Month: September 2022

There are an estimated 50 million tailgaters in the USA who spend up to $12 billion a year on this very popular activity!  At the NFL (National Football League) level, tailgaters spend an average of $196 per game just on food, beverages, and supplies, not including the ever-increasing game ticket cost.

Something happened in New York Sports last Sunday that hasn’t occurred on the same day since 2009!  All four New York City pro sports teams won their games.  I can still remember the front page of the Monday N.Y. Post “Fantastic 4.  Judge blasts 58^th, 59^th homer, Giants’ best start since 2016, Mets sweep Pirates and Jets’ miracle comeback.”

In addition, the New York Jets did something no NFL team has done in over 2 decades!  They are the first team in the last 21 years to overcome a 13-point deficit with less than 2 minutes remaining to win a game

New Yorkers sure take their pro sports seriously!  I was at the tailgate for the New York Jets’ opening day loss to the Baltimore Ravens (there was a misty rain from 10am throughout the game) and I’m sure the Giants’ opening day victory tailgate was outstanding as well.

Professional Football games are expensive to attend.  The Jets raised game-day tickets this year by 3%, for the first time since 2016.  Parking passes also were increased to between $50-$70 per car, and there are different level access parking passes one can purchase.

There is a resale market on parking and for the old-school, there are no more paper game day tickets, although the Jets allow pre-printing the barcode for parking pass scanning into designated parking areas. 

Directly from the www.NewYorkJets.com website, “MetLife stadium is operating cash free at ALL concessions and retail stations.  You must pay by debit or with a credit card using a contactless tap to pay, mobile wallet chip, or swipe.  The New York Jets prefer Visa as a form of payment.  Reverse ATM machines will be available throughout MetLife stadium for guests to convert cash to a pre-paid Visa debit card.  The Visa card has no expiration date and can be used anywhere a Visa debit card is accepted.”

The ”carry-in policy” directly from the www.MetLifeStadium.com website allows:

1. Clear bags that are 12” X 6” X 12” in size or less, 1 bag per person
2. Food of any kind that is contained in the plastic bag
3. Small purses/handbags (clutch type) that are 4.5” X 6.5” or less (1 PP)
4. A factory-sealed plastic bottle of water or soft drinks that are 20 ounces or less in size (caps will be removed by Safety Service Team members
5. Reusable water bottles (both plastic and aluminum) bottles must be empty upon entry

Follow these tips to ensure a safe and fun tailgate experience:

1. Time it right: Try to arrive at least 2-3 hours before kickoff to get the optimum parking space.  If you are not tailgating postgame, pack up 30 minutes before kickoff.
2. Invest in real estate: Seek out spaces (or send somebody else to go early and scout spots) by the grass, the edge of the parking lot, and close to the bathrooms.  Fewer neighbors mean fewer issues!
3. Be a tool: Fill a toolbox with your favorite grilling essentials, utensils, zip lock bags, bottle openers, etc. 
4. Rethink your drink: I suggest multi-colored cups to identify which is your cup.  Also, use cups with straws (preferably paper) to protect from insects.
5. Reduce, reuse, recycle:  Cardboard drink carriers make good snack holders.  Less is more and makes cleanups easier.
6. Koozie up:  Always keep between 5-10 koozies in your car for guests.  Koozies are can holders to keep your favorite beers, white claws, and soft drinks cold instead of your hands freezing. 
7. Freeze it: Putting your water in the freezer the night before equals a giant ice cube which comes in very handy on game day.  Bottles of water inside cost anywhere $5-$12, so you may want to enter the stadium fully hydrated. 
8. Dress in layers:  There can be huge temperature swings this time of year, especially at 4pm games when the sun sets during the game.
9. Keep a duffle bag in your trunk:  Keep extra clothes, rain ponchos, hats, flashlights, batteries, bungee cords, and a fire extinguisher can in your trunk.
10. Dump coals in specified bins:  Almost all stadia have specified bins for dumping hot coals.  Leaving smoldering coals is hazardous to you and your fellow tailgaters!

I read an interesting blog last Monday from a woman who called herself a “Football Widow!”  She explained that her husband is not a sports fan, he ONLY likes NFL pro football.  In the beginning she didn’t like it when he was unavailable most Sunday, Monday, and Thursday nights.  Now she has learned to embrace it and schedules her events and watches TV during these weekly events, which her husband would NOT be interested in, so she now CHERISHES football season!

Whether or not you are an NFL football fanatic, football widow or widower, let’s all enjoy this fall and the NFL season!!

Identity theft has become a serious issue here in the USA and globally!  Although identity theft issues have been a common concern for several years; however, the frequency has skyrocketed the past three years!

