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Re: Form 8606 and TaxAct is stumping me

Thanks. I think I'm good now.
by RandyAdams1978
Mon Feb 17, 2014 1:37 pm
 
Forum: Personal Finance (Not Investing)
Topic: Form 8606 and TaxAct is stumping me
Replies: 2
Views: 338

Form 8606 and TaxAct is stumping me

I think I understand the concept here, but trying to muscle through the particulars is proving... frustrating. Can someone please straighten me out? How should my Form 8606 look when all is said and done? Here's my transaction history. I hope I didn't do anything wrong/illegal: Roth balance as of 12...
by RandyAdams1978
Mon Feb 17, 2014 11:48 am
 
Forum: Personal Finance (Not Investing)
Topic: Form 8606 and TaxAct is stumping me
Replies: 2
Views: 338

Re: 529 Strategy with reduced contributions going forward

You need to quickly educate yourself.


Thanks, Laura. I've spoken with several lawyers already. Believe me, I'm getting an education.
by RandyAdams1978
Tue Jan 28, 2014 5:00 am
 
Forum: Investing - Help with Personal Investments
Topic: 529 Strategy with reduced contributions going forward
Replies: 11
Views: 855

Re: 529 Strategy with reduced contributions going forward

Also, why do you plan on using CDs for the first two college educations? I think tapping then 529 right away would make more sense since you don't want money left over in the 529 after the kids graduate. I set up three 529 accounts simply for the state tax benefit. At the time -- prior to divorce p...
by RandyAdams1978
Mon Jan 27, 2014 5:05 pm
 
Forum: Investing - Help with Personal Investments
Topic: 529 Strategy with reduced contributions going forward
Replies: 11
Views: 855

Re: 529 Strategy with reduced contributions going forward

If it is going to be an amicable divorce presumably the assets that you've mentally bookmarked for kid1/kid2 could be explicitly called out with specific $ set aside. We could. But, I'm not wealthy enough to provide for two households. I may end up having to dip into those bonds and CDs just to kee...
by RandyAdams1978
Mon Jan 27, 2014 4:58 pm
 
Forum: Investing - Help with Personal Investments
Topic: 529 Strategy with reduced contributions going forward
Replies: 11
Views: 855

Re: 529 Strategy with reduced contributions going forward

I think, if we can remain amicable about it, the divorce could just say "leave it as it is" for now. We're trying to avoid actually taking this to trial. That being the case, it's my understanding that the separation agreement can say whatever we want it to say. The trouble with combining ...
by RandyAdams1978
Mon Jan 27, 2014 12:28 pm
 
Forum: Investing - Help with Personal Investments
Topic: 529 Strategy with reduced contributions going forward
Replies: 11
Views: 855

Re: 529 Strategy with reduced contributions going forward

Yeah, the aggressiveness is obviously a personal decision. I'll also have to think about combining them now. I didn't really consider that, thanks. But I think I'll wait until the dust settles on the divorce, first. See where I land financially.

Thanks for the replies.
by RandyAdams1978
Mon Jan 27, 2014 12:09 pm
 
Forum: Investing - Help with Personal Investments
Topic: 529 Strategy with reduced contributions going forward
Replies: 11
Views: 855

529 Strategy with reduced contributions going forward

I'm getting divorced and I was hoping to get some suggestions about existing 529 account asset allocation. Ohio residents. Three minor children. Ages 15, 13 and 8. Each has their own Ohio 529 account, with me as owner. The accounts were only recently opened - Dec 2012. Each account has roughly 8.5K ...
by RandyAdams1978
Mon Jan 27, 2014 4:59 am
 
Forum: Investing - Help with Personal Investments
Topic: 529 Strategy with reduced contributions going forward
Replies: 11
Views: 855

Re: My aunt blindly bought an annuity. Help!

Thanks guys. I looked at the links and the Wiki. Yeah, I saw the warning sign. Wish my aunt would have asked about this BEFORE she signed. The " free look" period is 10 days. Its 20 days if you 're getting an annuity to replace an existing one. I will mention to her about the ODI. Maybe at...
by RandyAdams1978
Sun Dec 01, 2013 12:38 pm
 
Forum: Investing - Help with Personal Investments
Topic: My aunt blindly bought an annuity. Help!
Replies: 40
Views: 2254

Re: My aunt blindly bought an annuity. Help!

That's a good idea BL. Ya know, this has actually been educational for me. I have never seen an annuity contract before. I read the wiki this morning on Equity - Indexed Annuities, and I can see now why they are strongly not recommended. They are MUCH too complicated. Thanks to this site, I'm a wee ...
by RandyAdams1978
Sun Dec 01, 2013 10:32 am
 
Forum: Investing - Help with Personal Investments
Topic: My aunt blindly bought an annuity. Help!
Replies: 40
Views: 2254

Re: My aunt blindly bought an annuity. Help!

frugalyype,
I wanted to thank you for your replies, too. Thanks.

