5 Worst States for All-Cause Mortality

Differences between actual mortality and expected mortality range from a drop of about 36%, in Connecticut to an excess of 50%, in one state in the West. The median difference is an excess of 10.5%.

5 Worst States for All-Cause Mortality, Alreadyhttps://www.thinkadvisor.com/2021/12/02/5-worst-states-for-all-cause-mortality-already/

The slideshow for the five states didn’t work for me but the article also contains a data table for all 50 states.

I was surprised Oklahoma was not one of the five worst states.

Need Retirement Income? – (Life Underwriters Need Not Worry)

The total number of life insurance policies sold rose 8% in the first six months of the year and marked the highest such growth since 1983, LIMRA said. And there were other indicators in that same data that pointed to positive signs: Total U.S. life insurance premium increased 21% in the second quarter 2021, the largest year-over-year increase since third quarter 1987; in addition, it was up 18% for the first half of 2021 compared to the prior year.

Life Insurance Sales Are Up, But for How Long? — https://news.ambest.com/articlecontent.aspx?refnum=313837&altsrc=2

I know who you are and I know what you want. If you are looking for ransom, I can tell you I don’t have very much money. But what I do have are a very particular set of skills; skills I have acquired over a very long career. Skills that are currently in short supply. Skills that I can and will take to the highest bidder.

The Supreme Commander

I last posted about my upcoming retirement in More Retirement Income Ahead!

I need to start referring to my upcoming retirement as What Retirement?

Biden fires head of Social Security Administration

President Biden on Friday fired Social Security Commissioner Andrew Saul, a holdover from the Trump administration, after Saul refused a request to resign from his position.

Biden fires head of Social Security Administration — https://thehill.com/homenews/administration/562342-biden-fires-head-of-social-security-administration

There will be more changes coming to social security.

Higher taxes, no doubt. But also improved benefits for those in need if I’m reading the Tarot cards correctly.

It’s Time to Revisit Social Security’s Early and Delayed Claiming Formulas

A study by the Center for Retirement Research at Boston College found that the delayed credit is still about right, with the exception of the highest earners, who tend to outlive actuarial averages and reap the highest extra benefit. Conversely, the group hurt the most are low-income filers, who tend to claim earlier and effectively are overcharged for doing so. Moreover, the increase in FRA from 65 to 67, enacted in the reforms of 1983, effectively increased the penalty for earlier files. Claimers with an FRA of 67 will receive five years of early filing reductions rather than three.

It’s Time to Revisit Social Security’s Early and Delayed Claiming Formulas — https://www.morningstar.com/articles/1029357/its-time-to-revisit-social-securitys-early-and-delayed-claiming-formulas

The first sentence from the above paragraph caught my eye. So I went on to the BC website.

People can claim Social Security from 62 to 70, with adjustments to keep lifetime benefits the same, on average, regardless of claiming age. The question is whether the adjustments, set decades ago, are still correct, given the decline in interest rates and increase in life expectancy. For the average worker, the analysis shows that the reduction for claiming early is currently too large while the increase for claiming late is about right.

Higher earners – who live longer and claim later – get a really good deal under the current system.

Are Social Security’s Actuarial Adjustments Still Correct? — https://crr.bc.edu/briefs/are-social-securitys-actuarial-adjustments-still-correct/

People with more money tend to live longer. People who defer claiming social security benefits until beyond FRA (full retirement age) are generally healthier, expect to live longer, and are financially secure enough to delay claiming. If the SSA decides to enhance benefits for early retirees it would be a good thing for a lot of people, especially those who have been severely impacted by the pandemic.

Wait Till 70 for Social Security? Nope

Schroders surveyed pre- and post-retirees 45 and older and found that only 10% planned to wait until 70 to claim benefits.