See the statistics from the National Council on Identity Theft Protection below:

1. Losses from Identity Theft Cost Americans $5.8 billion in 2021.
2. The FTC (Federal Trade Commission) received 5.7 million total fraud and identity theft reports in 2021, of which 1.4 million were ‘consumer’ identity theft cases.
3. In 2021, $2.8 billion of losses were from imposter scams and $392 million were from consumer online shopping scams.
4. Fraud cases are up 70% from 2020.
5. Reported Cases: 2021= 5.7M, 2020= 4.8M, 2019= 3.4M
6. The average amount of money lost has doubled since 2019.
7. Experts claim there is an Identity Theft case every 22 seconds and it should increase by year-end 2022.
8. The number of Identity Theft cases reported in the USA is nearly 3 times higher than in other countries.
9. Reports have it that 33% of all Americans have had some type of Identity Theft issue in their lifetime.
10. Credit card fraud is the most commonly attempted theft among credit card users with 2.8m thefts reported in 2021.

I had my American Airlines Mastercard hacked 3 times in an 18-month period, so this issue is near and dear to me.  People who post on social media online are more likely to get hacked!  It is difficult for the average American (especially mature seniors) to deal with this widespread problem as scammers have become more sophisticated every year. 

One potential inexpensive option can be utilized through your triple AAA membership.  Triple AAA (the Automobile Association of America) offers a variety of inexpensive plans to assist. 

They (AAA) have three levels of plans.  They have a free plan and two other more comprehensive plans for $10.95/month and $15.95/month respectively for their top plan. 

One thing I noticed when dealing with this problem myself is that there are 3 important things that come into play with identity theft: IT is

1. Time Consuming
2. Costly and
3. Very Stressful

For many people, insurance is for protection and “peace of mind,” which is sometimes difficult to put a price on.  For this column, I will break down both the AAA Free plan (called their Essential Plan) and a “rider” that can be added to the Free plan for $10 per year.

The AAA Free plan includes:

1. Credit monitoring from Experian
2. Experian Credit Report (upon enrolling)
3. Lost Wallet or Purse (Pocketbook) Protection
4. Fraud Resolution Support

With the AAA Safeco $1/month (or $10 per year) Identity Recovery coverage, they add the following to their Free plan:

1. Case Manager: For no additional charge, a dedicated case management company works directly with the consumer throughout the claim process.
2. High Annual Limit and No Deductible: Expense reimbursement up to $25,000 annually for expenses incurred after identity theft.
3. Lost Wages and Child and Elder Care Expenses: They are covered for up to $250 per day with a $5,000 maximum aggregate per claim.
4. No Adverse Premium Impact:  Claims will have no adverse effect on future premiums.  This is the opposite of auto and homeowners insurance which usually raises premiums after a claim.

For my clients, insurance planning has to do with finding the maximum coverage for each premium dollar spent.  It is ALL about VALUE for life insurance, health insurance, long-term care insurance, and ALL other types of insurance. 

A responsible independent broker shops insurance companies looking for “pricing sweet spots” to see where the best VALUE can be found.  The AAA Identity Theft plans are no different, as I think there is value to be found looking at these AAA Identity Theft plans, especially the Free plan with the $1 per month (or $10 per year) rider added.

What do you think?  Feel free to reach out to me at Rob@InsuranceDoctor.us and best of luck to you!

Interest rates have been around since the dawn of civilization!  They can be traced all the way back to 3000BC.  It didn’t take long for people to realize the importance of interest rates as a critical part of the borrowing and lending equation. 

Interest rates have changed significantly since back in the early days when a 20% rate was a fairly common occurrence.  These days, interest rates that high would cause mass panic. 

The Federal Reserve sets interest rates in this country and the benchmark rate is called “The Federal Funds Rate!”  This is the rate that banks charge other banks to lend Federal Reserve funds to each other for overnight borrowing.  This rate must be manipulated for time to time, moved lower to stimulate growth or moved higher to curb inflation.

The reason this matters so much is because of the ripple effects of the Federal Funds Rate.  The FFR affects the Annual Percentage Rate (APR) on credit cards, home equity lines of credit, auto loans, mortgages, Certificates of Deposit (CDs) and savings account rates just to name a few. 

If you look at the history of the Federal Funds Rate, it was at ZERO from 2008-2015, and again at ZERO from March 2020 to early 2022.  Lowering this rate helped stimulate economic growth and triggered the real estate and refinance boom over the last 2-3 years.  Real estate is starting to cool now that mortgage rates have doubled this year. 

You might be asking yourself, what does this all mean?  The Federal Open Market Committee (FOMC) meets every 6 weeks to evaluate rates.  They have never been this transparent as they have stated there will be several more increases this year and possibly the first quarter of next year.