And, of course, you too livesoft. Thank you.

And you're right starbux, its not as horrible as I first thought. Thanks for helping to calm me down.
by RandyAdams1978
Sun Dec 01, 2013 10:18 am
 
Forum: Investing - Help with Personal Investments
Topic: My aunt blindly bought an annuity. Help!
Replies: 40
Views: 2254

Re: My aunt blindly bought an annuity. Help!

cher & sscritic
My aunt and I talked. This won't happen again. Thank you for the responses.
by RandyAdams1978
Sun Dec 01, 2013 10:09 am
 
Forum: Investing - Help with Personal Investments
Topic: My aunt blindly bought an annuity. Help!
Replies: 40
Views: 2254

Re: My aunt blindly bought an annuity. Help!

livesoft Delving deeper into the contract, it looks like she can take penalty free withdrawals once a year for up to 10% of the account value. She did not know this detail. She had some vague notion that she could "get to the money" if need be, but she didn't know the details. Unfortunatel...
by RandyAdams1978
Sun Dec 01, 2013 10:07 am
 
Forum: Investing - Help with Personal Investments
Topic: My aunt blindly bought an annuity. Help!
Replies: 40
Views: 2254

Re: My aunt blindly bought an annuity. Help!

Who are you really angry at?


My aunt. She needs to not do this anymore. She's not senile, just a bit kooky. But financially not too savvy. I need to talk to her about this.


Thanks for letting me air this out. I really appreciate the ears.
by RandyAdams1978
Sun Dec 01, 2013 8:57 am
 
Forum: Investing - Help with Personal Investments
Topic: My aunt blindly bought an annuity. Help!
Replies: 40
Views: 2254

Re: My aunt blindly bought an annuity. Help!

sscritic:

Thanks. I found this.

http://codes.ohio.gov/oac/3901-6-13

I may pursue. But first I must talk with my aunt. I need to find out what she was and was not told when she bought this.
by RandyAdams1978
Sun Dec 01, 2013 8:54 am
 
Forum: Investing - Help with Personal Investments
Topic: My aunt blindly bought an annuity. Help!
Replies: 40
Views: 2254

Re: My aunt blindly bought an annuity. Help!

livesoft, that's very generous of you to say about my aunt. But I don't think that was the plan. She is not very savvy financially. But I will ask. Thabks. Now that I've calmed down, this doesn't look so so horrible. She shouldn't have done it probably, but at least it will pay her SOMETHING in reti...
by RandyAdams1978
Sun Dec 01, 2013 8:48 am
 
Forum: Investing - Help with Personal Investments
Topic: My aunt blindly bought an annuity. Help!
Replies: 40
Views: 2254

Re: My aunt blindly bought an annuity. Help!

The contract says $10k. She just saved $3k!


Yes, the contract says 10K. However, my aunt says she deposited an additional 3K in it AFTER that. Ouch.

Yes, she can change the Annuitization Date. But I would bet SHE didn't know that.
by RandyAdams1978
Sun Dec 01, 2013 8:42 am
 
Forum: Investing - Help with Personal Investments
Topic: My aunt blindly bought an annuity. Help!
Replies: 40
Views: 2254

Re: My aunt blindly bought an annuity. Help!

And here's the page with the Annuitization details. Sorry if this is too big. First picture posting.

Image
by RandyAdams1978
Sun Dec 01, 2013 8:36 am
 
Forum: Investing - Help with Personal Investments
Topic: My aunt blindly bought an annuity. Help!
Replies: 40
Views: 2254

Re: My aunt blindly bought an annuity. Help!

Here's the data page of t he annuity contract.

Image
by RandyAdams1978
Sun Dec 01, 2013 8:34 am
 
Forum: Investing - Help with Personal Investments
Topic: My aunt blindly bought an annuity. Help!
Replies: 40
Views: 2254

Re: My aunt blindly bought an annuity. Help!

I'll try to post it. Thanks. My feeble understanding of this is that "Yes", she can get her money back minus 7%.
by RandyAdams1978
Sun Dec 01, 2013 8:11 am
 
Forum: Investing - Help with Personal Investments
Topic: My aunt blindly bought an annuity. Help!
Replies: 40
Views: 2254

Re: My aunt blindly bought an annuity. Help!

