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Re: What is a good rule of thumb on savings vs salary?

my goal is 30% of my gross thus far after 3.5 years of working 33% in retirement accounts (taxable, hsa, roth ira, tsp) 27% in deductions (anything non retirement coming out of my check- fed tax, state tax, health insurance premiums, SS, medicare) 40% in living expenses (car insurance, rent, food, i...
by Paul78
Sun Jan 18, 2015 7:49 am
 
Forum: Investing - Help with Personal Investments
Topic: What is a good rule of thumb on savings vs salary?
Replies: 19
Views: 2796

Re: Is a Sub-4% SWR a Boglehead Quirk?

Wow, I'm having trouble communicating effectively today. I didn't mean to imply that suicide was a potential solution. I'm just trying to point out that, if you believe the statistics, such a person might have a 15% chance of running out of money at age 90, but they would also have a 50% chance of ...
by Paul78
Sat Jan 10, 2015 11:15 pm
 
Forum: Investing - Theory, News & General
Topic: Is a Sub-4% SWR a Boglehead Quirk?
Replies: 177
Views: 10630

Re: Is a Sub-4% SWR a Boglehead Quirk?

Most of us who frequent this site will likely have a retirement with some luxuries which can be cut back if need be. In the worst case, social security in the last years would not be the end of the world. Yes It is not like you are going to withdraw 4% a year and go from having many years and a dec...
by Paul78
Sat Jan 10, 2015 8:33 pm
 
Forum: Investing - Theory, News & General
Topic: Is a Sub-4% SWR a Boglehead Quirk?
Replies: 177
Views: 10630

Re: when do you start focusing on your retirement "number"

I developed a spreadsheet of projections when I was mid-30s (but I am a finance geek, so it is fun for me). That spreadsheet makes various assumptions about savings rates, expenses, portfolio growth, etc., and gives me a sense of how much the portfolio might grow, which influences how much I would ...
by Paul78
Mon Dec 29, 2014 2:52 pm
 
Forum: Investing - Help with Personal Investments
Topic: when do you start focusing on your retirement "number"
Replies: 34
Views: 3360

Re: Should I Cancel My Life Insurance?

adv-rider wrote:
HIinvestor wrote:How much does your premium increase for that coverage when you turn 63?

After the level term expires the rate becomes ridiculous. . . like $17,0000 a year.


hope you mean 17,000
by Paul78
Sat Dec 27, 2014 1:34 pm
 
Forum: Personal Finance (Not Investing)
Topic: Should I Cancel My Life Insurance?
Replies: 61
Views: 4634

backdoor roth ira and ira conversion to roth ira

I current have a small amount of money in a traditional ira (less than 20k it was a mostly a rollover from a 401k account from a previous employer). My plan is to convert my traditional ira to my roth ira on Jan 1st. I understand tax wise it is not necessarily the best move (I live in a high income ...
by Paul78
Sat Dec 27, 2014 1:32 pm
 
Forum: Investing - Help with Personal Investments
Topic: backdoor roth ira and ira conversion to roth ira
Replies: 1
Views: 224

Re: Should I Cancel My Life Insurance?

why not leave it up to the kids? If your spouse is covered financially and the kids are already grown/earning income let them decide if they want the policy to stay intact. If yes they can pay the premiums if no then drop the policy. I would assume you would not leave 100% of the life insurance to t...
by Paul78
Sat Dec 27, 2014 1:20 pm
 
Forum: Personal Finance (Not Investing)
Topic: Should I Cancel My Life Insurance?
Replies: 61
Views: 4634

Re: when do you start focusing on your retirement "number"

supersharpie wrote:FYI, the tsp max is 18k in 2015.