 This means, for conservative investors, there will soon be a major “Safe Investment Opportunity” to lock into these higher “Fixed Annuity Interest Rates” for multiple years! 

Fixed Annuities are issued by insurance companies as an alternative to bank Certificates of Deposits (CDs).  Fixed annuity rates were under 1.9% earlier this year, and in New York State the 5-year and 7-year Guaranteed  Fixed Interest Annuity Rates are currently returning over 4%. 

Annuity rates could reach 5% by the 4^th quarter of this year or the first quarter of 2023, which would be a good time to lock them in for years going forward! 

See below to read my Lucky 13 Advantages of Fixed Rate Annuities:

1. Guaranteed Interest Rates: You know exactly how much money you have at the end of the term.
2. Guaranteed Principal: Your principal is protected regardless of market conditions or company performance.
3. Interest Rates: Higher than CDs, bonds, or T-Bills.
4. Tax Deferred:  You do not pay income taxes until you start withdrawing funds which allow for faster accumulation hence providing you with greater income.
5. No Fees:  You pay no annual management fees while funds accumulate and no fees on death benefits to heirs.
6. Protected From Creditors: If you get sued creditors cannot go after/attach fixed annuity funds.
7. Bypasses Probate: Fixed annuity death proceeds bypass probate hence they are private, saving on estate fees and going directly to named beneficiaries outside the will.
8. Lifetime Income Options Available:  At any time your annuity may be converted into an income stream you cannot outlive.
9. Annual Withdrawal Options Available:  Most fixed annuities allow for 10% annual no fee withdrawals.
10. Annuitization: This unique annuity feature allows the policyholder take a guaranteed income for life and/or a period certain, and have a portion of the income excluded (an exclusion ratio) from taxation.
11. State Protection: Should the annuity insurance company become insolvent, there are state protections (depending on what state you are in) with limits between $250,000-$500,000 in most states.
12. Piece Of Mind:  Annuities are secure and offer peace of mind to account holders knowing they are safe from harm’s way.
13. Lowers Your FAFSA Score: For those parents with college bound students looking to qualify for merit-based (FREE) endowment money, repositioning parental asset into FAFSA-friendly Fixed Rate Annuities can lower your FAFSA score by almost $6000 for every $100,000 moved out of non-FAFSA friendly financial vehicles.

My firm has over 20 years of experience with Fixed Interest Rate Annuities and we have access to over 100 insurance companies to shop interest rates for clients.  For those “Financial Wave” readers interested in learning more about major opportunities coming soon for “Fixed Interest Rate Annuities,” feel free to reach out to me at Rob@InsuranceDoctor.us. 

See below to read my Lucky 13 Advantages of Fixed Rate Annuities:

1. Guaranteed Interest Rates: You know exactly how much money you have at the end of the term.
2. Guaranteed Principal: Your principal is protected regardless of market conditions or company performance.
3. Interest Rates: Higher than CDs, bonds, or T-Bills.
4. Tax Deferred:  You do not pay income taxes until you start withdrawing funds which allow for faster accumulation hence providing you with greater income.
5. No Fees:  You pay no annual management fees while funds accumulate and no fees on death benefits to heirs.
6. Protected From Creditors: If you get sued creditors cannot go after/attach fixed annuity funds.
7. Bypasses Probate: Fixed annuity death proceeds bypass probate hence they are private, saving on estate fees and going directly to named beneficiaries outside the will.
8. Lifetime Income Options Available:  At any time your annuity may be converted into an income stream you cannot outlive.
9. Annual Withdrawal Options Available:  Most fixed annuities allow for 10% annual no-fee withdrawals.
10. Annuitization: This unique annuity feature allows the policyholder to take a guaranteed income for life and/or a period certain, and have a portion of the income excluded (an exclusion ratio) from taxation.
11. State Protection: Should the annuity insurance company become insolvent, there are state protections (depending on what state you are in) with limits between $250,000-$500,000 in most states.
12. Piece Of Mind:  Annuities are secure and offer peace of mind to account holders knowing they are safe from harm’s way.
13. Lowers Your FAFSA Score: For those parents with college-bound students looking to qualify for merit-based (FREE) endowment money, repositioning parental assets into FAFSA-friendly Fixed Rate Annuities can lower your FAFSA score by almost $6000 for every $100,000 moved out of non-FAFSA friendly financial vehicles.

My firm has over 20 years of experience with Fixed Interest Rate Annuities and we have access to over 100 insurance companies to shop interest rates for clients.  For those “Financial Wave” readers interested in learning more about major opportunities coming soon for “Fixed Interest Rate Annuities,” feel free to reach out to me at Rob@InsuranceDoctor.us.