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Re: 401(k) 20% Mandatory Tax Withholding

Only rollover distributions have mandatory withholding. Not true, or at least not true when I rolled mine over 20 years ago. Nothing was withheld. 20% withholding sounds like the default withholding amount if you don't select another option. The IRS is very specific in its language and does not con...
by cherijoh
Sun Sep 14, 2014 6:39 am
 
Forum: Personal Finance (Not Investing)
Topic: 401(k) 20% Mandatory Tax Withholding
Replies: 24
Views: 1761

Re: Don't even know where to start on this AARP article

http://i.imgur.com/mFxnN1J.png I'm not disagreeing that many people are underfunded for retirement, but these numbers are misleading. One thing this chart overlooks is that it is ONLY 401K balances and doesn't include rollover IRAs. Considering the woeful expense ratios of a lot of 401ks, there is ...
by cherijoh
Sat Sep 13, 2014 8:40 am
 
Forum: Personal Finance (Not Investing)
Topic: Don't even know where to start on this AARP article
Replies: 38
Views: 4882

Re: Newbie: Is my 10 year plan going to work?

I'm a Firecalc novice but it looks like I have a 100% success rate in 8 years with a 61/39 mix of equities. Even if I make it 35% equities, it shows 100% success with a 40 year retirement. Should I lower my equity exposure even further than I currently have? http://www.firecalc.com/index.php?wdamt=...
by cherijoh
Sat Sep 13, 2014 8:01 am
 
Forum: Investing - Help with Personal Investments
Topic: Newbie: Is my 10 year plan going to work?
Replies: 35
Views: 3133

Re: Feeling smug until 10 year ROR from Vanguard

epilnk wrote:
asset_chaos wrote:Drat. I just looked and my personal performance calculation at Vanguard is still limited to max 5 years.


As is mine. I hope the upgrade is coming. Curious as to why they would roll this out earlier for some clients and not others.


Have you been a customer for the full 10 years?
by cherijoh
Sat Sep 13, 2014 7:50 am
 
Forum: Investing - Theory, News & General
Topic: Feeling smug until 10 year ROR from Vanguard
Replies: 78
Views: 6913

Re: Did Social Security make a mistake in calculating benefi

I haven't seen sscritic around here lately to comment on this, but an odd scenario just occurred to me: Suppose there are two people who were born at the same time and they are now 90 or so and have never been married. Person A worked from age 25 to 60, then retired. For whatever reason, Person B d...
by cherijoh
Sat Sep 13, 2014 7:47 am
 
Forum: Personal Finance (Not Investing)
Topic: Did Social Security make a mistake in calculating benefits?
Replies: 14
Views: 1604

Re: Feeling smug until 10 year ROR from Vanguard

I cannot see on the Vanguard site where you find your ROR for ten years. Please inform where you find this information. Thank you. Log into your vanguard account. Go to "My Accounts" Page. Click on 2nd Tab near top labeled "Balances over Time" - Tabs are just below the large lab...
by cherijoh
Fri Sep 12, 2014 8:48 pm
 
Forum: Investing - Theory, News & General
Topic: Feeling smug until 10 year ROR from Vanguard
Replies: 78
Views: 6913

Re: Clean, quiet, safe and cheap. Is there such a travel pla

Are you thinking of just living on a rural farm somewhere in the middle of nowhere? I hear this is what a farmhouse in parts of France are like. They come with a one-speed bike to ride into town for a baguette and cheese. You could do this in Iowa, too. OK, no bike, no cheese, and no baguette. Spri...
by cherijoh
Fri Sep 12, 2014 7:39 pm
 
Forum: Personal Consumer Issues
Topic: Clean, quiet, safe and cheap. Is there such a travel place?
Replies: 75
Views: 5536

Re: Quit/retire - should I do this?

I hope I addressed your question. Yes, thank you very much. Do you know if it is true that in a so-called "right to work" state that legal ramifications would be less of a problem? What I mean is that one can be fired or laid off or forced to retire and each employee could negotiate separ...
by cherijoh
Fri Sep 12, 2014 9:03 am
 
Forum: Personal Finance (Not Investing)
Topic: Quit/retire - should I do this?
Replies: 41
Views: 3729

Re: Quit/retire - should I do this?

