bracket over the years. But your strategy might shift depending on your goals, income needs, and future tax projections.

Get Help from a Pro  

Retirement tax planning isn’t something you want to wing. There are moving parts—changing laws, varying income sources, and unexpected life events.

A tax-smart advisor or retirement specialist can help you:

Run tax simulations

Plan your RMDs

Optimize withdrawals

Identify charitable giving opportunities

Avoid tax traps before they happen

If you're just getting started, our in-depth guide on Retirement Financial Planning: Secure Your Golden Years Wisely covers the full scope of long-term planning, including how taxes fit into the bigger picture.

Conclusion: Taxes Don't Disappear—They Just Change  

You don’t stop paying taxes when you retire. You just pay them differently. Without careful planning, they can quietly eat away at your retirement income, leaving you with less than expected.

But when done right, tax planning becomes a powerful tool—helping you stretch your savings, avoid costly mistakes, and stay in control of your financial future.

The key is to be proactive. Whether it's fine-tuning your withdrawals, considering a Roth conversion, or just keeping an eye on your tax bracket, thoughtful planning today will pay off tomorrow.

Because when it comes to Retirement Financial Planning, taxes aren’t just a footnote—they’re part of the main story.

[scrumptiouskiddefendor]

Distribution of Historical Pensions  in Andhra Pradesh

Nara Chandrababu Naidu, the former Chief Minister of Andhra Pradesh, is known for his administrative acumen and innovative approach to governance. During his tenure, especially between 1995-2004 and 2014-2019, Naidu introduced several welfare schemes aimed at improving the lives of marginalized communities. One of the significant aspects of his governance was the distribution of pensions to vulnerable sections of society. His government expanded pension schemes to provide financial security to the elderly, widows, disabled, and other disadvantaged groups, setting a benchmark for welfare governance in the state.

Under Nara Chandrababu Naidu’s leadership, the distribution of pensions underwent significant reforms to ensure that benefits reached the intended beneficiaries. Recognizing the importance of social security, Naidu’s government focused on expanding the coverage and increasing the pension amounts to provide more substantial financial support. He introduced mechanisms to streamline the distribution process, minimize leakages, and ensure timely payments. One of the key reforms was the emphasis on technology-driven governance. Naidu’s administration utilized Information Technology (IT) solutions to improve transparency and efficiency in the pension disbursement process. The integration of digital platforms, biometric authentication, and direct bank transfers helped reduce corruption and ensure that pensions were delivered directly to the beneficiaries. During Naidu’s tenure, several pension schemes were introduced or expanded to cater to various vulnerable groups:

●             Old Age Pension Scheme: The old age pension scheme was a flagship welfare program that provided financial assistance to senior citizens who lacked other means of support. Naidu’s government increased the pension amount periodically to adjust for inflation, recognizing the rising cost of living and the needs of the elderly.

●             Widow Pension Scheme: This scheme targeted widows from economically weaker sections, providing them with a stable income source. Naidu’s administration ensured that widows from low-income households received timely financial assistance, helping them to manage daily expenses in the absence of other family support.

●             Disabled Pension Scheme: Aimed at individuals with disabilities, this scheme provides essential financial support to help beneficiaries meet their basic needs. Naidu’s focus on inclusivity ensured that persons with disabilities were recognized and supported through increased pension amounts and streamlined processes for application and disbursement.

●             Weaver Pension Scheme: Recognizing the declining traditional occupations, Naidu’s government introduced a pension scheme for aging weavers, a significant community in Andhra Pradesh. This pension helped weavers sustain their livelihood during old age, preserving the traditional art while providing financial security.

The pension distribution reforms under Naidu had a profound impact on the social welfare landscape of Andhra Pradesh. By expanding the coverage and increasing pension amounts, Nara Chandrababu Naidu's government,   with the help of other TDP MLAs, provided a critical safety net for millions of vulnerable individuals. The focus on technology and transparent governance set a precedent for future welfare programs in the state.

Nara Chandrababu Naidu’s initiatives helped lift many out of poverty, provided financial stability to elderly and disabled persons, and ensured that marginalized communities received the support they needed. The legacy of these reforms continues to influence pension distribution policies in Andhra Pradesh, highlighting the importance of innovative governance in achieving social welfare goals. Nara Chandrababu Naidu’s tenure marked a transformative period in the distribution of pensions in Andhra Pradesh. Through reforms, technology integration, and a commitment to social security, his administration significantly improved the lives of many vulnerable citizens. These efforts not only provided financial relief but also restored dignity and stability to countless households across the state. To know more about this scheme, follow the TDP Live Update website.

