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Re: Minimizing income taxes in retirement

If I thought I would be in a higher tax bracket after taking SS then I would be converting traditional IRAs and 401ks to a Roth each year prior to taking SS at least up to the 25% tax bracket and possibly the 28% bracket. Pay the additional taxes out of a taxable account. At 70 1/2 you will need to ...
by SGM
Tue Mar 31, 2015 3:54 am
 
Forum: Personal Finance (Not Investing)
Topic: Minimizing income taxes in retirement
Replies: 31
Views: 1783

Re: What Book Are You Currently Reading? Part VI

In the Kingdom of Ice The Grand and Terrible Polar Voyage of the USS Jeannette by Hampton Sides. This is an exciting piece of history previously unknown to me. Never give up. Never despair. Nil desperandum.
by SGM
Sat Mar 28, 2015 5:20 pm
 
Forum: Personal Consumer Issues
Topic: What Book Are You Currently Reading? Part VI
Replies: 579
Views: 80155

Re: Solo 401k [Creating an EIN for solo practice]

Are you receiving other benefits from the w-2 income? I created an EIN for a solo practice s-corp that had income. I had a second part time contract for which I received a w-2. I was receiving little benefit from receiving the w-2 as opposed to paying the s-corp directly (no 401k, no liability insur...
by SGM
Thu Mar 26, 2015 4:12 am
 
Forum: Personal Finance (Not Investing)
Topic: Solo 401k [Creating an EIN for solo practice]
Replies: 7
Views: 506

Re: Does your CPA/Tax Person help with reducing your taxes?

Are my taxes reduced? Definitely my stress is reduced. He encourages me to take all the deductions I am entitled to. Business returns and payroll is a bit more complicated than just a personal return so his help is quite valuable. Getting the business return out of the way helped me to max my profit...
by SGM
Tue Mar 24, 2015 4:50 am
 
Forum: Personal Finance (Not Investing)
Topic: Does your CPA/Tax Person help with reducing your taxes?
Replies: 58
Views: 4734

Re: Tax Software

I have used tax software for 30 years. I import last years data and generally do not do the interview except for a few topics that I want to learn more about. Otherwise it is the form mode I use. However, this year HRBlock and apparently other software per my accountant put in a default no for wheth...
by SGM
Mon Mar 23, 2015 4:41 am
 
Forum: Personal Finance (Not Investing)
Topic: Tax Software
Replies: 23
Views: 1116

Re: Legal for Doctor to Cover Insurance Co-pay?

I sent a collection letter, but never refused to see a patient because they or their relatives wouldn't pay the copay or the deductible. Some insurances would not pay any physician outside of their system. I treated them anyway as no physician who came to the nursing home participated in their plan....
by SGM
Sat Mar 21, 2015 7:50 pm
 
Forum: Personal Finance (Not Investing)
Topic: Legal for Doctor to Cover Insurance Co-pay?
Replies: 40
Views: 2912

Tax programs default to no insurance coverage

I just met with my accountant and he alerted me to the default position on the ACA with most or all tax programs. The default position for most if not all programs is that one is not covered by a health plan. The best thing is to go through the interview and manually put in that you are covered if t...
by SGM
Sat Mar 21, 2015 10:56 am
 
Forum: Personal Finance (Not Investing)
Topic: Tax programs default to no insurance coverage
Replies: 1
Views: 208

Re: DC Bogleheads next meeting is this Sunday the 22nd

Was the above referenced paper presented at the 2014 social security sponsored retirement research conference in DC? I remember a discussion of framing. I am definitely waiting until 70 to start collecting and future consumption ability identifies why I prefer waiting for 132% of what would be comin...
by SGM
Fri Mar 20, 2015 9:27 pm
 
Forum: Local Chapters and Bogleheads Community
Topic: DC Bogleheads next meeting is this Sunday the 22nd
Replies: 4
Views: 591

Re: What Age Did You First Ponder Financial Independence?