Thinking about quitting my job and essentially retiring early. Not sure how things work at your company but key question I'd ask based on this statement is "Are you eligible to retire?" At many companies, this requires some combination of years of service and age. This is a critical quest...
by cherijoh
Fri Sep 12, 2014 7:37 am
 
Forum: Personal Finance (Not Investing)
Topic: Quit/retire - should I do this?
Replies: 41
Views: 3729

Re: 50 year old looking for retirement advice & help...

We plan to live below our means to save. Does this mean that you haven't been living below your means in the past? I think in order to succeed, you need to understand what was holding you back in the past. If it was over-spending, you may need the shock therapy of spending some time with a retireme...
by cherijoh
Wed Sep 10, 2014 8:25 am
 
Forum: Investing - Help with Personal Investments
Topic: 50 year old looking for retirement advice & help...
Replies: 15
Views: 1996

Re: Helping Mother In-Law With Retirement Planning

It sounds like the one-time expenses will eat some of the $150,000, so you need to know how much is truly available. I plugged female, age 67, with $100,000 into immediate annuity and got $555/month. That's a realistic amount to add to SS, but will deplete emergency fund. Thanks trueblueky, this is...
by cherijoh
Wed Sep 10, 2014 7:40 am
 
Forum: Investing - Help with Personal Investments
Topic: Helping Mother In-Law With Retirement Planning
Replies: 36
Views: 2036

Re: Cruise Around the World

My longest cruise was 27 days. That's enough time in a ship's cabin! Gill Was it an around the world cruise? 27 days wouldn't come close to cruising around the world. You would plan to stop and see things, wouldn't you? If you are seriously contemplating doing this, try a repositioning cruise first...
by cherijoh
Tue Sep 09, 2014 7:00 am
 
Forum: Personal Consumer Issues
Topic: Cruise Around the World
Replies: 14
Views: 1397

Re: 31 Year Old Couple - Financial Check Up

1. The target date fund (2045) that your wife has invested in, handles the asset allocation for you. I see she's also invested in bonds, which makes that particular portfolio overly conservative. I know you said she is, and women tend to be more than men, but she needs to trust statistics. She coul...
by cherijoh
Tue Sep 09, 2014 6:55 am
 
Forum: Investing - Help with Personal Investments
Topic: 31 Year Old Couple - Financial Check Up
Replies: 7
Views: 1264

Re: Please Help: I am eligible to participate in my first 40

denovo wrote:Do yourself a favor and put your credit cards in a lockbox.


I had a friend who froze her credit card in a small container of water. If she really needed it for an emergency she would thaw it out, but it wasn't in her wallet for impulse spending :wink:
by cherijoh
Tue Sep 09, 2014 6:45 am
 
Forum: Investing - Help with Personal Investments
Topic: Please Help: I am eligible to participate in my first 401K.
Replies: 11
Views: 1008

Re: Pension buyout - rollover to roth?

Is your pension in a qualified plan? If you can roll-over the lump sum to a rollover IRA, then you should be able to get it into a Roth via a conversion without paying the 10% early withdrawal penalty. But you should be asking yourself, if the pension Buyout is a good deal. Have you checked out http...
by cherijoh
Tue Sep 09, 2014 6:38 am
 
Forum: Investing - Help with Personal Investments
Topic: Pension buyout - rollover to roth?
Replies: 4
Views: 403

Re: 401k maxing vs taxable for retiring young

I don't think this statement about the 401K is quite right... the 17.5K limit relates to employee tax-advantaged contributions. But you can also contribute after-tax money beyond 17.5K, and in combination with your company match, your pre-tax and after-tax money cannot exceed 52K. In my case I have...
by cherijoh
Tue Sep 09, 2014 6:31 am
 
Forum: Investing - Help with Personal Investments
Topic: 401k maxing vs taxable for retiring young
Replies: 12
Views: 1405

