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Re: I don't think it is uncommon

for people under 30 to have little or no savings for retirement. I am more concerned with the percentage people at 40 who haven't started. When I read these statistics you have to watch how the numbers can be manipulated. If they are looking at a population from birth to 90, that is one set of stat...
by cherijoh
Fri Apr 24, 2015 5:03 pm
 
Forum: Personal Finance (Not Investing)
Topic: [How do I lead a discussion about saving for retirement?]
Replies: 26
Views: 1905

Re: How should anticipated inheritance affect asset allocati

This inheritance has never affected my savings strategy, partly because I don't really know how to factor it in, and partly because, well, I don't like the idea of planning my retirement strategy around something over which I have so little control. Still, the building exists, someday it will be mi...
by cherijoh
Fri Apr 24, 2015 4:23 pm
 
Forum: Investing - Help with Personal Investments
Topic: How should anticipated inheritance affect asset allocation?
Replies: 17
Views: 1057

Re: Inherited IRA Options

I have been made executor of my sisters estate and am seeking opinions regarding the ira inheritance her son and daughter are entitled to. They were made direct beneficiaries of the traditional ira’s and the value of each ira is about $50,000. The daughter is 22 years old and the son is 25. In addi...
by cherijoh
Fri Apr 24, 2015 1:40 pm
 
Forum: Investing - Help with Personal Investments
Topic: Inherited IRA Options
Replies: 15
Views: 374

Re: Approach to Second Act Career Switch

I would be interested in any advice about how to proceed with a "Second Act" career switch, particularly in terms of choosing a new path. I am about 50 and severely burned out in a government middle-management job. Make good money, have good benefits, but not sure I can tough it out menta...
by cherijoh
Fri Apr 24, 2015 8:08 am
 
Forum: Personal Finance (Not Investing)
Topic: Approach to Second Act Career Switch
Replies: 15
Views: 985

Re: 401k in-service withdrawals

I'm relatively new to bogleheads, and to investing in general, and am trying to learn as much as I can. I have a few questions about 401k in-service withdrawals. If a 401k plan offers in-service withdrawals for pre-tax, Roth, and after-tax contributions: 1. If I make after-tax 401k contributions wi...
by cherijoh
Thu Apr 23, 2015 5:03 am
 
Forum: Investing - Theory, News & General
Topic: 401k in-service withdrawals
Replies: 5
Views: 511

Re: Tax withholding for lump sums

Hi all, I am doing some post-mortem analysis of my tax situation, and I am looking for a better way to handle tax withholding. There's nothing like writing a 5 figure check to the IRS to provide the motivation. The basic problem I have is that I receive some lump sums as part of my compensation (RS...
by cherijoh
Tue Apr 21, 2015 9:09 pm
 
Forum: Personal Finance (Not Investing)
Topic: Tax withholding for lump sums
Replies: 4
Views: 409

Re: Quick 401(k) Question

I have a 401(k) at an old company. The offerings are good and the expense ratios are really low. But about half the money is saved in a Roth 401(k). I want to roll over just the Roth portion to my Vanguard Roth IRA. However, the company administering the 401(k) says that I must roll over all the fu...
by cherijoh
Mon Apr 20, 2015 5:34 pm
 
Forum: Personal Finance (Not Investing)
Topic: Quick 401(k) Question
Replies: 7
Views: 451

Re: One Spouse Outearning the Other?

This topic is particularly relevant to young professional females. For example, I have a female colleague that is doing well financially. Probably earns about $125,000 a year in her very late 20's. Her bf probably makes about $40,000 to $45,000. She has concerns about their future together because ...
by cherijoh
Mon Apr 20, 2015 5:18 pm
 
Forum: Personal Finance (Not Investing)
Topic: One Spouse Outearning the Other?
Replies: 64
Views: 5178

Re: Does a Backdoor Roth IRA need to be done all at once?