Probably in elementary school when I had a paper route and read Ben Franklin's aphorisms.
by SGM
Thu Mar 19, 2015 9:43 pm
 
Forum: Personal Finance (Not Investing)
Topic: What Age Did You First Ponder Financial Independence?
Replies: 74
Views: 6842

Re: Retiring soon ... help with setting up income stream?

Above comments are excellent. If you will be in a low tax bracket in retirement you could convert some of your traditional accounts to Roths over a period of several years. You will need to pay the taxes out of your taxable account for it to get the greatest benefit from conversions. If I were footl...
by SGM
Thu Mar 19, 2015 9:39 pm
 
Forum: Investing - Help with Personal Investments
Topic: Retiring soon ... help with setting up income stream?
Replies: 9
Views: 1660

Re: USAA Flexible Retirement Savings Annuity

That sounds like an excellent deal. Get the 3%. USAA is probably hoping withdrawals will be made because that is an excellent rate. Are there any thoughts about annuitizing? USAA has an excellent safety rating. If the third party is elderly and in good health then there may be a benefit to annuitizi...
by SGM
Thu Mar 19, 2015 1:49 pm
 
Forum: Investing - Help with Personal Investments
Topic: USAA Flexible Retirement Savings Annuity
Replies: 6
Views: 1355

Re: Profit Sharing Plans, IRAs and 401k

If you are not putting in the max for a 401k/psp through your main employment, you could open up a solo 401k if you had other earned income. If so you would probably have to fill out your own W-2 for your side business. This is only worth it if you are significantly below the maximum for your employ...
by SGM
Thu Mar 19, 2015 1:41 pm
 
Forum: Investing - Help with Personal Investments
Topic: Profit Sharing Plans, IRAs and 401k
Replies: 12
Views: 656

Re: Five most important things to be a successful investor?

1. Pay yourself first and invest early to take advantage of compounding. 2. Be aware that taxes and investment costs eat into your return 3. Avoid debt and live below your means. Remember the Micawber Principle, based upon his observation: "Annual income twenty pounds, annual expenditure ninete...
by SGM
Wed Mar 18, 2015 8:27 pm
 
Forum: Investing - Theory, News & General
Topic: Five most important things to be a successful investor?
Replies: 31
Views: 3186

Re: Kotlikoff: When Should you Take Social Security?

Most people I talk to take SS as early as possible. However, last year I spoke to two couples who planned to have at least one of them wait until 70 to take SS. All had reached FRA, but neither couple applied for a spousal benefit and did the file and suspend scenario. I informed them both about the...
by SGM
Tue Mar 17, 2015 1:19 pm
 
Forum: Personal Finance (Not Investing)
Topic: Kotlikoff: When Should you Take Social Security?
Replies: 220
Views: 19901

Re: Kotlikoff: When Should you Take Social Security?

I am planning on filing and suspending when my spouse reaches FRA so that she can take a spousal benefit. Then I will file for my own at 70 and she will file for her own at 70. I could file and suspend now, but don't foresee a need. Several free on line calculators agree that this strategy is optima...
by SGM
Mon Mar 16, 2015 4:32 am
 
Forum: Personal Finance (Not Investing)
Topic: Kotlikoff: When Should you Take Social Security?
Replies: 220
Views: 19901

Re: USAA Flexible Retirement Savings Annuity

If you start a new USAA Flexible Retirement Annuity today it will pay 1.7% for a new investment of 100k up to 500k. There is a 3.0% bonus. If you invest 100k you will get 3k added immediately. They keep the rate and bonus for the next year for new additions. After year 1 new additions will get a low...
by SGM
Mon Mar 16, 2015 3:46 am
 
Forum: Investing - Help with Personal Investments
Topic: USAA Flexible Retirement Savings Annuity
Replies: 6
Views: 1355

Re: Understanding Your Net Worth

I like the concept of a consuming asset. A rental with a negative cash flow or a seldom used vacation home would fit into this category.
by SGM
Sat Mar 14, 2015 5:09 am
 