Yeah I was just using the 2014 max. My goal is to always contribute the max to the tsp, roth ira, and hsa every year.
by Paul78
Sat Dec 27, 2014 11:27 am
 
Forum: Investing - Help with Personal Investments
Topic: when do you start focusing on your retirement "number"
Replies: 34
Views: 3360

Re: when do you start focusing on your retirement "number"

Retirement is not a game with a number on a scoreboard. I don't even like that "winning the game" metaphor some people talk about. "You too can be a winner at the game of life." http://www.amazon.com/The-Game-Life-Electronic-Banking/dp/B00EDBZ9GW I was more talking about life be...
by Paul78
Sat Dec 27, 2014 11:26 am
 
Forum: Investing - Help with Personal Investments
Topic: when do you start focusing on your retirement "number"
Replies: 34
Views: 3360

Re: when do you start focusing on your retirement "number"

I think doing that before you are in your 50s is pretty premature. Just do the simple BH stuff: LBYM, savings before spending, maximize retirement savings options and you should be okay by the time you are really ready to ponder "the number". Maybe you'll overshoot, but enjoy the ride alo...
by Paul78
Sat Dec 27, 2014 11:04 am
 
Forum: Investing - Help with Personal Investments
Topic: when do you start focusing on your retirement "number"
Replies: 34
Views: 3360

when do you start focusing on your retirement "number"

as oppose to just concerning yourself with contributions? Currently in my late 20's I am far more concerned about meeting my contribution marks instead of market performance or my total retirement number. As long as I max out my tsp, roth ira, and hsa I am satisfied with my year. Barring any extreme...
by Paul78
Sat Dec 27, 2014 10:36 am
 
Forum: Investing - Help with Personal Investments
Topic: when do you start focusing on your retirement "number"
Replies: 34
Views: 3360

Re: What price are you planning to pay for your next car?

I would get the 35-50k range But the is 9-14 years away (currently have a 1 yo car with 5k miles). My plan is to buy a "nice" car every 10-15 years. Yes, nice is relative (ie the car I just bought was under 40k- very nice car compared to the 15 yo 250k mini van I was driving and "nice...
by Paul78
Sat Dec 27, 2014 10:02 am
 
Forum: Personal Finance (Not Investing)
Topic: What price are you planning to pay for your next car?
Replies: 91
Views: 6965

Re: High(ish) earner; spending too much?

come on he is saving 30% that is good enough. As long as he is willing to adjust and live a "lesser" lifestyle if necessary. If he becomes disabled, fired, takes a huge pay cut, decides he wants to retire in five years, ect. But at the moment he is making the money, enjoying work, and savi...
by Paul78
Mon Dec 08, 2014 2:45 pm
 
Forum: Investing - Help with Personal Investments
Topic: High(ish) earner; spending too much?
Replies: 71
Views: 9177

Re: CapitalOne360 won't give me an ATM-only card?

I can see them having no "ATM-only" card but not being able to change the daily limit does not make sense to me. I know they have a base limit but in general you are able to adjust that. For example before I bought my car I called the bank and increased my daily debt car limit to greater t...
by Paul78
Tue Nov 25, 2014 11:32 am
 
Forum: Personal Finance (Not Investing)
Topic: CapitalOne360 won't give me an ATM-only card?
Replies: 22
Views: 1882

Re: Aetna HDHP or GEHA HDHP (federal employee)

I went with the Aetna HDHP (just the self plan not family) over the GEHA. My only assured expenses are about $450 a year in prescription medications. When it comes just to money -Aetna is better in the case of a catastrophic outcome. If nothing happens at all or I just spend equal to or less than th...
by Paul78
Sun Nov 16, 2014 7:39 am
 
Forum: Personal Finance (Not Investing)
Topic: Aetna HDHP or GEHA HDHP (federal employee)
Replies: 46
Views: 3712

Re: Your favorite classic toys for kids

Nothing fancy..... ....Chutes & Ladders... This is very sad: the current edition of "Chutes & Ladders" is awful. I don't know how they could ruin such a simple idea, but they did. The basic problems are, first of all, the game board seems to have been designed by someone who likes...
by Paul78
Wed Nov 12, 2014 5:00 pm
 
Forum: Personal Consumer Issues
Topic: Your favorite classic toys for kids
Replies: 89
Views: 5502

Re: Your favorite classic toys for kids

Hoot-Nanny No. 1 Google it if you don't know what it was. It was a favorite toy of this 77 year old. I had something similar (I am only in my twenties so no it was not the original) when I was young. I really think parents should use this "basic" toys first before advancing to modern toys...
by Paul78
Wed Nov 12, 2014 4:33 pm
 