A colleague asked me if he could make several contributions to a Traditional IRA over the next few months and after each contribution convert it the next day to a Roth or if he's only allowed to do one conversion. I believe he's only allowed one conversion per year but I wanted to double check. If ...
by cherijoh
Mon Apr 20, 2015 11:46 am
 
Forum: Investing - Help with Personal Investments
Topic: Does a Backdoor Roth IRA need to be done all at once?
Replies: 5
Views: 473

Re: Does a Backdoor Roth IRA need to be done all at once?

A colleague asked me if he could make several contributions to a Traditional IRA over the next few months and after each contribution convert it the next day to a Roth or if he's only allowed to do one conversion. I believe he's only allowed one conversion per year but I wanted to double check. If ...
by cherijoh
Mon Apr 20, 2015 7:30 am
 
Forum: Investing - Help with Personal Investments
Topic: Does a Backdoor Roth IRA need to be done all at once?
Replies: 5
Views: 473

Re: Preparing for the Minimum Required Distribution

You can do that, too. Do you know what your marginal tax bracket is NOW and expected to be until age 70ish? Are you certain that you'll be in a higher bracket when you start taking RMDs (I will be, so I know it can happen?) If the answer to #2 is yes, then you should at least do Roth Conversions up...
by cherijoh
Mon Apr 20, 2015 7:19 am
 
Forum: Investing - Help with Personal Investments
Topic: Preparing for the Minimum Required Distribution
Replies: 38
Views: 2535

Re: Payoff Mortgage or Fund Taxable Account

I have a good problem. I recently got a raise at work and am struggling to know what to do with it. Should I overpay on my mortgage or open a taxable account? Personal finance situation: I am 31 years old and a recent Boglehead convert. I am maxing out my 403b w/ employer match as well as my person...
by cherijoh
Sun Apr 19, 2015 11:49 am
 
Forum: Personal Finance (Not Investing)
Topic: Payoff Mortgage or Fund Taxable Account
Replies: 16
Views: 2059

Re: Bernstein: "If you've won the game, stop playing."

William Bernstein advises retirees and near-retirees to avoid investing in risky assets such as stocks, at least with money needed to provide an adequate income stream. Is anybody acting on this advice and what is your strategy? I am not acting on his advice. I view bonds as just as risky to my ret...
by cherijoh
Sun Apr 19, 2015 9:08 am
 
Forum: Investing - Theory, News & General
Topic: Bernstein: "If you've won the game, stop playing."
Replies: 146
Views: 14664

Re: My job says I can't work for anyone else...

Never sign a non-compete. To many unforeseen restrictions. As for your current non-compete - consult a lawyer. Different states have different restrictions on how enforceable non-competes are. BTW - why sign a contract and then (seemingly) plan to not abide by it? That's the wrong question to ask. ...
by cherijoh
Sun Apr 19, 2015 8:49 am
 
Forum: Personal Finance (Not Investing)
Topic: My job says I can't work for anyone else...
Replies: 61
Views: 6032

Re: ROTH 5 year rule

I'm pretty certain I have the correct info, but I want to bounce this off of the BH Folks ~ I opened up a rIRA in Jan. 2012 and funded it from my VCP in March 2012, but did not declare it on my taxes until 2013. From what I understand, it has to be open for 5 years and I have to be age 59½ before t...
by cherijoh
Sun Apr 19, 2015 8:33 am
 
Forum: Investing - Help with Personal Investments
Topic: ROTH 5 year rule
Replies: 21
Views: 2510

Re: Tax loss Harvesting Question

You need to watch out when trying to TLH and simultaneously making new contributions. In addition to figuring out your long-term shares, you need to pay attention to wash sale rules. See this article in the wiki.
by cherijoh
Sun Apr 19, 2015 8:09 am
 
Forum: Investing - Help with Personal Investments
Topic: Tax loss Harvesting Question
Replies: 13
Views: 1275

Re: ROTH conversion and RMD

Can the amount converted from a traditional IRA to a ROTH be considered as part of the RMD for a given year? Does each ROTH conversion you do have it's own, new 5-year rule for withdrawal ? No, you must take your RMD first. Then any additional withdrawals above the RMD can be converted. Yes, each R...
by cherijoh
Sun Apr 19, 2015 8:00 am
 