Forum: Personal Finance (Not Investing)
Topic: Understanding Your Net Worth
Replies: 25
Views: 3507

Re: 5500 Filings for Solo/Individual 401(k)s; public informa

I was unaware of the difference in the internet accessibility of information for the two different 5500 forms. I did not like having the amounts in my solo 401k available to the public. It is a moot point now that I am retired. You can easily move money from a solo 401k to an IRA while working if yo...
by SGM
Mon Mar 09, 2015 7:40 pm
 
Forum: Personal Finance (Not Investing)
Topic: 5500 Filings for Solo/Individual 401(k)s; public information
Replies: 10
Views: 480

Re: Help with Revamping Husband's retirement?

After getting his match in the 401k then pay off student debt first is what I would do because I hate having any debt, but it may not be the most after tax beneficial move in your bracket. I would run it through a tax program first to see the difference. I like the lower fees of total stock and tota...
by SGM
Fri Mar 06, 2015 10:54 am
 
Forum: Investing - Help with Personal Investments
Topic: Help with Revamping Husband's retirement?
Replies: 16
Views: 946

Re: Best strategy bridging into retirement

Go to the above mentioned SS web site and put in your expected w-2 SS income for 1 year. Then you can determine what you would get at any age from 62 to 70. You could also project some numbers if you worked part time say in the pro shop at a golf course. I would feel a whole lot better about getting...
by SGM
Thu Mar 05, 2015 3:57 pm
 
Forum: Personal Finance (Not Investing)
Topic: Best strategy bridging into retirement
Replies: 37
Views: 3447

Re: WHY YOU OWE YOUR FREEDOM TO JACK BOGLE

Having the money to be able to retire at a reasonable age or to quit an unsatisfactory job is a form of economic freedom. Many factors, like individual effort and savings go into the mix. Economic freedom and capitalism are a necessary part of political freedom, but capitalism alone is not sufficien...
by SGM
Thu Mar 05, 2015 10:24 am
 
Forum: Investing - Theory, News & General
Topic: SIGN PETITION for Jack Bogle's Presidential Medal of Freedon
Replies: 55
Views: 4480

Re: Vanguard becominng more assertive with boards WSJ

Today's WSJ article titled Vanguard and BlackRock Plan to Get More Assertive With Their Investments. This is the article http://www.wsj.com/articles/vanguard-and-blackrock-plan-to-get-more-assertive-with-their-investments-1425445200 Google the title if you are not a subscriber. Jack has recently st...
by SGM
Wed Mar 04, 2015 2:37 pm
 
Forum: Personal Finance (Not Investing)
Topic: Vanguard becominng more assertive with boards WSJ
Replies: 9
Views: 1878

Vanguard becominng more assertive with boards WSJ

Today's WSJ article titled Vanguard and BlackRock Plan to Get More Assertive With Their Investments. This is the article http://www.wsj.com/articles/vanguard-and-blackrock-plan-to-get-more-assertive-with-their-investments-1425445200 Google the title if you are not a subscriber. Jack has recently sta...
by SGM
Wed Mar 04, 2015 5:14 am
 
Forum: Personal Finance (Not Investing)
Topic: Vanguard becominng more assertive with boards WSJ
Replies: 9
Views: 1878

Re: What if you already have a couple million?

Expense ratios become more important if you have a larger portfolio. A 50:50 stock bond split is too conservative for my liking with a 20 year time horizon. I worry about inflation eating up my buying power so I might be 70:30 or higher in stocks. Consider holding muni bond funds instead of total bo...
by SGM
Tue Mar 03, 2015 5:22 am
 
Forum: Investing - Help with Personal Investments
Topic: What if you already have a couple million?
Replies: 42
Views: 6565

Re: Father in law possible elder scam victim?