Forum: Personal Consumer Issues
Topic: Your favorite classic toys for kids
Replies: 89
Views: 5502

Re: $50,000 in Private Loans for Nursing Degree

Which state are you in? In my area nurses start at around $20 and hour and seems to keep dropping. They can make closer to $30 if they are willing to do nights and weekends but that isn't ideal when you're trying to raise kids. At least it wasn't for my family as I'm gone at least 60hrs a week when...
by Paul78
Mon Oct 27, 2014 4:12 pm
 
Forum: Personal Finance (Not Investing)
Topic: $50,000 in Private Loans for Nursing Degree
Replies: 34
Views: 3355

Re: $50,000 in Private Loans for Nursing Degree

lululu wrote:
Paul78 wrote:
lululu wrote:
Jack FFR1846 wrote:
.


She has recent education in the field.



Taking a couple of classes hardly counts as "experience". It does show initiative but still means there is a 14 year gap since her last real work experience.
by Paul78
Mon Oct 27, 2014 4:08 pm
 
Forum: Personal Finance (Not Investing)
Topic: $50,000 in Private Loans for Nursing Degree
Replies: 34
Views: 3355

Re: $50,000 in Private Loans for Nursing Degree

lululu wrote:
Paul78 wrote:
lululu wrote:
Jack FFR1846 wrote:
.


She has recent education in the field.



Taking a couple of classes hardly counts as "experience". It does show initiative but still means there is a 14 year gap since her last real work experience.
by Paul78
Mon Oct 27, 2014 4:08 pm
 
Forum: Personal Finance (Not Investing)
Topic: $50,000 in Private Loans for Nursing Degree
Replies: 34
Views: 3355

Re: $50,000 in Private Loans for Nursing Degree

Have you tried volunteering? ps - I'd be wary of buying into the notion of "the nursing shortage" too much. There has been a proliferation of nursing schools and hence graduates in the last few years and there appears to be no shortage from my perspective at least. It's much the same in p...
by Paul78
Mon Oct 27, 2014 4:05 pm
 
Forum: Personal Finance (Not Investing)
Topic: $50,000 in Private Loans for Nursing Degree
Replies: 34
Views: 3355

Re: $50,000 in Private Loans for Nursing Degree

I say it is worth it if you want to be in nursing. If you just enter nursing for the pay raise (no actual want to be in nursing) it will be hard to last. Lets just say you start at 50k a year and have 50k debt -That still does not seem like a terrible situation. Many people leave college and enter a...
by Paul78
Sun Oct 26, 2014 9:32 am
 
Forum: Personal Finance (Not Investing)
Topic: $50,000 in Private Loans for Nursing Degree
Replies: 34
Views: 3355

Re: $50,000 in Private Loans for Nursing Degree

My wife has been out of the market for 14 years taking care of kids. After $5k worth of refresher courses at BU, there are zero offers. It's far harder finding a job than you might think. Perhaps there are nursing home opennings, but those are low paying. Other areas could be hiring and creating op...
by Paul78
Sun Oct 26, 2014 9:10 am
 
Forum: Personal Finance (Not Investing)
Topic: $50,000 in Private Loans for Nursing Degree
Replies: 34
Views: 3355

Re: Medical Tourism - recent article

I hope I can maintain medical insurance so that this will not be necessary. The article did not discuss the most legitimate (and troubling) reason for medical tourism- lack of good medical insurance. I am insured but by choice have a high deductible plan. Yet my family does get medical care oversea...
by Paul78
Sun Oct 05, 2014 1:55 pm
 
Forum: Personal Consumer Issues
Topic: Medical Tourism - recent article
Replies: 21
Views: 1945

Re: Can You Build Your Retirement Portfolio Young, then Coas

I am doing a very scaled back version of this at the moment. Working an off tour (10% pay increase), working weekends (10% pay increase), and working OT. This lets me say and extra 10-20k in taxable accounts a year. I figure by contributing an extra 50-100k before I turn 30 will go a long way. Then ...
by Paul78
Tue Sep 16, 2014 3:32 pm
 
Forum: Investing - Help with Personal Investments
Topic: Can You Build Your Retirement Portfolio Young, then Coast?
Replies: 58
Views: 7551

Re: Any success stories of ppl who never made >$50,000?