Forum: Investing - Help with Personal Investments
Topic: ROTH conversion and RMD
Replies: 3
Views: 331

Re: Coming to terms with low risk tolerance

The last few months, especially since joining this board, have made me reflect deeply on my financial personality. I'm not so slowly realizing that I have lower, perhaps much lower, risk tolerance than is "ideal" for my demographics. My attitude seems to be common among people of the mill...
by cherijoh
Sun Apr 19, 2015 7:56 am
 
Forum: Investing - Help with Personal Investments
Topic: Coming to terms with low risk tolerance
Replies: 46
Views: 3388

Re: long term capital gain tax vs. roth conversions

I use TurboTax as well now that I have sold my S corp business with taxes beyond my ability. Do you know of any tax calculators that break down the specific taxes on each type of income instead of showing the total tax liability? For instance, the taxes on dividends, STCG, LTCG, IRA distributions, ...
by cherijoh
Sat Apr 18, 2015 6:30 pm
 
Forum: Investing - Help with Personal Investments
Topic: long term capital gain tax vs. roth conversions
Replies: 41
Views: 2337

Re: My job says I can't work for anyone else...

I'm not in the medical field, but I did have a former co-worker (at my former employer) get fired because he was consulting in an area that utilized intellectual property that he had assigned to our employer. I believe he was given an opportunity to cease the consulting work and he refused. We specu...
by cherijoh
Sat Apr 18, 2015 5:08 pm
 
Forum: Personal Finance (Not Investing)
Topic: My job says I can't work for anyone else...
Replies: 61
Views: 6032

Re: Mailing tax returns

With 111% of the Bogleheads filing taxes electronically I doubt anyone cares, but here is a bit of information just in case. I mailed my Federal, VA, and MD taxes on Monday, 6 April from Virginia. I used certified mail for about $3.50 per envelope. On the printed receipt I had tracking numbers for ...
by cherijoh
Sat Apr 18, 2015 2:45 pm
 
Forum: Personal Finance (Not Investing)
Topic: Mailing tax returns
Replies: 56
Views: 3742

Re: TSP Participant Account Balances

Interestingly, CSRS employees had the highest average Roth TSP account balances. The average FERS Roth TSP account balance was $5,719. The average CSRS Roth TSP account balance was $9,231. The average Uniformed Services Roth TSP Account balance was $3,211. This is particularly odd because it is the...
by cherijoh
Sat Apr 18, 2015 2:30 pm
 
Forum: Personal Finance (Not Investing)
Topic: TSP Participant Account Balances
Replies: 13
Views: 1657

Re: Can existing employer require new credit report every ye

I have worked for the same company for four years. Employer has never pulled my credit in the hiring process or up to this point but now is asking for permission to do so every year. I have never heard of this before. Is this legal and what are your thoughts? My credit is great, but the principle o...
by cherijoh
Sat Apr 18, 2015 2:18 pm
 
Forum: Personal Finance (Not Investing)
Topic: Can existing employer require new credit report every year?
Replies: 37
Views: 3173

Re: Canceling oldest credit card

My oldest credit card (~11y, 2nd oldest is 9y) is changing banks. It's a Chase BP credit card which is going to be switched over to Synchrony Bank (formerly GE capital). I don't use the card regularly but keep it around because its my oldest card though with a small limit of $12k. It hasn't been a ...
by cherijoh
Sat Apr 18, 2015 10:25 am
 
Forum: Personal Finance (Not Investing)
Topic: Canceling oldest credit card
Replies: 6
Views: 948

Re: Bernstein: "If you've won the game, stop playing."

William Bernstein advises retirees and near-retirees to avoid investing in risky assets such as stocks, at least with money needed to provide an adequate income stream. Is anybody acting on this advice and what is your strategy? In other words, once the game has been won by accumulating enough safe...
by cherijoh
Sat Apr 18, 2015 10:17 am
 
Forum: Investing - Theory, News & General
Topic: Bernstein: "If you've won the game, stop playing."
Replies: 146
Views: 14664

Re: Can we afford [a masters degree]?