Re: Helping Mother In-Law With Retirement Planning

The requirements from the portfolio are the fill the gap between her social security of roughly $2,500.00 a month and projected expenses of about $5,000.00 a month. There is no additional income from a pension. If the gap is $2500/month, that is $30K per year. $150K isn't going to come anywhere nea...
by cherijoh
Mon Sep 08, 2014 5:37 pm
 
Forum: Investing - Help with Personal Investments
Topic: Helping Mother In-Law With Retirement Planning
Replies: 36
Views: 2036

Re: Cost Basis Methods

Bogleheads, I've read the Wiki regarding this topic, but still need some help determining the best direction here. We recently switched from active management by a broker with a wrapper fee to a self-managed simple portfolio of low-cost index funds at Vanguard. For our taxable account, I have been ...
by cherijoh
Mon Sep 08, 2014 5:27 pm
 
Forum: Investing - Help with Personal Investments
Topic: Cost Basis Methods
Replies: 19
Views: 771

Re: Do I invest or pay higher mortgage downpayment?

Will you have an adequate emergency fund if you put 30% down? Also you may be expected to put money into escrow for taxes and insurance when you close on the house.
by cherijoh
Mon Sep 08, 2014 5:21 pm
 
Forum: Investing - Help with Personal Investments
Topic: Do I invest or pay higher mortgage downpayment?
Replies: 55
Views: 3254

Re: A 'really good book' you did NOT enjoy

Technically the The Iceman Cometh is not a book, but I couldn't make it through the first few pages. Now that I think of it I have a difficult time with most American literature. I do enjoy American Puritan literature though, or maybe it's just Hawthorne's work. I took a class in HS on Nobel Prize ...
by cherijoh
Mon Sep 08, 2014 5:18 pm
 
Forum: Personal Consumer Issues
Topic: A 'really good book' you did NOT enjoy
Replies: 226
Views: 10518

Re: Vanguard Lost $50k

And here is the promised poll: Has a financial firm made a mistake with your money? Observation as of 7:30am pacific time the votes are that about 55% of the 85 survey participants HAVE had financial institutions make a mistake in their account. And of those that had mistakes, only ~10% were left w...
by cherijoh
Sun Sep 07, 2014 5:00 pm
 
Forum: Personal Consumer Issues
Topic: Vanguard Lost $50k
Replies: 103
Views: 10703

Re: Drawing down a windfall...

We have no debt to speak of... $300K of mortgage on a $1 million house. STOP - read that statement back. In what alternate reality is $300K in mortgage considered "no debt to speak of"? Before you bought this dream house what was your mortgage? This year we've done a great job of cutting ...
by cherijoh
Sun Sep 07, 2014 1:51 pm
 
Forum: Investing - Help with Personal Investments
Topic: Drawing down a windfall...
Replies: 55
Views: 4072

Re: Automatic Closing of Credit Card Accounts due to inactiv

It's actually logical. If you don't use your card the bank gets no revenue. But your credit limit counts against them for whatever regulatory rules were passed after the financial crisis to measure the risk of a bank's portfolio.
by cherijoh
Sun Sep 07, 2014 12:51 pm
 
Forum: Personal Finance (Not Investing)
Topic: Credit Card Account [Automatically Closed] due to inactivity
Replies: 29
Views: 1908

Re: Think like a rich person

With all due respect, I am not sure what you are writing is how rich people think. Are you rich? We can define wealth in many ways. My favorite is the control one has over leisure time. My point, however, is that my friend grew up thinking differently about the nature, purpose and handling of money...
by cherijoh
Sun Sep 07, 2014 11:11 am
 
Forum: Personal Finance (Not Investing)
Topic: [Helping someone] think like a rich person
Replies: 40
Views: 4146

Re: Vanguard Lost $50k

Need some advice. I made a mutual fund purchase of $50k on 8-29-14. On 9-2, Vanguard transferred the 50k from my bank account, then transferred another 50k (for a total of 100k) via ACH. I noticed on 9-3, called my bank they confirmed Vanguard requested the funds and the bank transferred the 100k t...
by cherijoh
Sun Sep 07, 2014 11:01 am
 
Forum: Personal Consumer Issues
Topic: Vanguard Lost $50k
Replies: 103
Views: 10703

Re: Drawing down a windfall...

