Rao bulletin 15 September 2016 html edition this bulletin contains the following articles pg Article Subject

Student Loan Scam ► How it Works

With the back-to-school season upon us, and as the cost of a college education skyrockets, many consumers are looking to student loans to help them pay for school. Unfortunately, fraudsters know that student borrowers are often unfamiliar with the ins and outs of loans and take advantage of unsuspecting students by tricking them into crooked schemes.

Phony loan counselors often persuade students to sign up for their services by using high pressure sales tactics and promising to qualify them for loan forgiveness. One ploy a scammer uses to attract victims is by placing ads encouraging consumers to take advantage of actually legitimate loan forgiveness programs, such as the one created through President Obama’s Student Loan Forgiveness Bill.

1. 
   Never pay for student loan advice. Legitimate loan servicers receive money from the federal government to provide you with free counseling. In addition, the government has created several official websites such as studentloans.govand studentaid.ed.gov to provide guidance for repaying student loans.
   

2. 
   Keep in contact with your loan servicer. Scammers often tell victims to stop payments so that they can “negotiate a better rate.” No legitimate organization will ever tell you to stop paying your loans or to stop communicating with your loan servicer. Doing so can cause you to default on your loans, which negatively affects your credit.
   

3. 
   Don’t be tricked by legitimate-looking websites. Having the Department of Education seal on a website, or official sounding words like “national” in a loan counselor’s name does not mean an organization is trustworthy. Scammers know that if they can make their websites look legitimate, they will be able to ensnare more victims.
   

4. 
   Take time to educate yourself on potential loan repayment options. If you are having trouble paying your loans, take advantage of free loan counseling by calling your loan servicer to learn about your options.  Federal loans come with many protections such as: income-based repayment, which can lower your monthly payments; forbearance, which allows you to temporarily stop payments in times of financial hardship; and even loan forgiveness in some cases.  
   

5. 
   “Guarantees” of debt relief are too good to be true. Many fraudulent counselors will promise immediate debt relief or forgiveness even before they know the particulars of your loans. If you come across a counselor or a bank that promises you debt forgiveness before knowing your circumstances, chances are, you are talking to a scammer.  
   

6. 
   Report suspected fraud. If you believe that you have spotted a student loan repayment scam, report it! You can file a complaint at Fraud.org via our secure online complaint form. We’ll share your complaint with our network of more than 90 law enforcement and consumer protection agency partners who can help put fraudsters behind bars.
   

[Source: National Consumer League | www.fraud.org | September 1, 2016 ++]

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  You hear about a product that can prevent your contacting Zika; you may have seen a friend's post on social media, gotten an email or found a website through search. The promoted products range from wristbands to patches to stickers, and they all claim to repel the mosquitos that carry Zika.
  
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  The product's website may look completely legitimate and have a lot of information, including convincing testimonials. But don't fall for it! The Federal Trade Commission already issued warnings to online sellers, urging them to remove unsubstantiated claims about the products. When purchasing, be skeptical of any too-good-to-be-true claims and look for EPA-approved products. This is also unlikely to be the end of Zika-related cons. Judging from past experience, fake cures and other cons preying on health fears are sure to pop up again... if not about Zika than about another disease.
  

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  One product does it all... instantly. Be suspicious of products that claim to immediately cure a wide range of diseases. No one product could be effective against a long, varied list of conditions or diseases.
  
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  Personal testimonials instead of scientific evidence. Success stories are easy to make up and are not a substitute for scientific evidence.
  
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  It's "all natural." Just because it's natural does not mean it's good for you. All natural does not mean the same thing as safe.
  
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  The medicine is a "miracle cure." If a real cure for a serious disease were discovered, it would be widely reported through the news media and prescribed by health professionals - not buried in print ads, social media ads, or on websites.
  
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  Conspiracy theories. These statements are used to distract consumers from the obvious, common-sense questions about the so-called miracle cure.
  
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  Check with your doctor: If you're tempted to buy an unproven product or one with questionable claims, check with your doctor or other health care professional first.
  

Learn more about finding a legitimate option to protect yourself against Zika and mosquitoes in the article at https://www.consumer.ftc.gov/blog/will-those-insect-repellents-protect-you-zika. Also, check out this piece from the Centers for Disease Control and Prevention at http://www.cdc.gov/zika/prevention/prevent-mosquito-bites.html For advice on protecting your family from mosquitoes. To learn more about scams or to report a scam, go to BBB Scam Tracker at www.bbb.org/scamtracker/us. [Source: BBB Scam alert | September 9, 2016 ++]

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  Calculate all available retirement income and assess adequacy. You and your spouse need to determine income from all sources, Social Security, pensions, IRA(s), 401(k)s, real estate, other assets, and jobs, and work up a realistic retirement budget. Don’t be tempted to assume your household budget will stay the same or go down in retirement, even if you pay off your mortgage. If you own your own home, you will still need to budget for real estate taxes, homeowners insurance, maintenance, and over time, big expenses like painting or replacing the roof. In addition, you need to budget a growing portion of your budget to medical expenses, which tend to grow several times faster than inflation and the Social Security cost-of-living adjustment (COLA). Your medical costs alone are likely to take from one-third to one-half of your Social Security benefits when you retire, and can require as much as $245,000 for married couples age 65 and over, according to Fidelity Investments research on healthcare costs.
  