She should at least consider Johns Hopkins' certificate program in Data Science through Coursera. Would only cost her $470. https://www.coursera.org/specialization/jhudatascience/1 + 1 Only thing missing may be the real person to person interaction in class / projects. I did a distance learning MS ...
by cherijoh
Sat Apr 18, 2015 8:37 am
 
Forum: Personal Finance (Not Investing)
Topic: Can we afford [a masters degree]?
Replies: 38
Views: 2667

Re: Gifts to take to Scotland.

Thank you for all your input. I guess my main concern is the weight of all the gifts we think we would like to give to the all the families. We live in SF and I'm not sure how sourdough bread would hold up. I remember my folks going to China about 25 years ago to visit their old village and brought...
by cherijoh
Sun Apr 12, 2015 7:57 pm
 
Forum: Personal Consumer Issues
Topic: Gifts to take to Scotland.
Replies: 33
Views: 2127

Re: TurboTax Flagship Pricing for Tax Year 2014?

From Vanguard site: *Flagship Desktop download Premier is free for the 2014 tax year only. TurboTax Premier Desktop Download $^^.^^ Free, including state filing* --- As a Flagship client at Vanguard, I was able to download Turbo Tax Premier for free, which supposedly includes "state filing&quo...
by cherijoh
Sun Apr 12, 2015 6:55 pm
 
Forum: Personal Finance (Not Investing)
Topic: TurboTax Flagship Pricing for Tax Year 2014?
Replies: 4
Views: 461

Re: Wall Street Fees Wipe Out $2.5 Billion in NYC Pensions

Louis, I will give you credit. Before the two threads were merged, I read your comments on the other thread. Your post certainly influenced my comments. I wouldn't be unhappy with 0.2% management fees and a performance that beat the market by a tad. I would say that the New York Pension Funds have ...
by cherijoh
Sun Apr 12, 2015 6:43 pm
 
Forum: Investing - Theory, News & General
Topic: Wall Street Fees Wipe Out $2.5 Billion in NYC Pensions
Replies: 17
Views: 2572

Re: Would you refinance to save 0.25%?

Too close to call. Questions / comments: - 4.00% is way too much in this environment, - is this really a zero cost refinance? - would the house appraise? - I would not worry about resetting the clock that much on only 1 year. - to calculate actual savings, use a mortgage calculator to price a 29-ye...
by cherijoh
Sun Apr 12, 2015 10:29 am
 
Forum: Personal Finance (Not Investing)
Topic: Would you refinance to save 0.25%?
Replies: 23
Views: 1967

Re: The $1 Million Goal: Source of Motivation or Discouragem

4% = 30 years 3.5% = 40 years 3% = 50 years 2.5% = 60 years So in my spreadsheet a 30 year old would have a 2.5% drawdown, which is 40x, so that seems right. The reason I like doing it like this is because it ties my spending and age to what I need for retirement. Thus the amount I need for retirem...
by cherijoh
Sun Apr 12, 2015 9:29 am
 
Forum: Investing - Theory, News & General
Topic: The $1 Million Goal: Source of Motivation or Discouragement?
Replies: 172
Views: 15837

Re: Jane Bryant Quinn: Prepay your mortgage

That raises a question for me, something I don't understand about HELOCs. What would happen in the event of some kind of financial catastrophe, the kind that would necessitate you having the need to draw on the HELOC? Is the lender compelled to offer it to no matter what? Are there circumstances wh...
by cherijoh
Sun Apr 12, 2015 8:46 am
 
Forum: Investing - Theory, News & General
Topic: Jane Bryant Quinn: Prepay your mortgage
Replies: 31
Views: 3684

Re: Engineering as a career for a graduating HS student ?

