April 3, 2014

Each April, the military community pauses to focus on its youngest members, those who don't deploy or travel to war, but are affected by those events just the same - the military child.

Read the entire article at: www.tricare.mil/LiveWell/HLArticles/Archives/04_03_14_MOMC.

Ever since the financial crisis of 2008, many pundits and experts have openly doubted the viability of achieving the American dream.

With homeownership, job opportunity and retirement security in decline, an Allstate/National Journal Heartland Monitor poll shows that most Americans agree with what the experts have said. Seven in 10 think that tomorrow's adults - today's kids - will have less financial security than adults today.

"There are several long-term issues we need to address, including our estimated $17.3 trillion debt, a legacy that our children are poised to inherit; but I think the United States will be stable for the next 10 years, and maybe longer if we get our financial house in order," says Stephen Ng, founder and president of Stephen Ng Financial Group, (www.stephenngfg.com).

"Many Americans who've worked their entire lives for a comfortable, if not luxurious, retirement want to know their money will be there - that's their dream."

Ng is an international financial planner with certifications in 19 states. He's passionate about teaching sound wealth practices to both clients and his community. Here are three important tips every pre-retiree and retiree should know to help preserve their wealth.

• Go to an independent retirement-planning advisor. Financial planning can be confusing. For most retirees who are not professionals, the numbers, rules and terminology can seem like a foreign language. An independent advisor, who is licensed in multiple products - insurance, annuities and more - allows for a higher degree of objectivity, tailoring options for a client's specific needs. He or she will not be bound to a corporate agenda or limited in their knowledge. Also, talk to the person who will be the architect of your financial future. Find out his or her values. How do they feel about their job? Are they patient in explaining your options? Do you trust your advisor?

• Pre-retirees: know your start-date options for retirement. Be aware that in most cases, withdrawals from tax-deferred retirement plans before age 59½ may be subject to a 10 percent federal income tax penalty. The latest date to begin required minimum distributions is usually April 1 of the year after you turn age 70½. In most cases, withdrawals are taxed as ordinary income. There are 10 common planning options, some of which are funded by employers. They are the defined benefit pension; money purchase pension; profit-sharing plan; savings plan; employee stock ownership plan; tax-sheltered annuities, or 403(b) plans; individual retirement accounts; self-employed plans; simplified employee pensions; Savings Incentive Match Plans for Employees; and annuity contracts.

• Make sure you feel good about your annuity. An annuity is a contract with an insurance company in which you make one or more payments in exchange for a future income stream in retirement. The funds in an annuity accumulate tax-deferred, regardless of which type of annuity you choose. Fixed annuity contracts are issued with guaranteed minimum interest rates. Although the rate may be adjusted, it should never fall below a guaranteed minimum rate specified in the contract. Keep in mind that annuity guarantees are subject to the claims-paying ability of the insurance company and contain fees and charges which are not limited to sales and surrender charges. All withdrawals of tax-deferred earnings are subject to current income tax, and, if made prior to age 59½, may also be subject to a 10 percent federal income tax penalty. Additionally, if purchased within a qualified plan, an annuity will provide no further tax deferral features. The contract, when redeemed, may be worth more or less than the total amount invested.

"This may be plenty of information to take in for now, but this is only the tip of the iceberg," Ng says. "Don't be afraid to ask questions. And, the more education you have about your own money, the better."

About Stephen Ng

Stephen Ng is the founder and president of Stephen Ng Financial Group™ (www.stephenngfg.com). Since 1992, he has helped pre-retirees and retirees preserve and increase their wealth by, in part, helping them avoid common mistakes. He regularly holds financial management, retirement investing and insurance planning seminars at businesses, churches and non-profit organizations. Ng is a Chartered Life Underwriter, Chartered Financial Consultant and a Certified Estate Planner. He is also an Investment Advisor Representative offering securities and advisory services through SagePoint Financial, Inc., member FINRA/SIPC. Stephen Ng Financial Group and SagePoint Financial, Inc. are unaffiliated entities. Stephen brings a national and international perspective to his financial advice, with professional and educational roots in Australia and Asia, and certifications in 19 states.

