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Re: Is $700,000 enough to retire? Opinions please .

A lot of good and diverse replies.
I wonder when/if the OP will return to read and respond to them?
by The Wizard
Sat Nov 01, 2014 5:03 am
 
Forum: Investing - Help with Personal Investments
Topic: Is $700,000 enough to retire? Opinions please .
Replies: 48
Views: 4937

Re: 401k millionaire

I think it's easier to become a 403(b) millionaire, due to higher combined contrib limits.. not true...the limits for 401(k) and 403(b) are the same I believe ($17,500 plus catchup if over 50 years old): http://money.cnn.com/retirement/guide/401k_403bplans.moneymag/index3.htm?iid=EL https://www.mar...
by The Wizard
Fri Oct 31, 2014 5:09 pm
 
Forum: Personal Finance (Not Investing)
Topic: 401k millionaire
Replies: 21
Views: 2913

Re: 401k millionaire

I think it's easier to become a 403(b) millionaire, due to higher combined contrib limits..
by The Wizard
Fri Oct 31, 2014 4:56 pm
 
Forum: Personal Finance (Not Investing)
Topic: 401k millionaire
Replies: 21
Views: 2913

Re: Annual boglehead checkup

Just a quick note that you seem to be doing quite well, especially at age 29. I'd give you an A for implementation. Your student loan rate is a gift, so just keep paying the minimum there. A lot of people will be envious of your 401(k) fund choices, so stay with that employer for a WHILE if possible...
by The Wizard
Fri Oct 31, 2014 10:56 am
 
Forum: Investing - Help with Personal Investments
Topic: Annual boglehead checkup
Replies: 11
Views: 912

Re: Paying for new car with loan or IRA?

Same as the others, I wouldn't tap my long-term investments to pay for a medium-term consumer purchase. To get a better answer, we'd have to look at all of your cash-flow numbers. Last car I bought, I made accelerated payments on the portion I borrowed and paid it off in about a year. If you can do ...
by The Wizard
Fri Oct 31, 2014 6:43 am
 
Forum: Personal Consumer Issues
Topic: Paying for new car with loan or IRA?
Replies: 12
Views: 469

Re: More Math Fun................

You realize, of course, that this is a General Comment thread, in danger of being locked?
by The Wizard
Thu Oct 30, 2014 8:04 pm
 
Forum: Personal Consumer Issues
Topic: More Math Fun................
Replies: 16
Views: 748

Re: What savings vehicle should I use for my car?

I'm using the VG intermediate term bond fund for that presently.
And yes, I'm aware that an increase in interest rates can devalue my investment a bit...
by The Wizard
Thu Oct 30, 2014 2:29 pm
 
Forum: Personal Finance (Not Investing)
Topic: What savings vehicle should I use for my car?
Replies: 35
Views: 1525

Re: A Little Common Core Math problem

As usual, my recommendation for this particular problem is to just put a BLANK for the student to put his/her answer in.
That's how it's done in college, none of this silly multiple choice stuff...
by The Wizard
Thu Oct 30, 2014 2:16 pm
 
Forum: Personal Consumer Issues
Topic: A Little Common Core Math problem
Replies: 97
Views: 2499

Re: 1099 vs. W2 income

The FICA tax gets paid one way or another.
If he's a 1099 contractor, he pays it ALL himself ("self-employment tax").
So the IRS should be neutral on that point...
by The Wizard
Thu Oct 30, 2014 10:44 am
 
Forum: Personal Finance (Not Investing)
Topic: 1099 vs. W2 income
Replies: 5
Views: 430

Re: IRS Announces new 401(k) contribution max for 2015 ($18,

abuss368 wrote:I posted an earlier question above: Does anyone know why IRAs have never had the same contribution limits as 401(k)'s?

Not really, but most likely it had something to do with politicians, so we have to tread lightly...
by The Wizard
Thu Oct 30, 2014 9:37 am
 
Forum: Investing - Theory, News & General
Topic: IRS Announces new 401(k) contribution max for 2015 ($18,000)
Replies: 50
Views: 7266

Re: Best approaches to accumulating in a down market

I think people are being unnecessarily harsh with a relatively new poster. Her OP did not opine that we are presently in a Down Market, it simply asked what to do when/if one arrives. It's a good question and the good answer has already been posted by a few: you buy whatever asset class in your pers...
by The Wizard
Thu Oct 30, 2014 7:02 am
 
Forum: Investing - Help with Personal Investments
Topic: Best approaches to accumulating in a down market
Replies: 23
Views: 1848

Re: A MM account or not?