This is definitely a scam. The workers should not be allowed on the property or to contact the elderly people. Recovery of the cash is most important, but the amounts maybe too low to justify an attorney. Daughter should handle the finances now. An attorney and a physician may need to get involved w...
by SGM
Mon Mar 02, 2015 3:08 pm
 
Forum: Personal Consumer Issues
Topic: Father in law possible elder scam victim?
Replies: 30
Views: 1791

Re: Does a Roth IRA make sense if you live in a high COL pla

I had an inkling that my tax deferred accounts would become large when my first employer out of grad school matched 10% of my salary in company stock and I could put a non-deductible 2000 a year in a tIRA. I didn't predict I would be able to put much more in a solo 401k and profit sharing plan later...
by SGM
Sun Mar 01, 2015 5:27 am
 
Forum: Investing - Help with Personal Investments
Topic: Does a Roth IRA make sense if you live in a high COL place?
Replies: 85
Views: 3312

Re: Vanguard S&P 500 and Roth IRA

You can purchase VOO and have etrade reinvest the dividends and capital gains in an IRA. The ETF has the same expense ratio as the admiral version of the mutual fund. You have to have $10000 invested in the mutual fund to get admiral shares with Vanguard. You will get investor shares if you buy the ...
by SGM
Fri Feb 27, 2015 7:20 pm
 
Forum: Investing - Help with Personal Investments
Topic: Vanguard S&P 500 and Roth IRA
Replies: 3
Views: 793

Re: How much is a pension worth?

Do you have to be employed 20 years to get anything? I was vested after 5 years employment allowing me to get what the company had matched in my 401k and a small pension that I took 7 years ago. It looked good compared to the immediate annuities web site estimates and given longevity in DWs family t...
by SGM
Fri Feb 27, 2015 5:46 am
 
Forum: Investing - Help with Personal Investments
Topic: How much is a pension worth?
Replies: 23
Views: 3640

Re: physicians [Frustrated, considering early retirement]

My career as a doctor was relatively short, but I had already had two other successful careers before entering medical school later in life. Even though I was warned by older doctors not to go into medicine, I did so any way and enjoyed the practice of medicine immensely for 20 years plus. It was a ...
by SGM
Thu Feb 26, 2015 6:15 am
 
Forum: Personal Finance (Not Investing)
Topic: physicians [Frustrated, considering early retirement]
Replies: 132
Views: 9369

Re: How much did you have saved up for retirement at age 30?

I was retooling in grad school at age 30. I was greatly increasing my human capital at the expense of savings. It was well worth the investment and fun. I repeated the experience a dozen years later. By that time I had a considerable amount of retirement investments and had earned a small pension an...
by SGM
Tue Feb 24, 2015 3:15 pm
 
Forum: Personal Finance (Not Investing)
Topic: How much did you have saved up for retirement at age 30?
Replies: 173
Views: 13260

Re: Spouse Contribution to Solo 401(k)

Limits for the 401k portion are 18K for age under 50 and 24K for 50 or greater for 2015. Then there is a profit sharing component that can bring it up to 53K or 59K for age greater than 50. If you are looking to greatly increase your family solo 401k amount and your business has sufficient income de...
by SGM
Sun Feb 22, 2015 3:29 pm
 
Forum: Personal Finance (Not Investing)
Topic: Spouse Contribution to Solo 401(k)
Replies: 7
Views: 440

Re: Does early retirement affect SS benefits?

Prior to her full retirement age she will only be able to take the higher of her own benefit or a spousal. At her FRA she could choose to take a spousal benefit even if it was lower than her own benefit. This assumes that the husband has filed and suspended and has reached his FRA. You can access th...
by SGM
Sun Feb 22, 2015 6:35 am
 
Forum: Personal Finance (Not Investing)
Topic: Does early retirement affect SS benefits?
Replies: 16
Views: 2391

Re: Pick-Pockets

Family members foiled 3 separate pick pocket attempts in European cities. All were foiled by aggressive defensive maneuvers. The most despicable attempt was by a mother who sent her two young children to hug me as a tourist in a large city. I saw them coming and these long legs and arms kept the cri...
by SGM
Sat Feb 21, 2015 4:38 pm
 
Forum: Personal Consumer Issues
Topic: Pick-Pockets
Replies: 63
Views: 5307

Re: "Delaying IRA contributions until April can cost you."