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  Do the math. In addition to reducing your Social Security benefit, by retiring before your full retirement age, you also lose several years to build up retirement savings and instead increase the length of time you will be drawing down savings. And if you start benefits before you and your spouse are at full retirement age (66), earnings from work could reduce some or even all of your benefit. To add insult to injury, up to 85% of your benefits may be subject to taxation.
  

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  Evaluate your health. Many people worry they will die before they get back what they would receive if they start benefits at 62. But if you start benefits at 62, it will take about 13 years — until you are age 74 — for your monthly benefit to reach the amount you would start with at age 66 and that assumes a more typical rate of inflation than we actually had over the past seven years. On the other hand you may find that health problems force you to stop working. You may want to consider working part-time. A 65-year old man can expect to live to 84, while a 65 year old woman can expect to live to 86.6, according to the Social Security Administration
  

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  How much longer can you work? Among the best reasons to start Social Security benefits prior to turning full retirement age, are the loss of a job, problems finding new employment, and the need for the money to pay for food, shelter and the basic necessities.
  

Plan carefully before starting benefits by basing your decisions on facts — thinking through how you would go about spending down your savings. You can find plenty of retirement calculators online. Here is one easy one to use: http://www.bankrate.com/calculators/retirement/retirement-plan-calculator.aspx. [Source: TSCL Advisor http://seniorsleague.org/frequently-asked-questions-faqs | July 2016 ++]

As any financial adviser worth their salt will tell you, having a will is mandatory, no matter your age or net worth. The instant you die, your estate is born. The person in charge of your estate, known as the executor or administrator, will be given the authority to dispose of your remains according to your wishes, distribute your money and possessions, and provide for the care of any minor children you leave behind. How does the executor get named and know what to do with your body, possessions and children? It’s all spelled out in your will. If you die without one, these decisions will still be made. They’ll just be made by a court instead of you.

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  Nolo: http://www.nolo.com/products/online-will-nnwill.html. Online wills and software from $34.95.
  
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  LegalZoom: http://www.legalzoom.com/personal/estate-planning/last-will-and-testament-overview.html Basic, $69; Deluxe, $79.
  
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  Rocket Lawyer: https://www.rocketlawyer.com/form/last-will-and-testament.rl#. Free one-week trial, membership for $39.95 a month
  

As you can see, prices aren’t astronomical. And because these solutions do the vast majority of the work for you, there’s no reason to attempt a holographic will. [Source: MoneyTalksNews | Stacy Johnson | September 9, 2016++]

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  Lend money.
  
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  Borrow money.
  
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  File taxes.
  
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  Make business transactions.
  
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  Open bank accounts.
  
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  Close bank accounts.
  
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  Apply for credit cards.
  

With very few limitations, such as making medical decisions, a POA lets your agent do practically anything in your name. You’re probably wondering why on earth you would want to hand over that much power to someone else and who needs one? You, that’s who. Reister is of the opinion everyone needs a POA, from a college freshman.

And don’t make the mistake of thinking being married is the same thing. Reister related the story of a married couple with separate estate planning. A document needed to be signed by the husband in short order or they would be out a significant amount of cash. However, he was traveling and hadn’t given his wife POA, so she couldn’t sign on his behalf. That ended up being a costly mistake.
While you need a POA, you need to be careful about who you designate as your agent. Although criminal charges can be brought against someone abusing their power, you don’t need that headache. “Only choose someone you trust implicitly,” Reister said. “Maybe hold on to the POA [document] and let the agent know where the papers are.” That second bit of advice could be sage wisdom. It ensures you to have a POA designated in case of an emergency but provides protection from your agent turning to the dark side and draining your bank account. Reister said there are several special types of POAs you can use:

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  Durable power of attorney. This POA continues to be in effect in the event someone becomes incapacitated. Regular POAs end when the principal is no longer able to make legal decisions, such as if they were to slip into a coma or develop dementia.
  
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  Limited power of attorney. A document that gives an agent POA abilities for a limited time or only for certain purposes.
  
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  Medical power of attorney. This is the POA that allows others to make medical decisions on your behalf.
  

You don’t need to have the same agent for your medical and financial POAs. You can even name multiple agents on your durable POA or use several limited POAs to split up control of various parts of your finances so no one person has power over everything. That said, multiple POAs or a POA with shared agents can make your finances more confusing and complex. If you plan to go that route, you may want to consult with a professional first and carefully weigh the pros and cons.