I agree with the others that a MM account is a needless complication presently. I'm happy using my checking account as my "hub" for most transactions. Dividends from my Vanguard taxable account go in to my checking account. When I have extra $$$ beyond a particular dollar amount, I move mo...
by The Wizard
Thu Oct 30, 2014 6:54 am
 
Forum: Investing - Theory, News & General
Topic: A MM account or not?
Replies: 9
Views: 1277

Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Question: the IRS says that defined contribution plans has a hard limit of $53,000. (the 415 limit) Employee-only part we can only contribute $18,000. So my question is...how the heck can I max out the "real" max of 53000? You need to have an employer that also contributes to your Defined...
by The Wizard
Thu Oct 30, 2014 6:45 am
 
Forum: Investing - Theory, News & General
Topic: IRS Announces new 401(k) contribution max for 2015 ($18,000)
Replies: 50
Views: 7266

Re: AA canceled flight: premium seat fee not refunded

AA didn't cancel the flight - grok did. That's why there was no accommodation and no refund of the premium seat fee - had it been IRROPS with AA they would have moved him to another flight and presumably either kept him in a premium seat or refunded the fee. I'm not sure of AA's policy on this. You...
by The Wizard
Wed Oct 29, 2014 2:44 pm
 
Forum: Personal Consumer Issues
Topic: canceled flight on AA: premium seat fee not refunded
Replies: 30
Views: 2228

Re: Tax question

Up to $25 per recipient is deductible as a gift as miscellaneous employee deduction on line 21 of Schedule A. The deduction would be subject to 2% of adjusted gross income limitation. Thanks for your kind reply. 1. How about meals? can I use that as an expense? 2. What do you mean by " The ded...
by The Wizard
Wed Oct 29, 2014 12:04 pm
 
Forum: Personal Finance (Not Investing)
Topic: Tax question
Replies: 11
Views: 813

Re: THANK YOU!!! Bogleheads Conference #13 (2014)

Jouzts,
Are you saying that one of those nice Teslas is yours?
by The Wizard
Tue Oct 28, 2014 6:51 pm
 
Forum: Local Chapters and Bogleheads Community
Topic: THANK YOU!!! Bogleheads Conference #13 (2014)
Replies: 49
Views: 4396

Re: Private Tour Guides (Caribbean Islands, December)

I think it will help if you do some homework on each of the five islands so you have some idea where you want to go and can convey that to the taxi driver. Beyond that, go with your gut feeling when interviewing the drivers and never take the first one immediately. Note: I've not done what you're pr...
by The Wizard
Tue Oct 28, 2014 6:31 pm
 
Forum: Personal Consumer Issues
Topic: Private Tour Guides (Caribbean Islands, December)
Replies: 4
Views: 261

Re: Private Tour Guides (Caribbean Islands, December)

I go to the Caribbean about twice a year and have been to Curacao the most on your list, about four times. I think what you want basically is a taxi rental for the whole day. It would be a flat rate thing, not the meter running for six hours straight. The tricky part is getting a "tour guide&qu...
by The Wizard
Tue Oct 28, 2014 6:05 pm
 
Forum: Personal Consumer Issues
Topic: Private Tour Guides (Caribbean Islands, December)
Replies: 4
Views: 261

Re: Questions on bond funds in taxable

I'm actually using the Vanguard Intermediate Term bond fund in taxable to accumulate funds to buy my new aluminum pickup truck with. The alternative would be to use an online savings account paying 0.8% interest. But this is a short-term savings goal of around $30,000. For larger lifetime accumulati...
by The Wizard
Tue Oct 28, 2014 3:02 pm
 
Forum: Investing - Help with Personal Investments
Topic: Questions on bond funds in taxable
Replies: 22
Views: 1594

Re: Bogleheads.org equivalents for other areas of life?

You may want to delete your post before it's deleted for you. Nutritional forums not allowed to be mentioned. If the site AND the post are about primarily about food, rather than medical claims, it's fine. Actually, I would THINK, in the context of this thread topic, that listing other forums for n...
by The Wizard
Tue Oct 28, 2014 2:47 pm
 
Forum: Personal Consumer Issues
Topic: Bogleheads.org equivalents for other areas of life?
Replies: 69
Views: 6808

Re: Gross Yearly Income needed in Retirement (Speculation)

Bustoff wrote:I think $2 million is more than enough for most people.