Ok. I'm reading more details of the contract. It looks like the 100th birthday commencement date is a default, and can be changed by the contract owner at any time. Im feeling a bit better now. Still, my aunt. Geez. I asked her why she bought this, when its going to pay her, and how much her payment...
by RandyAdams1978
Sun Dec 01, 2013 8:09 am
 
Forum: Investing - Help with Personal Investments
Topic: My aunt blindly bought an annuity. Help!
Replies: 40
Views: 2254

Re: My aunt blindly bought an annuity. Help!

I think there's a death benefit associated with this. Her daughter is named as the beneficiary. Maybe the daughter will see some of the money. But the daughter doesn't really need it --- she has a Masters degree in Criminal Justice, has top government clearance, has worked for the FBI, and has a hus...
by RandyAdams1978
Sun Dec 01, 2013 7:43 am
 
Forum: Investing - Help with Personal Investments
Topic: My aunt blindly bought an annuity. Help!
Replies: 40
Views: 2254

Re: My aunt blindly bought an annuity. Help!

You are right. I am not calm. I also have only a basic understanding of annuities. But it appears to me that she is not getting fixed income UNTIL she is 100, but rather, fixed income STARTS when she reaches 100. (Or am I misunderstanding what YOU said?) The contract says the Annuitization Date is i...
by RandyAdams1978
Sun Dec 01, 2013 7:19 am
 
Forum: Investing - Help with Personal Investments
Topic: My aunt blindly bought an annuity. Help!
Replies: 40
Views: 2254

Re: My aunt blindly bought an annuity. Help!

Thanks for the link, but I was hoping for a straight yes or no. I think I know what the answer is, but I just can't believe someone would actually SELL her this.

Did she just kiss 13,000 dollars goodbye? Am I understanding correctly?
by RandyAdams1978
Sun Dec 01, 2013 7:09 am
 
Forum: Investing - Help with Personal Investments
Topic: My aunt blindly bought an annuity. Help!
Replies: 40
Views: 2254

Re: My aunt blindly bought an annuity. Help!

That would be a riot. But am I interpretting this Annuitization Date right? Payments don't start until 2052? Is that right?
by RandyAdams1978
Sun Dec 01, 2013 6:55 am
 
Forum: Investing - Help with Personal Investments
Topic: My aunt blindly bought an annuity. Help!
Replies: 40
Views: 2254

Re: My aunt blindly bought an annuity. Help!

I think it gets even worse. The Annuitization Date on the contract is August 2052. Does that mean what I think it means --- payments don't even START until she's 100?!?!?!?!?

Can that be right?
by RandyAdams1978
Sun Dec 01, 2013 6:31 am
 
Forum: Investing - Help with Personal Investments
Topic: My aunt blindly bought an annuity. Help!
Replies: 40
Views: 2254

My aunt blindly bought an annuity. Help!

She's 61. Recently divorced. In good health. Good, steady job. Should be able to work as long as she wants. Or needs. I don 't even know how this happened, or why she didn't confer with anyone in the family. Or why she thought this was a good idea. She bought an equity indexed annuity from Nationwid...
by RandyAdams1978
Sun Dec 01, 2013 6:18 am
 
Forum: Investing - Help with Personal Investments
Topic: My aunt blindly bought an annuity. Help!
Replies: 40
Views: 2254

Re: Investing (not speculating) in Bitcoin

Thanks, cb474. I've been doing some googling on it. I still don't get where the physical coins are coming from or even why they exist(novelty item as you suggest?), but that's OK. I don't plan on speculating in them.. I just wonder if Bitcoin will survive. Remember MySpace? It was all the rage until...
by RandyAdams1978
Sat Nov 30, 2013 6:31 am
 
Forum: Investing - Theory, News & General
Topic: Investing (not speculating) in Bitcoin
Replies: 119
Views: 11451

Re: Why is the SS website closed?

Weird. When I changed my password, then it worked. I'm now in. Funny thing is, when I changed my pw, at first I tried the existing one. The system KNEW that, and told me the new password couldn't be the same as the old password. Maybe you have to change your password every so often? It's been a whil...
by RandyAdams1978
Fri Nov 29, 2013 11:38 am
 
Forum: Investing - Theory, News & General
Topic: Why is the SS website closed?
Replies: 25
Views: 2159

Re: Why is the SS website closed?

Really? How odd. Maybe I'm using the wrong password? Though you would think that would generate a different message. I'll try again. Thanks.
by RandyAdams1978
Fri Nov 29, 2013 11:29 am
 
Forum: Investing - Theory, News & General
Topic: Why is the SS website closed?
Replies: 25
Views: 2159

Re: Why is the SS website closed?