I always put money into an IRA as soon as I could afford to do it usually I sent it in to be received soon after Jan 1 of the tax year. I was following the advice to "pay yourself first," which came naturally to me. If I thought tax deferred was a better place for the money than in taxable...
by SGM
Thu Feb 19, 2015 11:44 pm
 
Forum: Personal Finance (Not Investing)
Topic: "Delaying IRA contributions until April can cost you."
Replies: 4
Views: 912

Re: Should I Quit My Job

The military can be an excellent career path. Several friends who joined the military and are now retired are happy with their health benefits despite what one reads about the VA. Health care can be one of the biggest expenses in retirement. I was a little surprised 30 years ago when a friend left a...
by SGM
Wed Feb 18, 2015 5:26 am
 
Forum: Personal Finance (Not Investing)
Topic: Should I Quit My Job
Replies: 46
Views: 6604

Re: Shared personal/biz expenses on a biz credit card?

I used a business card to purchase items that had a dual purpose and were absolutely necessary to the business. I estimated the percentage used for business and reported it on the business tax forms. It was never a problem. Others I know have had their deductions questioned by the IRS. My deductions...
by SGM
Wed Feb 18, 2015 4:51 am
 
Forum: Personal Finance (Not Investing)
Topic: Shared personal/biz expenses on a biz credit card?
Replies: 10
Views: 568

Re: Pfau: Four Risks of Retirement Income

Nisiprius, I wondered the same thing about the FIA. Wade explains it here...and I still wonder. What's the cost on such a thing? With the onslaught of the baby boomers and the expected corresponding demand for investment control, a new generation of risk-pooled income evolved. These were genericall...
by SGM
Mon Feb 16, 2015 9:15 am
 
Forum: Investing - Theory, News & General
Topic: Pfau: Four Risks of Retirement Income
Replies: 31
Views: 4450

Re: Switch American Funds to Vanguard?

Since you have such a low income tax rate open a Roth at Vanguard. You have up until April 15 of this year to open an account for 2014. You could use a target date fund or the total stock market fund. Call Vanguard they will help you. Your current advisor will try to talk you out of moving your acco...
by SGM
Sun Feb 15, 2015 8:42 am
 
Forum: Investing - Help with Personal Investments
Topic: Switch American Funds to Vanguard?
Replies: 24
Views: 1701

Re: Using a 529 as retirement income?

I was looking through the IRS publication 970 and it was not clear to me if you took courses at a qualified institution without credit would tuition and fees still qualify as a covered expense for tax free withdrawals. I think you will get a 1098-T even if the courses are not credit. I haven't check...
by SGM
Sat Feb 07, 2015 6:21 am
 
Forum: Personal Finance (Not Investing)
Topic: Using a 529 as retirement income?
Replies: 9
Views: 1078

Re: What to buy sweetie for Valentine's Day

Give her a membership to the Frick Museum.
by SGM
Thu Feb 05, 2015 7:14 pm
 
Forum: Personal Consumer Issues
Topic: What to buy sweetie for Valentine's Day
Replies: 97
Views: 5847

Re: Fidelity or Vanguard

Vanguard has never cold called me to buy an investment. A Fidelity agent did so 4 years ago. It was an inappropriate annuity product. Maybe this was a rogue agent. He didn't seem to get the message immediately which I don't understand because I can be very abrupt with unwanted sales calls. It is a l...
by SGM
Wed Feb 04, 2015 5:51 pm
 
Forum: Investing - Help with Personal Investments
Topic: Fidelity or Vanguard
Replies: 31
Views: 3019

Re: How to respond when someone asks how much money you make

There were lots of salary surveys in my specialty and other specialties that preclude the need to discuss work earnings with my former colleagues. Ever since I went out on my own as well as working part time as an independent contractor I realized I had much lower overhead than most others in my fie...
by SGM
Sun Feb 01, 2015 3:44 am
 
