GOP lawmakers filed the lawsuit in federal district court in Washington the morning after Obama announced unilateral executive actions to expand protections for millions of immigrants who came to the U.S. illegally.
“If this president can get away with making his own laws, future presidents will have the ability to as well,” Boehner said in a written statement announcing the lawsuit. “The House has an obligation to stand up for the Constitution, and that is exactly why we are pursuing this course of action.”
The House authorized the lawsuit in a near party-line vote in July as congressional re-election campaigns were heating up. Democrats said Obama had acted legally and said the GOP measure was a political stunt aimed at motivating conservatives to vote and distracting them from calls by some to go even further and impeach the president.
The lawsuit was filed Friday against the departments of Health and Human Servicesand the Treasury.
It accuses Obama of unlawfully delaying the health care law’s requirement that many employers provide health care coverage for their workers.
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Whether it’s ketchup or ice cream or more recently batteries, Warren Buffett‘s Berkshire Hathaway is a powerhouse, managing a stable of more than 80 businesses. Its stock trades at more than $210,000 per share.
And if Berkshire Hathaway is legit, then Buffett — the company’s charismatic leader — is the real deal in business. At age 84, the man has a net worth of $66.8 billion, according to a recent report. Yes, you read that right. Billion. (Actually, it looks like he might be worth even more now…)
Buffett is the second wealthiest individual in the U.S., behind Microsoft co-founder Bill Gates ($81.5 billion) and ahead of Oracle’s Larry Ellison ($47.3 billion).
Buffett is as brilliant in business and investing as he is inspiring. Here are 10 of his best quotes, collected from his many letters to Berkshire shareholders and elsewhere around the web. Enjoy.
1. Give your mind some clarity.
“I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life.”
2. Never forget thy business basics.
“Price is what you pay. Value is what you get.”
3. Know what you’re getting into, before you get into it.
“It’s far better to buy a wonderful company at a fair pricethan a fair company at a wonderful price.”
4. Be smart — and realistic.
“I try to buy stock in businesses that are so wonderful thatan idiot can run them. Because sooner or later, one will.”
5. Don’t fake it till you make it.
“After all, you only find out who is swimming naked when the tide goes out.”
6. Always know who you’re dealing with.
“You can’t make a good deal with a bad person.”
7. Act with honor and integrity.
“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”
8. Value what’s most important.
“Too often, a vast collection of possessions ends up possessing its owner. The asset I most value, aside from health, is interesting, diverse, and long-standing friends.”
9. Hit the brakes when you need to.
“The most important thing to do if you find yourself in a hole is to stop digging.”
10. Be bold. Be confident.
“I always knew I was going to be rich. I don’t think I ever doubted it for a minute. ”
Perhaps half of all pre-retiree and retiree U.S. households with assets of at least $100,000 are interested in converting assets into guaranteed lifetime income for retirement, according to a new study.
The survey published by LIMRA’s Secured Retirement Institute comes as consumers, think tanks, the insurance industry and government appear to be focusing on whether Americans are properly preparing for retirement.
A poll released earlier this week by CBS found that most Americans who are not yet retired have difficulty juggling savings for retirement and paying their bills, and 64 percent are anxious about the amount of retirement savings they currently have. The poll also found that 55 percent think they will ultimately be financially ready to retire when they want to; 41 percent do not think they will.
At the same time, a new study published by Brookings Institution determined that guaranteed lifetime income annuities, also known as Qualified Longevity Annuity Contract, or QLAC, can play a key role in addressing the growing concern that retirees will outlive their assets.
And, the IRS and the Department of Labor last week issued guidance that gives the go-ahead for QLACs to be sold to consumers through target date mutual funds.
Non-retired Americans, younger Boomers (age 50-59), and those with assets between $100,000 – $499,000 are most interested in converting assets into guaranteed lifetime income for retirement, the survey by the LIMRA Secured Retirement Institute found.
“Our research shows that these demographic segments are less likely to have a defined benefit pension plan and will have to rely on their own assets to create retirement income,” said Matthew Drinkwater, associate managing director, LIMRA SRI.
Drinkwater said the survey found that 10 retirees and pre-retirees say having enough money to last their lifetime is a top priority, and nearly two thirds want to remain financially independent in retirement.
“Converting assets into a guaranteed income product, like an annuity, is a good way to ensure these goals are realized,” Drinkwater said he concluded as a result of the survey.
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Independent advisors called this election, but their musings on the performance of the stock market remain a work in progress
A poll of 2,300 independent financial advisors by the Financial Services Institute (FSI) last spring found that 66 percent of respondents believed the Republican Party would win back the U.S. Senate. The finding led FSI President and CEO Dale Brown to declare that independent advisors had their “finger on the pulse of politics.”
“We congratulate all incumbents returning to service in Washington and in state capitals as well as all those freshmen who will begin their service,” Brown said in a news release.
“As Washington shifts its collective attention to issues such as tax reform and the retirement crisis, we will remain vigilant in our advocacy efforts and continue our constructive engagement with regulators as well as legislators on both sides of the aisle,” Brown said.
Asked last spring whether they believed the stock market would deliver a “strong, neutral or weak” performance for equities, 43 percent said the market would be strong, 49 percent said it would be neutral and 8 percent said it would be weak.
As of one week after the election, the Standard & Poor’s 500 index was up about 10.2 percent year-to-date.
The index returned nearly 30 percent last year. From 1928 to 2013, the average annual geometric return of the benchmark index is 9.55 percent.
