How the Little Guy Can Win Big
Think of it as David versus Goliath . You get to be David.
Most big institutions -- whether it's mortgage lenders, insurance companies or the Social Security Administration -- can't afford to fret too much over any one customer. Instead, they adopt a set of rules and apply them to everyone.
Sound impersonal? Maybe so. But it also gives you an edge. Here's how to turn the rules to your advantage.
Ensuring Success
Insurance companies know that customers tend to purchase policies they figure they are most likely to need.
That is why the companies check on the health of life-insurance applicants, they assume buyers of lifetime-income annuities will live longer than average and they make sure purchasers of long-term-care insurance won't need nursing-home care anytime soon.
But with thousands of policies to be written, insurers can't be too thorough in investigating every candidate or spend too much time customizing the pricing of every policy. That is where a little inside information can come in handy.
Let's say there is a high incidence of Alzheimer's in your family. In that case, a long-term-care policy with lifetime benefits could be a smart buy, because many of the folks who end up in a nursing home for more than five years suffer some sort of dementia.
Similarly, suppose many of your relatives lived until their late 80s or early 90s. That makes you an ideal candidate for an immediate annuity that pays lifetime income.
With a lifetime-income annuity, you fork over a wad of money, in return for which you get a check every month for life. Problem is, the annuity payments typically die when you do. But if your family has longevity on its side, that may not be a big worry. In fact, you could collect decades of annuity payments, thereby making good money at the insurance company's expense.
Securing Retirement
Like the idea of beating the insurance company? While you are at it, you might take advantage of Uncle Sam, by making the right choice when deciding when to claim Social Security retirement benefits.
Once again, longevity is the key. If your own health or your family health history suggests that your life expectancy isn't that great, you should probably take early benefits at age 62, even though that will mean receiving a smaller monthly check.
Meanwhile, if your health is good and you think you will live until at least age 82 or 83, put off claiming benefits until 65 or 66, thus getting a larger monthly check. You may also want to delay if your health isn't that great, but you were the family's main breadwinner and you have a younger spouse who is in good health. By delaying, you will ensure a larger survivor's benefit for your spouse.
What happens if private Social Security accounts are introduced? In all likelihood, when you tap these accounts in retirement, you will be required to use at least a portion of the balance to buy an immediate annuity. You may, however, have some flexibility over what type of annuity to purchase -- and, once again, some careful thought may help you get the most out of the system.
For instance, you might be able to opt for a smaller monthly annuity check in return for getting guaranteed payments for, say, 15 years. Result: If you die after six years, your heirs will continue to get the checks for another nine. Opting for guaranteed payments may be a smart choice if you are in so-so health.
What if your health is downright bad? Your best bet may be to leave your private account totally untouched and instead spend down other savings. That way, you will avoid the cost of the annuity and you can bequeath your entire Social Security account to your heirs.
Lending a Hand
Clearly, the option to take Social Security early or late is enormously valuable, and you want to make the most of it. Similarly, your mortgage also comes with a valuable option. The option: At any time, you can pay off your loan, usually without any sort of prepayment penalty.
This is a huge plus. For instance, if interest rates fall sharply, you can refinance your loan to take advantage of lower rates. But if rates rise, you would hang onto your mortgage and enjoy a low-cost loan at your mortgage lender's expense.
Mortgage lenders, of course, are aware of this danger, and borrowers have to pay a somewhat higher rate as a result. Still, many borrowers are effectively paying for the right to repay their mortgage early, but they don't take advantage of it. Make sure you do.
What if interest rates fall but it isn't worth refinancing, either because you are likely to move in the next few years or because your loan balance is below, say, $100,000? Instead of refinancing and paying off your entire mortgage, you can pay off a small portion every month, by making extra principal payments.
As I have argued before in these columns, making extra principal payments is like buying bonds. But instead of earning interest, these extra principal payments reduce your loan balance, thus trimming the interest you incur.
Indeed, extra principal payments are often a smart alternative to buying bonds or certificates of deposit in a taxable account. Let's say you are toying with paying down your 6% mortgage, but you are also considering purchasing bonds that yield 5%.
Sure, your mortgage interest may be tax deductible, so the after-tax cost might be just 4.5%, assuming you are in the 25% federal income-tax bracket.
Nonetheless, adding $100 or $200 to your monthly mortgage check could still be the smarter investment. After all, you would also pay tax on the 5% bond, so the bond's after-tax yield would be a lower 3.75%.
Moreover, the 6% mortgage could be costing you the full 6%, because your standard deduction is greater than the value of your mortgage interest and other itemized deductions. To find out if that is the case, check your last federal tax return.
If you aren't filing Schedule A, you aren't getting any tax benefit from your mortgage -- and you may want to pay down your loan.