The line item for travel seems extraordinarily high. That, plus expensive private schools, suggests the possibility that the kids might be over-scheduled or even overwhelmed by all this stuff you're throwing at them. What kind of travel are we talking about here? You didn't mention the ages of your...
by cherijoh
Sun Sep 07, 2014 10:04 am
 
Forum: Investing - Help with Personal Investments
Topic: Drawing down a windfall...
Replies: 55
Views: 4072

Re: Suggestions for 10 days on Hawaiian Islands

I did a weeklong NCL cruise that started and ended in Honolulu. We visited Maui, the Big Island (Kona and Hilo) and Kauai. My preference order was (1) Kauai, (2) Big Island, (3) Maui (too commercial for me) and (4) Oahu (Honolulu was too crowded for me). The highlights of our cruise excursions were:...
by cherijoh
Sat Sep 06, 2014 5:56 pm
 
Forum: Personal Consumer Issues
Topic: Suggestions for 10 days on Hawaiian Islands
Replies: 24
Views: 1428

Re: Please explain this statement to me. Thank you.

OP, you'll be at 65% from 55 on , you got it right - the curious thing for me is that you'd get 100% at 62 - what type of company are you with ? Companies with DB pensions often had similar plans to reward long term employees. I worked for one with a rule of 85 - if you retired at 55 and (age + yea...
by cherijoh
Sat Sep 06, 2014 11:37 am
 
Forum: Personal Finance (Not Investing)
Topic: Please explain this statement to me. Thank you.
Replies: 12
Views: 1429

Re: Poll: Cash Holdings

Is emergency fund included or excluded? I have no cash equivalents in my retirement portfolio, but do have cash equivalents in my emergency fund.
by cherijoh
Fri Sep 05, 2014 5:35 pm
 
Forum: Investing - Theory, News & General
Topic: Poll: Cash Holdings
Replies: 65
Views: 3617

Re: In Retirement / Any tax moves that would make sense?

Your stock/bond/cash allocation is pretty aggressive for your ages - is this because you are trying to maximize what you pass on to the next generation? If so, Roth conversions would be better than realizing capital gains, since your heirs will get a stepped up basis on any taxable funds - I assume ...
by cherijoh
Fri Sep 05, 2014 7:31 am
 
Forum: Investing - Help with Personal Investments
Topic: In Retirement / Any tax moves that would make sense?
Replies: 7
Views: 1269

Re: Help with Employer Match

There's still some uncertainty, at least on my part, on whether the $17,500 upper limit applies to the combined contribution or to the employee's contribution alone... The IRS limit of $17,500 is based strictly on employee before-tax (or Roth) contributions. There is a much higher limit for total (...
by cherijoh
Thu Sep 04, 2014 7:59 pm
 
Forum: Investing - Help with Personal Investments
Topic: Help with Employer Match
Replies: 13
Views: 528

Re: Help with my parent's finances

Thanks for all the replies. The company stock is in the 401K and it is not stock exactly. It is called Company stock fund, and it holds about 99% stock in the company and 1% cash. Would this fund still apply for the NUA rule? I am guessing no. If NUA is not applicable, then I will probably be conve...
by cherijoh
Thu Sep 04, 2014 7:47 pm
 
Forum: Investing - Help with Personal Investments
Topic: Help with my parent's finances
Replies: 21
Views: 1903

Re: Graduating Debt-Free, or with Elite College Degree?

This question, having very young kids, is crucial to those my age (late 30s)... Exactly how much to save for college? Of course, one can do the online calculators, but at some point, a private 4-year degree costing >$450,000/child does not justify its expense.. especially when you consider opportun...
by cherijoh
Thu Sep 04, 2014 6:54 pm
 
Forum: Personal Finance (Not Investing)
Topic: Graduating Debt-Free, or with Elite College Degree?
Replies: 92
Views: 4809

Re: Offered Promotion, but longer commute

I'm currently a 33-year old working in the Federal Government as a GS-13, I found out today that I was offered a job I had applied for at my agency as a supervisor, which would also move me up to a GS-14, which would practically be a salary increase of about $10,000 per year. However, I have a few ...
by cherijoh
Wed Sep 03, 2014 8:08 pm
 
Forum: Personal Finance (Not Investing)
Topic: Offered Promotion, but longer commute
Replies: 37
Views: 2959

Re: How do you keep your electricity bill low?