Really this would seem very possible if you had (had cause the number of these jobs seem to decrease) a job where you can get a pension of 100% after 25-40 years (depending on the specific situation). Start some government job sometime between 18-22, build your way up the ladder (not the top of the ...
by Paul78
Tue Sep 16, 2014 3:23 pm
 
Forum: Personal Finance (Not Investing)
Topic: Any success stories of ppl who never made >$50,000?
Replies: 149
Views: 10504

Re: Why invest in bonds?

If you are willing to assume that (1) There won't be another crash in the next 5 years , and that (2) The next crash will be no deeper than 50% then it appears safe to put all your money in stocks, Have fun. BTW, you can have whatever opinion you'd like, but I can tell you that even if there is not...
by Paul78
Sun Aug 31, 2014 4:40 pm
 
Forum: Investing - Theory, News & General
Topic: Why invest in bonds?
Replies: 103
Views: 7031

Re: Do you take all of your allowed paid vacation time?

I get the equivalent of 312 hours of PTO a year two different pots 104 hours of SL per year with no maximum carryover (ie you could have 2000 hours stocked up if you worked a little over 19 years without calling in SL once) 208 hours of AL per year with a max carry over of 685 hours at the end of th...
by Paul78
Fri Aug 22, 2014 11:52 am
 
Forum: Personal Finance (Not Investing)
Topic: Do you take all of your allowed paid vacation time?
Replies: 88
Views: 6493

Re: Savings Percentage [rules of thumb]

Mine is pretty simple spend a third give a third to the government put a third in retirement accounts In terms of income I am in a pretty simple zone. I can easily max out my 17.5k TSP, 5.5k roth ira, 3.3k HSA (may or may not end up being for retirement). But after I max all those out I really only ...
by Paul78
Tue Aug 19, 2014 1:29 pm
 
Forum: Personal Finance (Not Investing)
Topic: Savings Percentage [rules of thumb]
Replies: 49
Views: 5857

Re: gifting money, and smoking

1. The conversation about quitting smoking should not be involved in this situation. This situation is about helping them out in their current financial jam. 2. You are doing ok for yourself financial (at the very least you have a job, some savings, and are able to provide your basic needs). Living ...
by Paul78
Tue Aug 19, 2014 1:17 pm
 
Forum: Personal Finance (Not Investing)
Topic: gifting money, and smoking
Replies: 30
Views: 2586

Re: gifting money, and smoking

Have you asked your parents in the past to quit smoking? Have your parents tried to quit smoking on their own? If yes, what has triggered their resumption of the habit? Would you consider paying for their smoking cessation courses? Victoria My step dad smokes. My mother does not. He tried quitting ...
by Paul78
Tue Aug 19, 2014 1:07 pm
 
Forum: Personal Finance (Not Investing)
Topic: gifting money, and smoking
Replies: 30
Views: 2586

Re: Made too much money (roth ira contribution)

- convert the entire $6,000 back to the roth IRA. For practical purposes the $5,500 contribution is not tax but the $500 earnings IS taxed. It doesn't have to be taxed as you need to roll other IRA amounts to the TSP you can just roll the 500 bucks of earnings too. So I can just recharacterize the ...
by Paul78
Tue Jul 15, 2014 4:12 pm
 
Forum: Investing - Help with Personal Investments
Topic: Made too much money (roth ira contribution)
Replies: 19
Views: 1863

Re: Made too much money (roth ira contribution)

- convert the entire $6,000 back to the roth IRA. For practical purposes the $5,500 contribution is not tax but the $500 earnings IS taxed. It doesn't have to be taxed as you need to roll other IRA amounts to the TSP you can just roll the 500 bucks of earnings too. So I can just recharacterize the ...
by Paul78
Tue Jul 15, 2014 7:25 am
 