That number I think you mean for Retirement Assets, not Gross Yearly Income.
But yes, I could survive nicely with $2M in taxable income each year as well. It would be no problem keeping my yacht's fuel tank full...
by The Wizard
Tue Oct 28, 2014 11:52 am
 
Forum: Personal Finance (Not Investing)
Topic: Gross Yearly Income needed in Retirement (Speculation)
Replies: 159
Views: 12480

Re: Do you dream about retirement?

I've been avoiding this thread, but what the heck. No, back in my working years, I didn't really dream about retirement. It was just something that would happen eventually. Work was reasonably interesting and stable and I always took my full vacation allotment and often a bit more, unpaid. What even...
by The Wizard
Tue Oct 28, 2014 11:42 am
 
Forum: Personal Finance (Not Investing)
Topic: Do you dream about retirement?
Replies: 91
Views: 6131

Re: Retirement and my plan on where to put my money

The OP's monthly pension payout seems low for $1.8M, so I agree on taking it as a (tax-sheltered) lump sum. Some people will disagree with putting 20% of that amount into the Junk Bond fund, since they tend to be correlated with stocks whereas high quality bonds are not. And I'm assuming the OP mean...
by The Wizard
Tue Oct 28, 2014 11:17 am
 
Forum: Investing - Help with Personal Investments
Topic: Retirement and my plan on where to put my money
Replies: 16
Views: 2080

Re: Vinyl Siding over wood

i resided my own house a few years back.
But I used fiber cement siding instead of vinyl.
And yes, I removed all the old cedar shingle siding first, one side of the house at a time.
I'd recommend removing existing siding first, yes...
by The Wizard
Tue Oct 28, 2014 10:55 am
 
Forum: Personal Consumer Issues
Topic: Vinyl Siding over wood
Replies: 16
Views: 1375

Re: Gross Yearly Income needed in Retirement (Speculation)

I know someone who pays just over $800 a month for ACA health insurance in retirement (not eligible for Medicare). And that's just one expense category. They must be fairly well to do to be shelling out that much. Otherwise they'd be getting a subsidy, I would think. That retired person (not me) ha...
by The Wizard
Tue Oct 28, 2014 8:18 am
 
Forum: Personal Finance (Not Investing)
Topic: Gross Yearly Income needed in Retirement (Speculation)
Replies: 159
Views: 12480

Re: Should I buy more REITs?

You have enough REITs.
Time to start funding your International stock fund now...
by The Wizard
Mon Oct 27, 2014 7:18 pm
 
Forum: Investing - Help with Personal Investments
Topic: Should I buy more REITs?
Replies: 44
Views: 4108

Re: Donee Unable to Accept Stock

I think the question is still what the recipient receives when you use the Vanguard or Fidelity charitable services. Do they receive direct ownership of the securities or just a check for the market value of them? Regardless, I don't completely buy the OP's statement about the library being unable t...
by The Wizard
Mon Oct 27, 2014 7:06 am
 
Forum: Personal Finance (Not Investing)
Topic: Donee Unable to Accept Stock
Replies: 22
Views: 1891

Re: Career Advice for an Unhappy Young Doctor?

I'm not a doctor, but I think it's going to be difficult to give second-hand advice this way. Encourage her to join Bogleheads and it will be more productive. It's possible she's in the wrong specialty and might enjoy lab work better, for instance, rather than dealing with patients all the time. But...
by The Wizard
Mon Oct 27, 2014 6:35 am
 
Forum: Personal Finance (Not Investing)
Topic: Career Advice for an Unhappy Young Doctor?
Replies: 76
Views: 6887

Re: Social Security 2033 and beyond

Yes, SS will still be there in 2033. It will be helping to fund my expansive travel budget at that point. :D
by The Wizard
Sun Oct 26, 2014 10:01 am
 
Forum: Investing - Theory, News & General
Topic: Social Security 2033 and beyond
Replies: 15
Views: 1270

Re: New to investing, small amount

Looks like you'll just be putting a modest amount into this IRA for the next few years until you start your real job. So that gives you time to learn more here on the forum and reading before larger amounts need dealing with. I'd put those few hundred a month in a total stock market fund for the nex...
by The Wizard
Sun Oct 26, 2014 8:59 am
 
Forum: Investing - Help with Personal Investments
Topic: New to investing, small amount
Replies: 10
Views: 689

Re: SS Tax, RMD and Roth Conversions

I would say no, it never makes sense to pay substantially more income tax, especially ahead of time, as we do for Roth conversions. But your case has the non-linear SS taxation issue, so I think modeling your taxes with TaxCaster is a good way to uncover any surprises. Edit: I agree with HB's more d...
by The Wizard
Sun Oct 26, 2014 8:28 am
 
Forum: Personal Finance (Not Investing)
Topic: SS Tax, RMD and Roth Conversions
Replies: 6
Views: 729

Re: Bucket Approach Redux

nisiprius wrote:
...What happens if a bear market hits at just the time that the other buckets are empty and you have only stocks?