We have a whole house fan and no A/C. Works great in a dry climate like ours (Colorado), but I expect would work well in SoCal as well. Another alternative would be to use a humidifier (aka "swamp cooler"). that only works in dry climates. The last thing I'd want to do in NC is add more h...
by cherijoh
Wed Sep 03, 2014 7:54 pm
 
Forum: Personal Consumer Issues
Topic: How do you keep your electricity bill low?
Replies: 123
Views: 9122

Re: How do you keep your electricity bill low?

There are the obvious things: LED lights (and turn them off when not in a room), master power switch to shut off electronics when not in use (so they don't suck power in standby mode). Valuethinker will be along shortly to tell you to replace the fridge. :) If AC is a big component, what kind of AC...
by cherijoh
Wed Sep 03, 2014 7:49 pm
 
Forum: Personal Consumer Issues
Topic: How do you keep your electricity bill low?
Replies: 123
Views: 9122

Re: Travel Insurance for a "trip of a lifetime"

Hi everyone! I recently booked a "trip of a lifetime" to the South Pacific. I normally do not buy trip insurance but since this adventure is quite pricey I figured it may be worth looking into. Does anyone have advice on this? Places to get quotes, etc? Thank you for your time! Chad Defin...
by cherijoh
Wed Sep 03, 2014 7:41 pm
 
Forum: Personal Consumer Issues
Topic: Travel Insurance for a "trip of a lifetime"
Replies: 36
Views: 2379

Re: Help out family without compromising my own retirement?

The brother on the other hand has no place guilt tripping Chald and could seek employment. I don't think I would kick him to a homeless shelter as certain people are suggesting, but I would turn a deaf ear to anything the brother says about providing more money. I would also check to see if the bro...
by cherijoh
Wed Sep 03, 2014 7:22 pm
 
Forum: Personal Finance (Not Investing)
Topic: Help out family without compromising my own retirement?
Replies: 72
Views: 5604

Re: Pay off Debt, by cashing in Retirement account?

I currently am in the same boat as a lot in my age group and have about $20k in student loans debt at a rate of 4.5%. I currently also have about $25K in my employer retirement account. I have the option to cash out as much as I need since I have hit my 6 year mark. So pretty much the question is s...
by cherijoh
Wed Sep 03, 2014 4:50 pm
 
Forum: Personal Finance (Not Investing)
Topic: Pay off Debt, by cashing in Retirement account?
Replies: 25
Views: 2056

Re: best way to handle IRA to ROTH conversion

I need help to best way to manage IRA to ROTH conversion to open backdoor conversion option. My income - 6 figures IRA - 10K ( 4K non-deductible contribution) Roll over IRA - 10K (current 401K does not support rolling back in) I don't quality for ROTH contribution and would like to convert all in I...
by cherijoh
Wed Sep 03, 2014 10:45 am
 
Forum: Investing - Help with Personal Investments
Topic: best way to handle IRA to ROTH conversion
Replies: 8
Views: 673

Re: Did you reveal to your kids...your savings and salary

I don't even tell my stay-at-home wife exactly how much I make. Nope. Not only do I not reveal it, my wife doesn't know my salary and savings. Not telling the kids make sense to me; not telling your spouse seems very short-sighted since you could drop dead tomorrow. This happened to a friend's supp...
by cherijoh
Wed Sep 03, 2014 7:07 am
 
Forum: Personal Finance (Not Investing)
Topic: Did you reveal to your kids...your savings and salary
Replies: 75
Views: 6804

Re: Optimizing Tax Efficiency vs. Minimizing Expenses

After some more reading, I see that other people have solved this type of problem by using the Vanguard intermediate tax-exempt bond funds in their taxable accounts, along with either the Total US Stock Market Index and Total International funds to make a three fund portfolio, or else separating th...
by cherijoh
Tue Sep 02, 2014 10:23 pm
 