Forum: Investing - Help with Personal Investments
Topic: Made too much money (roth ira contribution)
Replies: 19
Views: 1863

Re: Made too much money (roth ira contribution)

Do your projections for MAGI include the Traditional TSP tax deduction assuming you're making Traditional TSP contributions? Traditional TSP contributions reduce AGI and MAGI (for Roth IRA purposes). Roth TSP contributions do not reduce AGI and MAGI (for Roth IRA purposes). accounting for $17,500 i...
by Paul78
Mon Jul 14, 2014 7:35 pm
 
Forum: Investing - Help with Personal Investments
Topic: Made too much money (roth ira contribution)
Replies: 19
Views: 1863

Re: Made too much money (roth ira contribution)

Do you have any moves before year end that you can make to reduce your AGI and MAGI to help stay under that 114K MAGI ? If you're contributing to Roth TSP, maybe switch to Traditional TSP. Have you maxed out HSA contributions if you have HSA eligible High Deductible Health Plan (HDHP)? Don't work a...
by Paul78
Mon Jul 14, 2014 7:34 pm
 
Forum: Investing - Help with Personal Investments
Topic: Made too much money (roth ira contribution)
Replies: 19
Views: 1863

Re: Made too much money (roth ira contribution)

Even though the amount I will recharacterize will be above the $5,500 (accounting for earnings)? So I could just convert the total amount, say $6,000, to the Roth via a rollover? That does make it much simpler (guessing for some reason I thought after the recharacterization I could only rollover a ...
by Paul78
Mon Jul 14, 2014 7:25 pm
 
Forum: Investing - Help with Personal Investments
Topic: Made too much money (roth ira contribution)
Replies: 19
Views: 1863

Re: Made too much money (roth ira contribution)

Do you have any moves before year end that you can make to reduce your AGI and MAGI to help stay under that 114K MAGI ? If you're contributing to Roth TSP, maybe switch to Traditional TSP. Have you maxed out HSA contributions if you have HSA eligible High Deductible Health Plan (HDHP)? Don't work a...
by Paul78
Mon Jul 14, 2014 7:20 pm
 
Forum: Investing - Help with Personal Investments
Topic: Made too much money (roth ira contribution)
Replies: 19
Views: 1863

Re: Made too much money (roth ira contribution)

Or alternatively could I just withdraw whatever amount of my $5,500 contribution is not eligible for the roth ira and just pay the 10% early withdrawal fee? It is possible I could only slightly be in the phase out range (ie maybe $117,000) and in that case it might just be better to have ALL my ira...
by Paul78
Mon Jul 14, 2014 6:51 pm
 
Forum: Investing - Help with Personal Investments
Topic: Made too much money (roth ira contribution)
Replies: 19
Views: 1863

Re: Made too much money (roth ira contribution)

Yes, you can recharacterize the Roth contribution to a traditional, partial or full, then convert it back to a Roth. You can recharacterize by tax filing deadline including extensions, so yes, you could wait, which would be advantageous if can do partial recharacterization and if any earnings, sinc...
by Paul78
Mon Jul 14, 2014 6:37 pm
 
Forum: Investing - Help with Personal Investments
Topic: Made too much money (roth ira contribution)
Replies: 19
Views: 1863

Made too much money (roth ira contribution)

I contributed $5,500 to my roth IRA on 1/2/14 assuming I would not reach the modified adjusted gross income ($114,001 for singles) phase out range. Is it still possible to complete a backdoor Roth IRA? 1. Send my current traditional IRA balance (less than 20,000) to my traditional tsp 2. Recharacter...
by Paul78
Mon Jul 14, 2014 6:05 pm
 
Forum: Investing - Help with Personal Investments
Topic: Made too much money (roth ira contribution)
Replies: 19
Views: 1863

Re: How to decide your number?

I do not really have a number per se. Both because of my age (25) and the fact that a million different things could happen in my life that would change my number. What I have been doing so far and am hopefully to continue is basically 1/3 gross income- fed/state taxes, social security, medicare, in...
by Paul78
Wed May 21, 2014 8:18 pm
 
Forum: Personal Finance (Not Investing)
Topic: How to decide your number?
Replies: 61
Views: 7534

Re: Best way to sign a credit card?

