Americans may be good at a lot of things, like winning gold medals at the Olympics, but our knowledge of financial matters is woeful. For example, in one 2009 study, only 21% knew that bond prices typically fall when interest rates rise. Even more alarming, 75% of Americans nearing retirement age in 2010 had less than $30,000 in their retirement accounts. Would more education at an earlier age help? One study found that the more math courses a student took in high school the more likely he or she would know how much was in their savings and retirement accounts.
The IRS still has the authority to impose fines on nonfilers.
Insurers have may defenses. One problem: The bad guys know about the defenses.
The law affects access to policy loans for insureds who are getting LTC-related accelerated death benefits.
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