Congressman predicts minimum wage bill could pass House, urges Speaker Boehner to allow a vote

Washington, D.C. - Rep. Bruce Braley (IA-01) who today wrote House Speaker John Boehner, urging him to bring legislation to the floor for a vote?predicted that there is enough support in the House to restore the minimum wage to $10.10.

"It's one thing when the minimum wage isn't restored because of a lack of support?it's another when it doesn't occur because it never gets a chance," Braley said. "An extra dollar or two an hour is a life-changing amount to the 300,000 Iowans who would get a raise if this law passed."

A vote on restoring the minimum wage is expected to come before the Senate in the next several weeks and has the support of the Obama administration.

"It is unacceptable that an American who works full time to provide for their family is still living in poverty," Braley wrote.

Braley recently signed a 'discharge petition' designed to force a vote on the minimum wage in the U.S. House.

Braley also recently released a report on the minimum wage showing that since 1968, Iowans making the minimum wage have seen their real incomes fall by more than 30 percent. This means a parent with one child working 40 hours a week at a minimum wage job is living in poverty. Today, roughly 46,000 Iowans work jobs that pay at or below the minimum wage. Braley's report indicated that over 300,000 Iowans would receive a raise if the minimum wage was raised to $10.10.

His report examines how the purchasing power of minimum wage earners has decreased dramatically over time, resulting in many minimum wage earners living in poverty despite working 40 hours a week. The report also illustrates that over time the gap has steadily grown between minimum wage earnings and earnings of the average worker.

A copy of Braley's letter is available immediately below and HERE:

April 3, 2014

The Honorable John Boehner                       

Speaker                       

U.S. House of Representatives

H-232, U.S. Capitol

Washington, DC 20515

Dear Speaker Boehner:

I urge you to hold a vote in the House to restore the minimum wage.  As you know, Congress has not voted to increase the minimum wage since 2007.  Congressional action is desperately needed to restore the minimum wage to its full purchasing power.

It is my belief that if this received a vote in the U.S. House it could successfully pass?making this another issue for which there is the kind of incomprehensible congressional gridlock that has frustrated so many of my constituents. Let the American people have their say, and bring the bill up for a vote.

In Iowa, there are approximately 46,000 people making at or below the minimum wage.  Nationwide, there are 3.6 million minimum wage earners.  Nearly two-thirds of minimum wage workers are women.  Many of these minimum wage earners are living at or below the poverty line.  Today, a single parent who is a full time employee earning minimum wage is living below the poverty line. It is unacceptable that an American who works full time to provide for their family is still living in poverty.

Congress must act as soon as possible to raise minimum wage earners above the poverty line.  I'm asking that you hold a vote immediately to restore the minimum wage.  We can't afford to wait any longer.  I stand ready to work in any way possible to make sure we raise the minimum wage.

Sincerely,

Bruce L. Braley

Washington, D.C. - Congressman Dave Loebsack released the following statement today marking the fifth anniversary of the landmark Varnum decision by the Iowa Supreme Court to recognize same-sex marriages. The decision made Iowa the third state in the nation to grant marriage equality for LGBT couples.

"Iowa is no stranger to leading the fight for greater civil rights, whether it is based on race, gender or sexual orientation. And five years ago today, our great state again stood up and said enough is enough - we believe all couples, no matter straight or gay, should be allowed to marry who they love. Today's anniversary allows us time to pause to look back and see all that has been accomplished in moving marriage equality forward. It also reinforces the importance of continuing the fight for marriage equality so our LGBT brothers and sisters nationwide can have the same protections as Iowans.

"The Varnum decision made Iowa a more welcoming place for everyone to live, work and raise a family. Now it is time for this basic civil right to be granted to LGBT couples nationwide."