[thetimesnews-live]

How a Dallas Hedge Fund Manager Got Caught Up in a World of Fraud

How Barrett Wissman went from running a lawn-care company to orchestrating a $100 million scheme that has him standing in the cross hairs of the SEC.

On March 19, 2009, the New York Office of the Attorney General and the Securities and Exchange Commission in Washington, D.C., dropped two bombshells on the secretive world of high finance. For two years, the agencies had run a coordinated investigation into how New York’s comptroller picked investments for the state’s $150 billion pension fund. On that Thursday, the New York AG released a 123-count indictment of two men who worked for disgraced former comptroller Alan Hevesi. The charges included securities fraud, bribery, and money laundering. The SEC complaint mirrored the AG’s charges, saying that Hank Morris, the top political strategist and chief fundraiser for Hevesi, and David Loglisci, the top investment officer of the pension fund, orchestrated a scheme that netted the men and other Hevesi associates tens of millions of dollars in kickbacks from firms that invested the pension fund’s money.

News of the charges rocked Wall Street. But as the shock waves rippled across the country, they especially rattled an office on the 40th floor of Thanksgiving Tower in downtown Dallas. That’s where a central figure in the scheme worked—though the court filings, curiously, didn’t mention him by name. The AG’s indictment called him “John Doe 1.” The SEC went with its own cryptic nomenclature, referring to him as “Individual A.”

Who was he? And why wasn’t he identified? Officials weren’t talking, so the second question was anyone’s guess. Perhaps the mystery man had struck a deal with prosecutors. In exchange for his cooperation, maybe they had agreed not to name him. But the first question was easy to answer. There were enough clues in the filings to figure it out, which made the man’s “anonymity” even more puzzling.

The SEC complaint, for instance, mentioned that Individual A had invested at least $100,000 to market and distribute a comedy called Chooch that was produced by David Loglisci and his brothers. The low-budget movie is a story unto itself, but suffice to say it features Mexican prostitutes, a 9-pound dachshund named Kiwi Limone, and a slapstick donkey-riding scene. The SEC also said Individual A was a Loglisci family friend.

A few pages after the Chooch details—as if to say, “If you still haven’t figured it out, then here’s the giveaway”—the SEC complaint revealed that Individual A was associated with HFV Management, a hedge fund firm. The SEC alleged that Individual A paid a total of $600,000 in kickbacks to land $100 million worth of investments from the New York state pension fund. (Such investments would generate substantial fees for the firm that managed them.) Even better, the SEC alleged that once Individual A saw how the scheme worked, he wanted in on it. For a cut of the action, he funneled kickbacks from other investment managers to Loglisci and Morris.

There was only one man who was both a friend of Loglisci’s and also associated with HFV—aka Hunt Financial Ventures, the eponymous firm of Clark Hunt, located on the 40th floor of Thanksgiving Tower in the same suite where his father, Lamar Hunt, once ran his sports and business empire. That man was 46-year-old Barrett Wissman.

And who is Barrett Wissman, exactly, besides a central figure in an ever-expanding investigation that has led to more than 100 subpoenas being issued to investment firms across the country, that has embroiled no less than the Treasury Department’s Steven Rattner, and that has raised serious questions about how billions of dollars in state pension funds from New York to California are managed? It depends on whom you ask. Wissman, through his lawyer’s PR man, declined an interview request. But his rabbi says he’s a great guy. His godmother, on the other hand, says he’s a liar and a cheat.

In the mid-’90s, money was pouring into that Thanksgiving Tower office. On one side was the Hunt Sports Group, decorated with a signed Joe Montana Kansas City Chiefs jersey and other memorabilia related to its sports holdings. But the real action was on the other end of the office, where work of a decidedly less public nature was under way. That’s where Clark Hunt and his partner Barrett Wissman operated HW Finance and an associated thicket of offshore trusts and other financial vehicles (“HW” came from their last names).

Word around the office was that Wissman had gone to Yale and worked for a couple of years in international finance for Lazard Freres in New York City. Then his father had died, and he’d moved back to Dallas, just two years out of college, to assume control of the family’s chemical company, which he eventually sold. Some said he’d pocketed as much as $80 million. With that success, he’d persuaded Hunt, a friend from St. Mark’s, to launch an offshore fund called Infinity Investors with him.