Well that just depends.
Do you have $10M in stocks, or just $100k?
Arm-waving methods aren't going to fix fundamental problems, are they?
by The Wizard
Sat Oct 25, 2014 9:56 pm
 
Forum: Personal Finance (Not Investing)
Topic: Bucket Approach Redux
Replies: 35
Views: 2568

Re: where to invest

I think a summary of the OP's current age/job/accumulation is most of what we need.
For many of us, $100k is a nice additional amount.
HOWEVER, if that amount happens at age 25, it can make a big difference over 30 or 40 years to come...
by The Wizard
Sat Oct 25, 2014 9:48 pm
 
Forum: Investing - Help with Personal Investments
Topic: where to invest
Replies: 3
Views: 701

Re: Bucket Approach Redux

Wizard....so you are 50/50....when the stock market tanks like in 2008 how do you handle it?Do you withdraw only from the bond portion? And when the stock market tanks and you have to take 1/12 of next year to refill your bucket, will you withdraw only from your bond portion? Or do you plan to time...
by The Wizard
Sat Oct 25, 2014 9:37 pm
 
Forum: Personal Finance (Not Investing)
Topic: Bucket Approach Redux
Replies: 35
Views: 2568

Re: Bucket Approach Redux

Wizard....so you are 50/50....when the stock market tanks like in 2008 how do you handle it?Do you withdraw only from the bond portion? Still working in '08, only retired 19 months ago. But if it happens again, I'll continue with my monthly Pro Rata scheme that's been set up. But that can be combin...
by The Wizard
Sat Oct 25, 2014 8:44 pm
 
Forum: Personal Finance (Not Investing)
Topic: Bucket Approach Redux
Replies: 35
Views: 2568

Re: THANK YOU!!! Bogleheads Conference #13 (2014)

There was an ongoing management conference (people wearing ties) going on along with ours, I think.
Hard to say who owned the Teslas, I would say...
by The Wizard
Sat Oct 25, 2014 8:13 pm
 
Forum: Local Chapters and Bogleheads Community
Topic: THANK YOU!!! Bogleheads Conference #13 (2014)
Replies: 49
Views: 4396

Re: Bucket Approach Redux

If people want to play games with their money and keep 24 months of retirement income in cash, then good luck to them. Good luck to folks using Edward Jones to manage their portfolio, too. I prefer to keep my funds invested at 50/50 AA, working for me. I'm thinking we may need a Final and Definitive...
by The Wizard
Sat Oct 25, 2014 7:57 pm
 
Forum: Personal Finance (Not Investing)
Topic: Bucket Approach Redux
Replies: 35
Views: 2568

Re: Gross Yearly Income needed in Retirement (Speculation)

We need about 16k a year. Umm, $16k a year is way low for one person, not to mention a We. I know someone who pays just over $800 a month for ACA health insurance in retirement (not eligible for Medicare). And that's just one expense category. You are not factoring in all expenses to get that numbe...
by The Wizard
Sat Oct 25, 2014 7:26 pm
 
Forum: Personal Finance (Not Investing)
Topic: Gross Yearly Income needed in Retirement (Speculation)
Replies: 159
Views: 12480

Re: Roll over to a ROTH or Traditional IRA

OP does imply he's in the 25% Federal tax bracket, so that's a decent income. The plan should be to have enough assets tax deferred from the current 25% bracket into traditional 401k and IRA so as to fill the present 10% and 15% brackets in retirement. And perhaps part of the 25% bracket as well. Br...
by The Wizard
Sat Oct 25, 2014 8:30 am
 
Forum: Investing - Help with Personal Investments
Topic: Roll over to a ROTH or Traditional IRA
Replies: 4
Views: 446

Re: Emergency Fund Questions

Back when I was in the working class, I never worried about an emergency fund, in the 70's and 80's. I was married then, so we could survive on one income for a while if need be. But the need never arose, so I was just lucky. By the 1990's, I had enough "tiered" assets that I could liquida...
by The Wizard
Sat Oct 25, 2014 8:20 am
 