如何“以弱胜强”
身单力薄的大卫(David)和人高马大的歌利亚(Goliath)进行比拚，胜利者却是弱小的大卫。
大多数大型机构，不论是抵押贷款公司、保险公司，还是社会安全局(Social Security Administration, 简称SSA)，都不会为某一个顾客投入过多的精力。相反，它们制定了一系列适用于所有客户的规定。
听起来有些不近人情？或许是这样的。但你仍然可以从这种情况中获益。下面就是把这些规定因势利导、为你所用的一些诀窍。
购买适合自己的保险产品
保险公司知道客户往往会购买他们认为最急切需要的保单。
这就是为何保险公司需要为人寿保险购买者安排体检的缘故了，他们假定终生固定收入年金购买者的寿命超过人均寿命，他们有必要确保消费者不会在刚刚购买了长期医疗保险之后就需要支付此类费用。
但由于保单数量的不计其数，保险公司不可能做到详细调查每位投保人的具体情况，也不可能在每份保单的定价上花费过多的时间。这时，一点点窍门就可以轻而易举地找到用武之地。
假如你的家族有较高的阿兹海默氏老年痴呆症(Alzheimer, 简称：阿兹海默氏症)发病率，那么买一份终生受益的长期医疗保险应该是个明智的选择，这是因为许多患者在染上痴呆症后要在疗养院里面接受超过5年的治疗才会死去。
假设你的许多亲戚能活到接近90岁或90岁出头，那么你最应该购买涵盖终生、即时支付型年金。
购买终身受益型年金会花上一大笔钱，但好处在于你每个月都能领取一张支票，直至去世为止。它的问题在于给付一般随著你的去世而终止。但如果你的家庭成员都比较长寿，这或许不是个大问题。实际上，你可能会收取数十年的年金给付，从保险公司身上狠赚一笔。
合理运用退休帐户
喜欢这个从保险公司身上占点便宜的主意么？如果你在决定何时从SSA领取退休福利时作出了正确的决策，那么你还可以从美国政府身上捞点油水出来。
这一次长寿仍然是关键。如果从你的身体状况或者你家族的健康史来看你的预期寿命并不长，你不妨把领取退休福利的时间提前，比如说定在62岁，虽然这意味著你每月领取到的数额会减少。
如果你的身体健康状况良好，而且你认为自己活到82岁或83岁没什么问题，那么你不妨把领取退休福利的时间定在65岁或66岁，这样你每月就能领到一张金额更大的支票。如果你的身体状况不是十分理想，但你是家里的顶梁柱，而且你配偶的年纪比你小，身体也比较健康，那你不妨也推迟领取退休福利的时间。这样做的好处在于你去世后，可以给你的配偶留下更多的福利。
如果引入社会保障私人帐户怎么办？如果你动用退休帐户里面的资金，十有八九你必须得用退休帐户剩余的一部分资金来购买一份即时支付型年金。不过，在决定购买什么种类的年金方面你或许有一定的灵活性。说到这里，一些诀窍或许又有了用武之地，能够帮你从中获得最大的收益。
你不妨购买一个每月领取金额较少但在一定期限内有给付保障的年金，比如说有15年的给付保障。结果是：如果你在购买了此种年金的6年后去世，你的继承人将在此后的9年中继续获得给付。如果你的身体状况一般，购买有给付保障的年金不失为一个明智的选择。
如果你的身体状况非常糟糕，你最好不要动退休帐户里面的资金，如果需要钱的话，应该动用其他种类的储蓄。这样你就可以避免支付年金相关的成本，并在去世之后把社会保障帐户中的全部资产留给你的继承人。
按揭贷款也有可乘之机
显而易见，提前或者推迟动用社会保障帐户的作用非同小可，你可以从中获得最大的受益。类似的是，你的按揭贷款也可以为你创造巨大的价值。诀窍在于，在任何时间你都可以偿还你的按揭贷款，而且通常无需缴纳因提前还贷而产生的罚金。
这一点具有重要价值。例如，如果利率大幅下降，你可以通过借新债还旧债的方式，享受利率下降带来的好处。但如果利率上升，你应该按兵不动，从低成本的按揭贷款中受益，让按揭贷款公司伤心去吧。
当然，按揭贷款公司意识到了这种风险，结果借款人通常需要支付较高的贷款利率。不过，许多借款人实际上为提前还贷支付了成本，但他们往往没有行使这个权利。不要犹豫，当用这项权利的时候就要用。
如果利率下降但下降的程度尚不足以抵消再融资的成本，比如说，你有可能在今后几年内搬家，或者你的贷款余额只有不到10万美元，这时应该怎么办？在这种情况下，你不要靠借新债来偿还所有的按揭贷款，你可以试著每月多偿还一部分按揭贷款本金。
正如我在以前的专栏文章中宣称的那样，支付更多的本金可以起到和购买债券一样的作用。多偿还本金虽不像购买债券那样能直接带来利息收益，但可以减少贷款余额，减轻你的利息偿付负担，从这一点上说，多偿还本金和购买债券有异曲同工之妙。
的确，相对于在应税帐户中购买债券或大额存单而言，多支付一些本金往往更为明智。举例来说，如果你申请的按揭贷款利率为6%，同时你还在考虑购买收益率为5%的债券。
当然，你的按揭贷款利息可能可以用来抵税，因此，如果你适用的个人所得税率为25%，税后的按揭贷款利息成本可能是4.5%。
不过，每月多缴纳100美元或者200美元的按揭贷款本金可能仍然是一个更为明智的选择。毕竟，你要为收益率为5%的债券交税，因此，债券的税后收益率可能只有3.75%。
况且，6%的按揭贷款利率可能是实打实的6%，因为你的标准减免税额可能要超过你的按揭贷款利息以及其他分类减免税额。要想查看是否果真如此，看一眼你最后收到的联邦退税就一清二楚了。
如果你不准备申请分类减免，也不准备从按揭贷款中获得税项收益的话，那么你不妨选择提前偿还你的按揭贷款。