Wait Till 70 for Social Security? No Way, Say Most Americans: Survey — https://www.thinkadvisor.com/2021/06/24/wait-till-70-for-social-security-no-way-say-most-americans-survey/

It is painfully obvious to me that the majority of Americans are claiming benefits at both early and full retirement ages because they need the money and can’t afford to wait until age 70. Only healthy elders on financially sound footings will be deferring social security payments until their later years.

Yikes!

More Retirement Income Ahead!

Total individual life insurance policy sales increased 11% in the first quarter, compared with first quarter 2020. This is the highest growth in the number of policies sold in a quarter since 1983. New annualized premium also experienced significant growth, up 15% from prior year, according to LIMRA’s First Quarter U.S. Individual Life Insurance Sales Survey.

LIMRA: First Quarter U.S. Life Insurance Policy Sales Highest Since 1983 — https://www.limra.com/en/newsroom/news-releases/2021/limra-first-quarter-u.s.-life-insurance-policy-sales-highest-since-1983/

I don’t know who you are. I don’t know what you want. If you are looking for ransom, I can tell you I don’t have money. But what I do have are a very particular set of skills; skills I have acquired over a very long career. Skills that make me a nightmare for people like you.

Bryan Mills, played by Liam Neeson in the film Taken

I had my annual wellness visit earlier this week.

5.10 168 130/84 BMI 24.14 O2 sat 98%

CHOLESTEROL 175 mg/dL
TRIGLYCERIDE 69 mg/dL
HDL 65 mg/dL
LDL CALCULATED 96 mg/dL
NON-HDL CHOLESTEROL 110 mg/dL

All of my other labs were normal too.

I have multiple relatives who have lived well into their 90’s. My maternal grandmother lived to 100. I’m going to need another source of retirement income. And for all of my friends and colleagues who never thought I would make it this far…

AST 23 U/L

ALT 7 U/L

GGT 36 U/L (12/2015)

PSA 0.7 (9/2020)

Young People Driving Huge Life Insurance Application Gains: MIB

The third quarter experienced the largest quarter-over-quarter gain since 2011 at 9.2%, MIB said, driven primarily by 12.8% growth in 0-44 age group and 9.2% growth in 45-59 age group.

Young People Driving Huge Life Insurance Application Gains: MIB — https://insurancenewsnet.com/innarticle/young-people-driving-huge-life-insurance-application-gains-mib-says?utm_source=feedly&utm_medium=rss&utm_campaign=young-people-driving-huge-life-insurance-application-gains-mib-says#.X4DaDnV7nhc

How Dean Vagnozzi’s Clients Lost Bets On The Dead

Since financial adviser Dean Vagnozzi was charged with fraud in a government lawsuit in July, he has been castigated by regulators for how he steered customers to Par Funding, a Philadelphia lender founded by a twice-convicted felon. With his heavy radio advertising and free steak sales dinners, Vagnozzi, 51, touted alternatives to Wall Street.

Source: How Dean Vagnozzi’s Clients Lost Bets On The Dead

Actually the title to the original article is misleading.

Don’t bet on people dying to make your profits. Unfortunately some people do just that.

Life Partners founder Brian Pardo lived well in Waco, Texas, for a time. Pardo bought four planes and a yacht along with such artifacts as replicas of an ancient Egyptian sarcophagus and a pharaoh’s throne. His business eventually sold $2.4 billion in policies to 20,000 investors.

But in 2010 the Wall Street Journal reported that Pardo’s firm was relying heavily on an assembly-line doctor who was systematically under-predicting life expectancies. Life Partners’ sellers were living a lot longer than predicted — very good for them but hard on investors paying years of premiums without collecting death benefits,

https://insurancenewsnet.com/oarticle/how-clients-of-an-advisor-facing-fraud-complaint-lost-bets-on-the-dead?utm_source=feedly&utm_medium=rss&utm_campaign=how-clients-of-an-advisor-facing-fraud-complaint-lost-bets-on-the-dead#

I’ve never been a fan of the life settlement business.

Never accept one of those free steak dinner offers.