Forum: Investing - Help with Personal Investments
Topic: Emergency Fund Questions
Replies: 14
Views: 2234

Re: Fidelity AMEX chip EMV cards

How do chip cards work for online use?
Old magstripe cards have that 3-digit extra number printed on the back that you use for online purchases.
With a chip card, you'd use your PIN, I would think. So how could a fraudster get that info?
by The Wizard
Sat Oct 25, 2014 3:21 am
 
Forum: Personal Finance (Not Investing)
Topic: Fidelity AMEX chip EMV cards
Replies: 5
Views: 607

Re: Roll over to a ROTH or Traditional IRA

And the second question depends on your income, expenses and retirement savings rate.
Most of use the $5500 or $6500 into our Roth IRA as a supplemental amount, being that it's just not enough to get one's total savings rate into the 20 to 30% range...
by The Wizard
Sat Oct 25, 2014 2:46 am
 
Forum: Investing - Help with Personal Investments
Topic: Roll over to a ROTH or Traditional IRA
Replies: 4
Views: 446

Re: Roll over to a ROTH or Traditional IRA

I'm not sure what a no long employment is.
Regardless, the answer depends mostly on how much you already have in traditional tax- sheltered accounts.
If you have only a small amount thus far, then roll this into a traditional IRA and keep deferring tax on it...
by The Wizard
Sat Oct 25, 2014 2:29 am
 
Forum: Investing - Help with Personal Investments
Topic: Roll over to a ROTH or Traditional IRA
Replies: 4
Views: 446

Re: Can you outperform?

I cannot see if it's posted here however, can you outperform the index? Say you have a three (or four) fund portfolio and invest into it regularly, rebalancing quarterly by adding new money to any lagging index, then over time will you outperform that index given that you have been buying when it h...
by The Wizard
Thu Oct 23, 2014 9:31 pm
 
Forum: Investing - Theory, News & General
Topic: Can you outperform [an index by rebalancing]?
Replies: 12
Views: 1229

Re: Just wondering how you personally calculate net worth

letsgobobby wrote:An equally valid question is, how do you calculate your height? I include my feet, and my head, when measuring my height.

Well stated, LGB...
by The Wizard
Thu Oct 23, 2014 2:06 pm
 
Forum: Personal Finance (Not Investing)
Topic: Just wondering how you personally calculate net worth
Replies: 56
Views: 3726

Re: [Wants current income and to leave an estate]

Careful with Merrill Lynch, but good luck with the whole thing...
by The Wizard
Thu Oct 23, 2014 12:46 pm
 
Forum: Personal Finance (Not Investing)
Topic: [Wants current income and to leave an estate]
Replies: 9
Views: 716

Re: Squaring the Circle

:dollar It all depends on how MUCH current income you need or want.
Can you survive on $100k per year?
If so, you should be fine. You won't run out of money.

I would worry much less about your heirs. Does it really matter whether they get $5M vs $9M??
by The Wizard
Thu Oct 23, 2014 6:54 am
 
Forum: Personal Finance (Not Investing)
Topic: [Wants current income and to leave an estate]
Replies: 9
Views: 716

Re: Just wondering how you personally calculate net worth

I've not computed my net worth for a few decades now.
It's of no concern to me.
What matters is my financial assets and income in retirement...
by The Wizard
Wed Oct 22, 2014 9:07 pm
 
Forum: Personal Finance (Not Investing)
Topic: Just wondering how you personally calculate net worth
Replies: 56
Views: 3726

Re: Unlocking My Phone Blues

Buying an unlocked phone to start with can help also.
A thought for others; OP isn't asking for help here...
by The Wizard
Wed Oct 22, 2014 8:57 pm
 
Forum: Personal Consumer Issues
Topic: Unlocking My Phone Blues
Replies: 3
Views: 441

Re: Gross Yearly Income needed in Retirement (Speculation)

Point being, it costs money to go to this Kruger Park in South Africa for a couple weeks; I've not been, but other Bogleheads apparently have. It doesn't have to cost much at all to go to Kruger Park for a couple of weeks - rent a car (don't even need 4x4 there) and a tent, self drive around the pa...
by The Wizard
Tue Oct 21, 2014 8:45 pm
 
Forum: Personal Finance (Not Investing)
Topic: Gross Yearly Income needed in Retirement (Speculation)
Replies: 159
Views: 12480
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