Wissman’s aunt and godmother laughs at the notion. The family’s chemical company? It was called Athena Products. In addition to Veripretty tablecloths and Pretty Please housewares, it made lawn-care products under the brand name Carl Pool. It’s unclear when it was sold, but records indicate that in 1995 the company had just 30 employees and did only $2.5 million in sales. Wissman’s aunt says the family business didn’t make him wealthy. Far from it.

“I lent him money to keep Carl Pool out of bankruptcy,” says 78-year-old Rachelle, who asked that her last name not be used. “When I asked to be paid back, he claimed the money was a gift.”

In 1990, a Bexar County court ruled that Wissman had forged his aunt’s signature to defraud her of $96,250. “He was stupid enough to forge my signature on stationery that was not printed until two months after I supposedly wrote the letter on that stationery,” Rachelle says. Wissman was ordered to pay $233,919, which included awards for punitive damages and mental anguish. Rachelle says that in 1997, years after her godson had gone into business with Hunt, she was still trying to get him to pay up.

“You know, I haven’t spoken to his mother in years,” Rachelle says. “He basically tore the family to pieces. And prior to this, we were a very close-knit family. I would like to see him get his comeuppance. He took years out of my life in litigation that could have been avoided if he’d just done the right thing. There was something that made him feel that he was better than everybody else, smarter, more talented.”

A business associate who worked closely with Wissman in the Hunt office agrees with the assessment: “Barrett made me feel like he thought, ‘There’s me. And then there’s people like you. But I understand that, and you understand that, so we’re cool.’ ”

The associate tells a curious story about how Wissman once repaid a debt. The associate would rather not say exactly what he was owed, but when he hounded Wissman for the money, a partial payment finally showed up in an overnight package from a lawyer in London. Hundred-dollar bills were taped inside a magazine. “I can’t remember if it was Der Spiegel or what,” the associate says. “It wasn’t like it was sloppily taped in there. It was professionally done. The bills were taped throughout the magazine.”

This was the man who in 2005 secured the first of two $50 million investments from New York state’s pension fund. On the one hand, Wissman doesn’t present the picture of someone to whom such a sum ought to be entrusted. His previous Infinity fund had been burned so badly—losing bets on Russian bonds right before the 1998 “Ruble Crises,” then on a series of Internet companies right before that bubble burst—that the name HW Finance had to be shed like dead skin. The firm adopted the new name HFV. No “W” anywhere in it.

On the other hand, Wissman has an air about him. In 2001, he married an exotic Russian cellist named Nina Kotova, who worked for a time as a model. He’s also an accomplished pianist with a master’s degree in music from SMU. In 2003, he bought the talent agency IMG Artists, which represents performers from violinist Itzhak Perlman to dance troupe Pilobolus. He speaks six languages and has launched a series of music festivals around the world.

More important, though, he knows people. People like Steven Loglisci, brother of David Loglisci, the indicted top investment adviser with New York state’s pension fund. Steven was the New York director of Ross Perot’s 1992 presidential campaign, for which Wissman volunteered. In 1998, Steven served as New Jersey Senator Robert Torricelli’s financial adviser at Bear Stearns, until Wissman persuaded him to take over a struggling Internet company called e.Volve, which the senator then invested in—right before Wissman’s eVentures bought e.Volve, giving the senator a huge immediate paper gain on his investment. Torricelli later had to abandon a re-election bid over an unrelated ethics scandal. A third Loglisci brother, Nicholas, ran a computer networking company whose board included not only Wissman but also Torricelli’s ex-wife and his girlfriend.

It’s a complicated mess. Determining where the various conflicts of interest lie will take months, if not years. But Wissman appears to be helping prosecutors figure it out. In April, he pleaded guilty to a felony securities fraud and agreed to pay $12 million in penalties and is said to be cooperating in the investigation. HFV Management and HFV Asset Management agreed to pay a $150,000 penalty without admitting or denying wrongdoing.

Some people who’ve known Wissman for years are left scratching their heads. Rabbi Jack Bemporad, who officiated at Wissman’s wedding and now is a professor at the Vatican’s Angelicum University in Rome, says, “The person that I’ve known for 20 years has always been kind and generous. All I know is what I read in the paper. I find it absolutely astonishing. It’s just not the person I know.”

Scurry Johnson, who knows Wissman from St. Mark’s and runs a Dallas venture capital firm, says, “In my mind, he was never a thoroughly knowledgeable investment banker or hedge fund manager himself. So he may have been in the middle of a bunch of people who were more financially devious. Or I don’t know what the words are.”