Yet I hear frequently that only certain fields such as software, electrical, petroleum are highly marketable skills, less so mechanical. I have met many former engineers selling furniture, working in a toy store etc, who decided they could not relocate all over the world chasing the next job. Unsta...
by cherijoh
Sat Apr 11, 2015 1:09 pm
 
Forum: Personal Finance (Not Investing)
Topic: Engineering as a career for a graduating HS student ?
Replies: 60
Views: 4354

Re: 401k to IRA ans Back-Door Roth

You should also have the option of leaving it where it is - although this usually isn't the best option. Unless she has access to a mega-backdoor Roth, it probably won't make a huge difference in your outcome. In my opinion, you should consider your entire portfolio - what % in Traditional/Roth/Afte...
by cherijoh
Sat Apr 11, 2015 10:09 am
 
Forum: Investing - Help with Personal Investments
Topic: 401k to IRA ans Back-Door Roth
Replies: 7
Views: 353

Re: When to Retire?

Looks like you can live off of dividends and interest payments without touching principle. Since you have to wait till 59.5 to withdraw from tax advantaged accounts, you might want to work till then at least. Have you saved for college? OP does not need to wait until 59.5 if he uses one of two exce...
by cherijoh
Sat Apr 11, 2015 7:36 am
 
Forum: Personal Finance (Not Investing)
Topic: When to Retire?
Replies: 35
Views: 3250

Re: How smart are thermostats?

I don't have a heat pump, but do have an older programmable thermostat that is "adaptive". (It is not WiFi-enabled). I can set 4 periods (wake, leave, return, and sleep) where I define the time and the desired temperature. It has 7 days of the week, so the schedule could be different for e...
by cherijoh
Thu Apr 09, 2015 7:51 pm
 
Forum: Personal Consumer Issues
Topic: How smart are thermostats?
Replies: 43
Views: 3015

Re: Am I part of the problem??

Everyone defines the value of a service differently. Some of those clients may know there are cheaper alternatives, but are willing to pay for "hand-holding". In my opinion, people need to do due diligence and ask questions about how much a service or a product will cost them. I'm constant...
by cherijoh
Thu Apr 09, 2015 7:25 pm
 
Forum: Personal Finance (Not Investing)
Topic: Am I part of the problem??
Replies: 73
Views: 8705

Re: Am I part of the problem??

I think that's for you decide and nobody elses business. I find it strange that you'd ask such a question. I think the fact it bothers you speaks to your character. I'd listen to that voice and just start quietly exploring other ways you might use your expertise more in line with your beliefs. Rick...
by cherijoh
Thu Apr 09, 2015 6:58 pm
 
Forum: Personal Finance (Not Investing)
Topic: Am I part of the problem??
Replies: 73
Views: 8705

Re: Do you think Ric Edelman is correct, never pay dow mortg

Theory is one thing, practical reality is another. I know several retires with 10-15 years left on their mortgage and struggling or people who would like to retire who can't afford the mortgage except by working. I don't know a single person who paid off their mortgage who has those problems. I rea...
by cherijoh
Sun Apr 05, 2015 8:37 am
 
Forum: Investing - Theory, News & General
Topic: Do you think Ric Edelman is correct, never pay down mortgage
Replies: 209
Views: 16413

Re: Retiring Before Age 66

Hadn't thought of that. Our tax rate is high presently so didn't occur to me. Also, I didn't mention our draw down for the first 3 yrs (until age 66) would be around 5.25 maybe 5% which makes me somewhat nervous using current portfolio values. Is the 5% withdrawal rate based on the combined balance...
by cherijoh
Sat Apr 04, 2015 8:53 am
 
Forum: Investing - Help with Personal Investments
Topic: Retiring Before Age 66
Replies: 21
Views: 3999

Re: Retirement Statement Wording Question

Why not call whoever sent out the statement? I would make it sound like a curiosity question, not like she's about to hand in her resignation, however. It's totally reasonable to want to understand the plan well before retirement comes into the picture. She may also want to check and see if she has...
by cherijoh
Sat Apr 04, 2015 8:01 am
 
Forum: Personal Finance (Not Investing)
Topic: Retirement Statement Wording Question
Replies: 6
Views: 506

Re: Vanguard advice on a deadline...