Deductibles and co-payments will be flat with individual premiums rising about 4.5 percent in New York’s health exchange for individuals and families during its second year.
Meanwhile, a nonprofit group’s survey shows general satisfaction among those who got insurance the first year, though some reported trouble getting accepted by doctors as a new patient.
State Health Department officials say their exchange has operated smoothly this first year after some initial computer capacity problems.
The exchange has enrolled 370,604 people with commercial and nonprofit insurers, 525,283 in Medicaid and 64,875 in the state’s Child Health Plus coverage for families with moderate incomes.
For the coming year, 16 insurers offer plans for individuals and families. Nine insurers offer coverage for small businesses with 50 or fewer workers.
Open enrollment begins Saturday.
One third of mass-affluent households own an annuity and 38 percent of affluent households report annuity ownership
WINDSOR, Conn., Nov. 6, 2014 — A recent LIMRA Secure Retirement Institute study found that nearly 9 out of 10 annuity owners are confident about their lifestyle in retirement.
High confidence is most notable among households categorized as mass-affluent (those with investible assets of $100,000 to $499,000) and affluent (assets of $500,000 to $999,000). Those two categories account for 79 percent of the households in the survey.
“These two groups have limited assets at their disposal that they will need to use in their retirement,” said Jafor Iqbal, associate managing director, LIMRA Secure Retirement Institute. “These consumers tell us that owning an annuity gives them confidence about their financial security in retirement.”
While it’s not surprising for people to have a positive attitude about a financial product they already own, Iqbal said, with annuities there is a twist.
“Our findings challenge the adage that annuities are ‘sold not bought,’” said Iqbal. “We found that investors know about annuity features and go into the process with a positive attitude which directly influences the purchase decision.”
CNN MONEY – Those long lines at Apple Stores around the world translated into record iPhone 6 and iPhone 6 Plus sales over the weekend.
Ten million to be exact. That beat last year’s iPhone 5S opening weekend by 1 million sales.
The achievement is remarkable, considering that China wasn’t a part of this year’s opening weekend.Apple (Tech30) sold 9 million iPhone 5C and iPhone 5S smartphones during the first three days of sales a year ago — a weekend that included Chinese sales.,
Demand for the new, larger iPhone 6 has been insatiable. See the full article here.
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CNN Money-Apple sold a record 4 million iPhone 6 and iPhone 6 Plus smartphones on Friday, the first day that the new iGadgets were available for pre-order, the company said Monday.
Demand for the new iPhones was so high that the iPhone 6 Plus sold out within hours. While many people who pre-ordered the iPhone 6 will get them this Friday, many others won’t get their iPhones delivered until next month.
“Demand for the new iPhones exceeds the initial pre-order supply,” Apple said in a statement. The company noted that an additional supply of iPhone 6 and iPhone 6 Plus smartphones will be made available to walk-in customers on Friday Sept. 19, beginning at 8:00 a.m. local time at Apple stores. People have already begun camping outside Apple Stores around the world to be among the first to get their hands on one of the new iPhones.This is the first year that Apple announced how many iPhones it sold in the first day — rather than in the first weekend. A year ago, Apple said it sold 9 million iPhone 5S and 5C smartphones in the first weekend.
But the numbers aren’t exactly “apples to apples,” pardon the pun. The iPhone 5S was not available for pre-order. Also, the iPhone 5S went on sale in China at the same time as as it hit store shelves in the United States.
This year, the iPhone 6 will not be available in China until at earliest October. China was not listed among the 30 countries that will get the iPhone this month.
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INSURANCENEWSNET- Although she didn’t know it 20 years ago, time was a luxury 57-year-old Rosemary Anderson couldn’t afford.
Anderson, an employee of the University of California-Santa Cruz, has more than $126,000 in debt, much of it from student loans incurred more than 20 years ago when she decided to return to school to obtain bachelor’s and master’s degrees, she said.
The interest rate on her consolidated student loans is 8.25 percent, but living expenses and caring for children have delayed repaying interest and principal, she said. She has not been able to pay anything toward her loans for nearly eight years.
“Every year I go through an elaborate exercise of which program will keep me in ‘good standing’ without making a payment and thereby avoiding default,” Anderson said in testimony before a U.S. Senate panel examining the burden of student debt by older Americans. See Full Article
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As workers age, retirement continues to become more complicated. That’s why we should keep them informed. The latest news helps us help them. Seminarsforless.com
CNN MONEY – The super rich got super richer as the gap between them and the rest of Americans continued to widen over the last few years, according to a new Federal Reserve report.
In its Study of Consumer Finances, released every three years, the Fed found that the wealthiest 3% of American households controlled 54.4% of the nation’s wealth in 2013, a slight increase from its last survey in 2010. It’s also substantially higher from the 44.8% they held in 1989, showing how quickly the income divide has been growing over the past decade or so.
At the same time, the share of wealth held by the bottom 90% fell to 24.7% in 2013. That’s compared to 33.2% in 1989.
“Data confirm that the shares of income and wealth held by affluent families are at modern historically high levels,” the report said. “The gains in income and wealth shares have been concentrated among the top few percentiles.”
The report also looked at Americans’ earnings. While the median income of all Americans fell by 5% between 2010 and 2013, the mean income increased by 4%. That means gains by the wealthiest segment of the population pulled up the average.All of the income gains came from the wealthy, with the top 3% accounting for 30.5% of all income. The bottom of the scale continued to see their incomes shrink.
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