But up on the 40th floor of Thanksgiving Tower, Clark Hunt has apparently made up his mind. After Wissman’s guilty plea, Hunt ordered the golden “HFV” initials taken down from the wooden front door. A few days later, when building maintenance workers still hadn’t removed the letters, Hunt let his displeasure be known. So the office manager went out there himself with a chisel and scraped them off. Then he covered the ugly spot on the door with brown shoe polish.

[arthur-franco]

Introducing Myrtle Callahan

Customer Persona - Myrtle Callahan

Name: Myrtle Callahan

Age: 78 (but if you ask, she'll say 29)

Occupation: Retired librarian and former seamstress. Currently occupied with a prominent role on the neighbourhood watch and being an amateur gardener.

Location: An old house in Port Colborne, Ontario.

Marital Status: Married to John, a retired beekeeper.

Background: Myrtle has lived in the same home in Port Colborne for over 50 years. She's well-loved in the community and gives out the best treats for Halloween. She takes pride in her appearance, her home, and her neighbourhood. Like anyone else, Myrtle is capable of letting the trash pile up, which has begun to accumulate as she is not as mobile as she once was.

Demographics: Female

Income: Social Security and Pension

Lifestyle: Myrtle enjoys the simple things in life: gardening, collecting knick-knacks, and having a good conversation.

Goals:

Keep her property well maintained and trash free

Avoid dealing with heavy garbage bins

Make a possible transition to retirement living easier, she has accumulated a lot of items throughout her adventures

Have a trash service that she can trust and count on

Challenges:

Myrtle doesn't produce enough trash for those big collection services, so she's looking for a small, reliable provider, such as N.T.T

Sometimes she needs to be reminded of appointment times, she has not embraced technology to receive text messages or read emails, and doesn't always write things down

Values:

She wants to support small, local businesses, she loves her community

She wants to be treated with respect

She wants to feel like she can trust the people picking up her trash, she is always keen to have a conversation

Personality Traits:

Charming and loves to chat

Spunky and witty

Nosy, she will telll you all about what is happening on the streets of port Colborne

How we can help Myrtle:

Personalized service: We're happy to chat with Myrtle and give her the service she needs. She can call us any time with any question, and we'll always be there tp support her

Affordable and flexible trash collection: We have options that fit Myrtle's busy lifestyle, without breaking the bank. Myrtle will get the service she requires and she will not pay for things she doesn't need

Consistent reminders: We will remind Myrtle when we're coming, in a way that works for her. Whether this is distributing paper material or actually calling her landline, we'll be sure there are no surprises.

Ultimately, we will treat Myrtle like family and give her the respect and quality service that she deserves. We've got her back, because nobody deserves to be left wondering when and if their trash is going to be picked up, especially not dear Myrtle.

[magnusrosen-blog]

I'm not fishing for empathy for my dear mother, but I want to show that our humanism is beginning to fray at the edges. It is no longer about caring, understanding and love in our system. Maybe it is time to open the beautiful eyes we have been given and look behind the curtain of illusion.

I would like to both praise the home care but give rice to the administration that sets the guidelines for our dear elderly.

Many who, in addition to a low pension, have their pets which mean a lot. A little life that exists in their home that maybe makes the spark of life and also the location in reality work. We are human beings and need care, love and understanding towards each other. This is what a healthy healthy society should look like.

My old mother has a cat to which she returns daily about the importance and significance. Just that she has this little life by her side.

If you are old and have difficulty getting out yourself, home becomes your whole life.

I would like to praise the home service, which does a fantastic job despite its short time at each visit. But those who decided how time should be distributed do not seem to be people with knowledge of either the human being or the care / help for the elderly.

If you want to allocate your short 15 minutes for a walk as an example, you must apply for this. If you have a pet like my mother, a small cat, you can't ask the domestic service to empty the litter box when they take the garbage, even though the way out is by the litter box.

If you are to have this help, you must apply for it. In this case, I have called the home service, and been told that they do not have the right to grant this, so I have then been referred higher up in the hierarchy. There they can't make a decision about the litter box either, as it takes about 1 minute to empty it. But then they must send out a form to my mother which must then be filled in. It is about 10 miles round trip for me, which I happily do for my dear mother. But whether it is environmentally friendly or not is for someone else to decide.

Then I fill in the papers, go to the post office and send it all off.

A month or so later, I receive a call from the social secretary that the decision has been rejected.