Forum: Personal Finance (Not Investing)
Topic: How to respond when someone asks how much money you make?
Replies: 107
Views: 10551

Re: Wiki comments requested: The importance of asset allocat

I like Bernstein's point of view that AA changes over time. I don't see the need to make a statement that AA is more important than fund selection. If one picked high cost funds that may not be the case at all. It is logical to pick AA before picking specific funds, but the importance of AA vs. spec...
by SGM
Sat Jan 31, 2015 4:14 am
 
Forum: Investing - Theory, News & General
Topic: Wiki comments requested: The importance of asset allocation
Replies: 208
Views: 10611

Re: Thinking of switching from Turbo-Tax

I have used H&R Block Premium with Business for many years. I switched when Turbo Tax required too much personal information one year. The price was less and it seemed to have similar results. I never E-file. Recently I have had free copies of Turbo Tax but still prefer paying for H&R Block ...
by SGM
Sat Jan 31, 2015 3:31 am
 
Forum: Personal Finance (Not Investing)
Topic: Thinking of switching from Turbo-Tax
Replies: 26
Views: 1920

Re: New career as Financial Planner late in Life?

Tough to develop a large enough group of clientele to make it worthwhile financially I would think. Long time financial planner and CPA relative will never retire although he can well afford to. He has too much fun and makes money hand over fist. He is not a BH type though.
by SGM
Fri Jan 30, 2015 8:22 am
 
Forum: Personal Finance (Not Investing)
Topic: New career as Financial Planner late in Life?
Replies: 29
Views: 2845

Re: I'm thinking about making very large 529 contributions A

For most wealthy grandparents they would be better off paying tuition directly than making a lump sum if the grandchildren are near college age. Direct payment of tuition or medical bills does not count towards the 14K limit of tax free gifts.
by SGM
Wed Jan 28, 2015 7:28 am
 
Forum: Personal Finance (Not Investing)
Topic: I'm thinking about making very large 529 contributions ASAP
Replies: 76
Views: 6334

Re: Do Bogleheads' Children Qualify For Need Based College A

Price discrimination is charging different prices, relative to costs, to different buyers of the same product. The colleges hold all the cards. They know what you have and will charge accordingly. Gee why don't they let the guy who collects for your ticket at the movie theater know your assets so he...
by SGM
Tue Jan 27, 2015 6:01 pm
 
Forum: Personal Finance (Not Investing)
Topic: Do Bogleheads' Children Qualify For Need Based College Aid?
Replies: 35
Views: 3228

Re: "Its Time To End Financial Advisers 1% Fees"

Although, I am not generally in favor of financial advisors, I am familiar with one advisor who has greatly helped a somewhat irresponsible person handle inherited property. A lot of safeties have been built into the trust because the past history of the client was well known to the benefactors. The...
by SGM
Mon Jan 26, 2015 10:23 pm
 
Forum: Investing - Theory, News & General
Topic: "Its Time To End Financial Advisers 1% Fees"
Replies: 102
Views: 8394

Re: Flagship financial planner advice?

I am with BillyG on the 0.3% being a lot to pay for what amounts to rebalancing and Vanguard answering your phone calls a little quicker. Unless you think you are going to panic and sell whenever the market crashes despite the advice to the contrary on this forum avoid the extra expense. You will ge...
by SGM
Mon Jan 26, 2015 4:23 pm
 
Forum: Personal Finance (Not Investing)
Topic: Flagship financial planner advice?
Replies: 54
Views: 5451

Re: "Its Time To End Financial Advisers 1% Fees"

I don't use financial advisers although I will read and listen to a number of advisers. I will gladly buy their books, but to pay for AUM is not worth it. I have seen a trust fund run into the ground by a large bank that is more interested in their own bottom line than that of the beneficiaries. The...
by SGM
Mon Jan 26, 2015 1:53 pm
 
Forum: Investing - Theory, News & General
Topic: "Its Time To End Financial Advisers 1% Fees"
Replies: 102
Views: 8394
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