Sorry. Should have been more specific. When you try to login it tells you it is closed.
by RandyAdams1978
Fri Nov 29, 2013 11:01 am
 
Forum: Investing - Theory, News & General
Topic: Why is the SS website closed?
Replies: 25
Views: 2159

Why is the SS website closed?

I can understand brick and mortar offices shutting down on a holiday weekend, but the Social Security website, too? Did someone turn off all the computers Wednesday night? I just don't get WHY they do this.
by RandyAdams1978
Fri Nov 29, 2013 10:49 am
 
Forum: Investing - Theory, News & General
Topic: Why is the SS website closed?
Replies: 25
Views: 2159

Re: Is this a bad time to buy a bond fund?

Taylor, I appreciate your chart, but I wonder if there is anything available for some reasonable fascimile of TBM that goes back to 1950 or so. In 1976, interest rates were in the high teens. In 1950, they were closer to today's levels. The linked study below suggests that starting yields matter, bu...
by RandyAdams1978
Thu Nov 28, 2013 7:39 pm
 
Forum: Investing - Theory, News & General
Topic: Is this a bad time to buy a bond fund?
Replies: 15
Views: 1713

Re: Investing (not speculating) in Bitcoin

General question on bitcoins. If bitcoin is a digital currency, then how/why do actual physical coins exist? Who mints them? I just looked on ebay, and found physical coins for sale at about 5K each. But there were also - I think - digital only versions (mostly some small %, like. 021), that could b...
by RandyAdams1978
Thu Nov 28, 2013 8:13 am
 
Forum: Investing - Theory, News & General
Topic: Investing (not speculating) in Bitcoin
Replies: 119
Views: 11451

Re: Health Insurance Premiums: Pre-tax or post tax?

I've done bit of research. Pre-tax payments lowers your gross income. This will affect your SS benefit. By how much, I don't know. Pre-tax payments are also not tax-deductible. This could be important for folks who itemize their medical expenses at tax time.
by RandyAdams1978
Wed Nov 27, 2013 11:30 am
 
Forum: Personal Finance (Not Investing)
Topic: Health Insurance Premiums: Pre-tax or post tax?
Replies: 9
Views: 555

Health Insurance Premiums: Pre-tax or post tax?

My employer is switching insurance carriers again. In the open enrollment forms, one of the very first questions is if I want my premium taken out on pre-tax or a post-tax basis. I have always done it on a pre-tax basis.... mainly because I hear that little mantra in my head, "A tax deferred is...
by RandyAdams1978
Wed Nov 27, 2013 10:29 am
 
Forum: Personal Finance (Not Investing)
Topic: Health Insurance Premiums: Pre-tax or post tax?
Replies: 9
Views: 555

Re: Shameful Motley Fool Article

Wasn't there also something called "The Dogs of The Dow"?
by RandyAdams1978
Mon Oct 28, 2013 8:11 pm
 
Forum: Investing - Theory, News & General
Topic: Shameful Motley Fool Article
Replies: 18
Views: 4183

Re: How Do Bogleheads Diversify Fixed Income?

To be fair, I think it should be noted that the M* interview was from June 2012. The seekingalpha article from 2010.

These are interesting times for FI investing. The more I read, the more I'm convinced that nobody knows nuthin'. Stay the course? Maybe. Diversify? Certainly!
by RandyAdams1978
Thu Oct 10, 2013 5:00 am
 
Forum: Investing - Help with Personal Investments
Topic: How Do Bogleheads Diversify Fixed Income?
Replies: 48
Views: 5435

Bond Allocation possibilty w/in 401k?

I'm trying to figure out the bond portion of my AA within my 401k. My 401k has about 80-85% of my total retirement funds. It is with Fidelity. I am 14 years away from retirment. I'm 53. Here are the bond funds available in my 401k: Fund Name / Symbol / ER Fidelity Freedom K Income Fund / FFKAX / 0.3...
by RandyAdams1978
Mon Sep 30, 2013 4:27 am
 
Forum: Investing - Help with Personal Investments
Topic: Bond Allocation possibilty w/in 401k?
Replies: 2
Views: 286

Re: Interesting read on the future of bonds

Good catch nisiprius. But I found it on the Hussman funds web site. Thanks.
by RandyAdams1978
Sat Sep 28, 2013 4:02 pm
 
Forum: Investing - Theory, News & General
Topic: Interesting read on the future of bonds
Replies: 4
Views: 760

Interesting read on the future of bonds

Before I posted this, I did a forum search for "Hussman". Guess he's not too well respected here. Still, I found this interesting. It questions whether bonds will be able to "do their job" in the next equity bear market. http://www.hussmanfunds.com/rsi/policyportfolio.htm
by RandyAdams1978
Sat Sep 28, 2013 3:13 pm
 
Forum: Investing - Theory, News & General
Topic: Interesting read on the future of bonds
Replies: 4
Views: 760

Re: How much risk do I NEED to take?