Forum: Investing - Help with Personal Investments
Topic: Optimizing Tax Efficiency vs. Minimizing Expenses
Replies: 32
Views: 2126

Re: Take slightly better job if you had to wait 1 year for 4

Room for growth is valuable, and IMO it would be worth it. However, many things can be negotiated. Have you tried asking for an exemption from the waiting period? When switching company you are taking a risk. You should get something in return. Stuff like the waiting period is usually written into ...
by cherijoh
Tue Sep 02, 2014 10:11 pm
 
Forum: Personal Finance (Not Investing)
Topic: Take slightly better job if you had to wait 1 year for 401k?
Replies: 19
Views: 910

Re: 78-yr old needs IRA mutual fund guidance.

I’m single woman, 78, retired 3 yrs living on Social Security (approx. $1650/mo). Own condo in Ft. Lauderdale. Concerned that I may not have appropriate IRA mutual funds to meet needs. Currently $140,000 invested in Vanguard Funds. Based on my age and the fact that my mutual funds are my primary in...
by cherijoh
Tue Sep 02, 2014 10:01 pm
 
Forum: Investing - Help with Personal Investments
Topic: 78-yr old needs IRA mutual fund guidance.
Replies: 5
Views: 448

Re: Paper or plastic?

Google News seems to be saying that it is only single-use plastic bags that will be banned. Here in the Northeast, for about ten years now, all of the supermarkets and many other stores have been selling reusable bags, generally for $1, and they are also popular promotional freebies from banks, rea...
by cherijoh
Tue Sep 02, 2014 3:56 pm
 
Forum: Personal Consumer Issues
Topic: Paper or plastic?
Replies: 63
Views: 2830

Re: Retirement Buyout Offer

I just ran the numbers on http://www.immediateannuities.com/information/annuity-rates-step-1.html . A lump sum of $78K for 58 year old male gives a single-life benefit of $430 - $448/year starting in 3 years or $508 - $519/month in 5 years. (Four years wasn't an option from their drop down box). Thi...
by cherijoh
Tue Sep 02, 2014 7:31 am
 
Forum: Investing - Help with Personal Investments
Topic: Retirement Buyout Offer
Replies: 3
Views: 733

Re: Alzheimer's and Prenup

bsteiner wrote:If you and he own the houses jointly with right of survivorship, or as tenants by the entirety (a special form of joint ownership by a husband and wife in some states), if he dies before you and he sell the houses, the houses will be yours.
:confused
by cherijoh
Tue Sep 02, 2014 7:10 am
 
Forum: Personal Finance (Not Investing)
Topic: Alzheimer's and Prenup
Replies: 20
Views: 2968

Re: DIY Index Fund

Why would anyone want to do this? The last 15 years the Vanguard Total Stock Market Index Admiral share class has lagged the Wilshire 5000 by 0.02% per year. They have even outperformed it in the 10 and 5 year periods. It seems worth the small expense ratio to me. To save on the expense fee of cour...
by cherijoh
Mon Sep 01, 2014 6:00 pm
 
Forum: Investing - Theory, News & General
Topic: DIY Index Fund
Replies: 25
Views: 2266

Re: Shorten Mortgage or 401K or something else

1. Annual Income of $130K. Will get a pay raise of $10K effective September 2014, making our annual income $140K. use the raise to increase the percentage you contribute to 401k 3. Will get a bonus of $11000 ( before taxes ) in November 2014 ( know it based on the goals achieved since the company's...
by cherijoh
Mon Sep 01, 2014 4:46 pm
 
Forum: Personal Finance (Not Investing)
Topic: Shorten Mortgage or 401K or something else
Replies: 15
Views: 1055

Re: [Symantec anti-virus] Norton Auto Renewal

Thanks for posting. I also have had similar problems with Norton. It appears that automatic renewals is the default setting when installing. I suspect that I have paid for a renewal for a computer that is long gone. If you go to your Norton account there is a place to turn off automatic renewal. I ...
by cherijoh
Mon Sep 01, 2014 2:08 pm
 
Forum: Personal Consumer Issues
Topic: [Symantec anti-virus] Norton Auto Renewal
Replies: 21
Views: 1089
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