I don't sign it. Heck even when I buy something with my credit card and they make you sign (either the machine or the physical receipt) I don't sign. I just draw a "squiggly" line which in no way resembles my name or any other name. Never once has my credit card company called me about thi...
by Paul78
Fri Apr 18, 2014 4:02 pm
 
Forum: Personal Consumer Issues
Topic: Best way to sign a credit card?
Replies: 72
Views: 7375

Re: Death of co-worker

Although, I don't want to know ... I think, if we knew the exact number of days we had left ... we would stop more often to smell the flowers, live life more fully and stop worrying about the little stuff. We would, also, know exactly how much we needed in our 401K. :wink: A better question would b...
by Paul78
Wed Apr 02, 2014 12:05 am
 
Forum: Personal Finance (Not Investing)
Topic: Death of co-worker
Replies: 94
Views: 10506

Re: Being older/younger in class -- benefits, issues?

I was one of those August children. My parents went the old route instead of the young. Academically I would have been fine either way, athletically is was a benefit to stay back (not just because it made me a year older but because my class was was not as strong so I go to play/start more on varsit...
by Paul78
Wed Apr 02, 2014 12:02 am
 
Forum: Personal Finance (Not Investing)
Topic: Being older/younger in class -- benefits, issues?
Replies: 114
Views: 9973

Re: Death of co-worker

exactly why I make sure to spend some money now. My plan is to retire mid 50's but it is a possibility I do not make it that far or I have a health conditions that limits my (physically and/or mentally) in retirement. No I am not just gonna spend everything I have in the present but I do set limits....
by Paul78
Mon Mar 31, 2014 7:55 pm
 
Forum: Personal Finance (Not Investing)
Topic: Death of co-worker
Replies: 94
Views: 10506

Re: How did you decide how much to save?

very simple for me max out TSP (17.5k) plus a some government matching max our ira (5.5k) I am hopeful that in combination with my pension and SS will be enough in retirement. I also like to invest some in a taxable account (have 21k so far after working an equivalent of 26 months full time). But I ...
by Paul78
Sat Mar 22, 2014 9:13 pm
 
Forum: Investing - Theory, News & General
Topic: How did you decide how much to save?
Replies: 119
Views: 9941

Re: Should I pay off my auto loan?

Note : You want to leave a "substantial enough" amount on the loan unpaid , because if it's not enough, they might just write off the remaining amount. Having an open loan on your credit history is actually often better than having it closed, counterintuitively. Is this really necessary? ...
by Paul78
Fri Feb 21, 2014 4:19 pm
 
Forum: Personal Finance (Not Investing)
Topic: Should I pay off my auto loan?
Replies: 24
Views: 3415

Re: Should I pay off my auto loan?

denovo wrote:Do we even know what the interest rate is?


Only a couple hundred left on the loan so interest is not really relevant.
by Paul78
Mon Feb 17, 2014 8:38 pm
 
Forum: Personal Finance (Not Investing)
Topic: Should I pay off my auto loan?
Replies: 24
Views: 3415

Re: Should I pay off my auto loan?

Thought about what you thought about, except that my credit history is in much better shape, because of all the work I put into it, and no thanks to parents or co-signers. My credit history is barely 2 years old, but because of diligence, I'm on solid ground. The car loan I'm keeping open for the s...
by Paul78
Mon Feb 17, 2014 8:38 pm
 
Forum: Personal Finance (Not Investing)
Topic: Should I pay off my auto loan?
Replies: 24
Views: 3415

Re: Should I pay off my auto loan?

Your credit score can be broken down into about five things that affect it. 1. Payment history (35%) - How quickly you pay back loans. 2. Amounts Owed (30%) - How much you currently owe. 3. Length of Credit History (15%) - How long you have maintained a credit history. 4. New Credit (10%) - How rec...
by Paul78
Sat Feb 15, 2014 3:17 pm
 
Forum: Personal Finance (Not Investing)
Topic: Should I pay off my auto loan?
Replies: 24
Views: 3415
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