Let's try this again All in today's dollars. Retirement is 14 years away. Income need = $60,000 SS (from last statement) = $2,533/month, which equals $30,396 per year Pension (from last statement = $2,656/month = $31,872 per year. Bobcat suggested I deflate the pension, rather than inflate the other...
by RandyAdams1978
Mon Sep 23, 2013 6:01 am
 
Forum: Investing - Help with Personal Investments
Topic: How much risk do I NEED to take?
Replies: 51
Views: 4646

Re: How much risk do I NEED to take?

Red I 'm not sure what I did there. I fat fingered something. All figures are in today's dollars. I was attempting to deflate the pension as opposed to inflating the other values. Should be $29484. $30396*.97. I was trying to account for 3% inflation. But... do I need to do that 14 times since retir...
by RandyAdams1978
Mon Sep 23, 2013 5:37 am
 
Forum: Investing - Help with Personal Investments
Topic: How much risk do I NEED to take?
Replies: 51
Views: 4646

Re: How much risk do I NEED to take?

Ok, I re-calculated using today's dollars, and just deflating the pension. Income need (in todays' dollars)= $60,000; SS (from latest statement --- $2,533/month) =$30,396; Pension (from latest statement, deflated by 3%) = $30,195 Total income = $61,311. There is no shortfall. I'm scratching my head ...
by RandyAdams1978
Sat Sep 21, 2013 2:29 pm
 
Forum: Investing - Help with Personal Investments
Topic: How much risk do I NEED to take?
Replies: 51
Views: 4646

Re: How much risk do I NEED to take?

Good morning. I appreciate all the feedback. You folks are incredible. bobcat: Yes, I need to investigate pension options. I know there's a fairly significant penalty for tapping into the pension prior to turning 65. I believe the reduction is 6% per year. Not sure if there's a benefit to delaying. ...
by RandyAdams1978
Sat Sep 21, 2013 6:20 am
 
Forum: Investing - Help with Personal Investments
Topic: How much risk do I NEED to take?
Replies: 51
Views: 4646

Re: How much risk do I NEED to take?

Thanks to all who have responded. Here's the actual numbers: If I retire at 67: SS statement says I'm entitled to $2,533 per month if I retire at age 67. That's $30,396 per year. But's that's in today's dollars, right? That gets indexed for inflation, yes? At a 3% inflation rate, that comes out to a...
by RandyAdams1978
Fri Sep 20, 2013 4:34 am
 
Forum: Investing - Help with Personal Investments
Topic: How much risk do I NEED to take?
Replies: 51
Views: 4646

Re: How much risk do I NEED to take?

Bobcat: "and from 2003 to 2012 I ploughed the monthly returns and we saw swings of -17 per cent and +15 per cent, on a risk-free asset." I don't understand what this means. What is "ploughed"? livesoft: What you laid out seems reasonable, but I wish that table went back farther f...
by RandyAdams1978
Thu Sep 19, 2013 11:16 am
 
Forum: Investing - Help with Personal Investments
Topic: How much risk do I NEED to take?
Replies: 51
Views: 4646

Re: How much risk do I NEED to take?

bobcat: I will have to read (and digest) later. The 1M was the midway point between 800K and 1.2M -- which is the range I've calculated as needing. you're 70K example is nearly spot on to what I've been playing with. I've been targeting 60K in today's dollars. I also have a pension (not indexed for ...
by RandyAdams1978
Thu Sep 19, 2013 7:38 am
 
Forum: Investing - Help with Personal Investments
Topic: How much risk do I NEED to take?
Replies: 51
Views: 4646

Re: How much risk do I NEED to take?

Bustoff: I didn't do anything in 2008. But that was more like a deer in the headlights reaction than anything else.
by RandyAdams1978
Thu Sep 19, 2013 7:19 am
 
Forum: Investing - Help with Personal Investments
Topic: How much risk do I NEED to take?
Replies: 51
Views: 4646

Re: How much risk do I NEED to take?

Wizard: My current AA is about 50/50. I'm giving myself until the end of this calendar year to come up with a plan going forward. Thanks. livesoft: I have a copy of that book in my nightstand. As I recall, the pages devoted to risk need talk mostly about "stop playing the game if you've already...
by RandyAdams1978
Thu Sep 19, 2013 7:18 am
 
Forum: Investing - Help with Personal Investments
Topic: How much risk do I NEED to take?
Replies: 51
Views: 4646
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