Basic facts: I am 56 yrs old and was putting 25% of my salary in my 401k until Sept 2014, when my workplace went under new ownership. New company makes you wait a YEAR to join their 401k. :( Since I am now contributing zero, I have about 10K sitting in my bank account - I think $5500 of that can be...
by cherijoh
Wed Apr 01, 2015 7:51 pm
 
Forum: Investing - Help with Personal Investments
Topic: Vanguard advice on a deadline...
Replies: 18
Views: 1211

Re: Can we afford to buy a house?

Major incentive: spouse's employer will contribute $150k partly for downpayment and partly as an interest-free mortgage. This is a use-it or lose-it deal that will expire in a couple of years You need to understand the strings attached to this offer. What are the terms of pay-off? Within what time ...
by cherijoh
Wed Apr 01, 2015 7:27 pm
 
Forum: Personal Finance (Not Investing)
Topic: Can we afford to buy a house?
Replies: 8
Views: 960

Re: Amazon.com Goes Retro (1999) for April Fool's

They also have list of spoof top products.
by cherijoh
Wed Apr 01, 2015 7:04 pm
 
Forum: Personal Consumer Issues
Topic: Amazon.com Goes Retro (1999) for April Fool's
Replies: 18
Views: 2252

Re: JOWPYN - The Joy of Working Past Your Number

"I had hit my number..." There's really no such thing as hitting your number. There's no exact amount where you suddenly have enough. Instead there is a wide range from "barely enough to survive if you're not too unlucky" to "easily enough so that you'll never have to worry...
by cherijoh
Tue Mar 31, 2015 5:54 pm
 
Forum: Personal Finance (Not Investing)
Topic: JOWPYN - The Joy of Working Past Your Number
Replies: 55
Views: 7699

Re: Hold or Sell to fund Roth IRA

sawhorse wrote:If you think the stock price will rise and you don't have enough cash to fund the Roth IRA, why don't you liquidate $5500 of it now for the 2014 contribution and then wait on the 2015 contribution.


I think OP is funding two Roth IRAs for 2015, not one for both years.
by cherijoh
Tue Mar 31, 2015 2:18 pm
 
Forum: Investing - Help with Personal Investments
Topic: Hold or Sell to fund Roth IRA
Replies: 6
Views: 549

Re: Mortgage Debt in Retirement?

There is nothing "special" about mortgage debt, except its tax treatment. It's debt like any other debt. Th risk is that people hang on to more house than they can afford. Subtract the debt from your portfolio and compare your portfolio to your house value. Add to your portfolio the capit...
by cherijoh
Sun Mar 29, 2015 9:00 am
 
Forum: Personal Finance (Not Investing)
Topic: Mortgage Debt in Retirement?
Replies: 74
Views: 5265

Re: Boomer forced to retire (unemployed)

One rule of thumb that I've heard is that it takes an average of approximately one month to get a job for every $10,000 of salary. So, if he's looking for an $80,000 a year job, that should take an average of approximately 8 months. I admit that it's an odd rule of thumb, but the point of my mentio...
by cherijoh
Sun Mar 29, 2015 8:27 am
 
Forum: Personal Finance (Not Investing)
Topic: Boomer forced to retire (unemployed)
Replies: 34
Views: 4069

Re: Can I afford a $1M house?

I am only 10 years into my career and my income has increased quickly. I know it is very profession- and industry-specific, but it is cheaper for companies to increase the salaries of new employees at the expense of more established employees. (I think employers want to discourage too much turnover...
by cherijoh
Sat Mar 28, 2015 10:08 am
 
Forum: Personal Finance (Not Investing)
Topic: Can I afford a $1M house?
Replies: 74
Views: 7966

Re: Can I afford a $1M house?

Wow, change of tone. Thanks all for the input. I definitely don't agree that a $600K house is my limit. I live in a $600K house now and my PITI payment is 12% of my salary. I save a few thousand every month outside of retirement, not even counting my bonus. Sure, that is all great and I can save a ...
by cherijoh
Fri Mar 27, 2015 8:34 am
 
Forum: Personal Finance (Not Investing)
Topic: Can I afford a $1M house?
Replies: 74
Views: 7966
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