You will be asked to make an appeal, which means that they will send out a new form. I travel another 10 miles to fill out the appeal so that my old mother will have the opportunity to keep her cat and empty the litter box.

An animal especially for an elderly person but also for both younger and middle-aged people can mean the light and joy in life!

Isn't it right that we have a humanistic society that is based on security and well-being.

The time should come to start caring about each other where understanding and consideration become the guidelines in a society for humans. Of course and always with the framework of human rights.

Surely this shouldn't be too much to ask of our elected politicians who say they care so much about people / society's residents? That's probably why they're in a political position, you'd like to believe. 🙄 hm

Love my mother and am sure that many of us feel powerless in the face of our own system which is supposed to be just for us residents.

A powerless son. Sincerely, Magnus Rosén

[pensionsweeks]

Essential Tax Planning Strategies for Retirees

Retirement should be a time to relax and enjoy the fruits of your labor. However, navigating the tax implications of retirement income can be a complex task. Here, we'll explore some essential tax planning strategies for retirees to help you minimize your tax burden and maximize your after-tax income.

Understanding Your Retirement Income Sources

The first step in effective tax planning is understanding the different sources of income you'll have in retirement. These typically include:

Traditional IRAs and 401(k)s: Withdrawals from these accounts are taxed as ordinary income.

Roth IRAs and Roth 401(k)s: Qualified distributions from these accounts are generally tax-free.

Social Security: A portion of your Social Security benefits may be taxable depending on your total income.

Pensions: Pension income is typically taxed as ordinary income.

Investment income: Dividends, interest, and capital gains from investments may be taxed at different rates.

By understanding your income sources and their tax treatment, you can develop strategies to minimize your overall tax liability.

Tax-Planning Strategies for Retirees

Here are some key tax-planning strategies that retirees can consider:

1. Maximize Tax-Advantaged Withdrawals:

Strategic Withdrawals from Traditional IRAs and 401(k)s: Consider delaying withdrawals from these accounts until necessary to minimize your taxable income. If you must withdraw funds, try to stay within a lower tax bracket to avoid pushing yourself into a higher one.

Roth Conversions: Converting some of your traditional IRA funds to a Roth IRA can allow them to grow tax-free and be withdrawn tax-free in retirement. This strategy may be beneficial if you expect your tax rate to be lower in retirement than it is currently. However, there are tax implications for the conversion itself, so consulting with a tax professional is crucial.

2. Optimize Social Security Benefits:

Delaying Social Security: If you can afford to, delaying the start of your Social Security benefits can significantly increase your monthly payout. You can delay benefits until as late as age 70, resulting in a higher benefit amount for the rest of your life.

Strategic Spousal Benefits: Married couples can potentially maximize their Social Security benefits by coordinating their claiming strategies. Consider which spouse has a higher earning history and plan withdrawals accordingly.

3. Manage Investment Income:

Tax-Efficient Investment Portfolio: Review your investment portfolio and consider tax implications. Look for investments that offer tax-advantaged benefits, such as municipal bonds which typically offer tax-exempt interest income.

Capital Gains Harvesting: This strategy involves selling investments that have appreciated in value to offset capital losses and potentially lower your tax bill. Consult with a financial advisor to ensure this approach aligns with your overall investment goals.

4. Deductions and Credits:

Itemized Deductions: Seniors may qualify for various itemized deductions, such as medical expenses or charitable contributions. If your itemized deductions exceed the standard deduction, you can potentially lower your taxable income.

Retirement Tax Credits: Depending on your income level, you may qualify for tax credits specifically for retirees, such as the Senior Citizen Credit or the Credit for the Elderly or Disabled.

5. Consider Tax-Friendly Withdrawals:

Qualified Charitable Distributions (QCDs): If you are 70.5 years old or older, you can donate up to $100,000 per year from your IRA directly to qualified charities. This reduces your taxable income without affecting your itemized deductions.

Health Savings Accounts (HSAs): Funds remaining in an HSA after medical expenses are paid in retirement can be withdrawn tax-free for any purpose.

6. Seek Professional Help:

Tax laws can be complex, and tax planning strategies can vary depending on your individual circumstances. Consider consulting with a qualified tax professional to develop a personalized tax plan that maximizes your after-tax income and minimizes your tax burden in retirement.

Conclusion

By implementing these tax-planning strategies, retirees can navigate the complexities of retirement income and keep more of their hard-earned money. Remember, the earlier you start planning for retirement taxes, the more time you have to optimize your financial situation and secure a comfortable retirement.