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Re: Life insurance outside work?

as mentioned above, get it from outside work. It will be cheaper (over the long run) and isnt contingent upon your employment.
by dhodson
Fri Oct 31, 2014 4:56 pm
 
Forum: Personal Finance (Not Investing)
Topic: Life insurance outside work?
Replies: 11
Views: 486

Re: Indexed Universal Life Insurance - Again ...

After an in person meeting and a follow up telephone conference call, the association refrained from "endorsing" the product. Still, the product is currently marketed to the association's members by the firm as it has been for over ten years. It simply is not officially endorsed or sancti...
by dhodson
Fri Oct 31, 2014 9:03 am
 
Forum: Personal Finance (Not Investing)
Topic: Indexed Universal Life Insurance - Again ...
Replies: 58
Views: 4928

Re: Question for AXA Financial Rep

Its like the movie war games. The only way to win is not to play.

Don't bother going.
by dhodson
Fri Oct 31, 2014 9:01 am
 
Forum: Investing - Theory, News & General
Topic: Question for AXA Financial Rep
Replies: 9
Views: 407

Re: fleeced by an adviser, is there a recourse?

See right there is the problem. I have absolutely no idea what you mean. so even if I tried to invest by myself I would probably do more damage. I know how you feel; if you must have an adviser use a fee per hour adviser. He will have no conflict when advising you where to invest. You don't need mi...
by dhodson
Thu Oct 30, 2014 8:43 pm
 
Forum: Investing - Help with Personal Investments
Topic: fleeced by an adviser, is there a recourse?
Replies: 104
Views: 8082

Re: UTMA Variable Annuity - Early Retirement Planning

I'm not sure one can make future tax assumptions that favor this without making additional assumptions that clearly non intended for usages aren't also eliminated or extremely penalized from UTMAs. I don't find this to be a real "tax diversification". I personally feel its more likely that...
by dhodson
Wed Oct 29, 2014 2:06 pm
 
Forum: Investing - Help with Personal Investments
Topic: UTMA Variable Annuity - Early Retirement Planning
Replies: 11
Views: 427

Re: UTMA Variable Annuity - Early Retirement Planning

Any opinions on using a UTMA designation for a variable annuity with the premise that assets are retitled in child's name at age of majority, but still within a tax-deferred wrapper? Merriman advocated using a trust to hold the variable annuity, but for sake of simplicity, wouldn't this work just a...
by dhodson
Wed Oct 29, 2014 10:37 am
 
Forum: Investing - Help with Personal Investments
Topic: UTMA Variable Annuity - Early Retirement Planning
Replies: 11
Views: 427

Re: fleeced by an adviser, is there a recourse?

The chance of recourse being effective is very low in my opinion.

If you want to warn others then just be careful how you word things.
by dhodson
Tue Oct 28, 2014 9:07 pm
 
Forum: Investing - Help with Personal Investments
Topic: fleeced by an adviser, is there a recourse?
Replies: 104
Views: 8082

Re: Elderly parent on path to run out of money in 6 months

Well at age 75, it isn't likely that he will become better with his money in this lifetime.

There is no magic bullet for this. I wouldn't get too involved in his finances.
by dhodson
Tue Oct 28, 2014 8:23 pm
 
Forum: Personal Finance (Not Investing)
Topic: Elderly parent on path to run out of money in 6 months
Replies: 13
Views: 2996

Re: Life Insurance

"A good independent will do this but not push permanent insurance on you." Yeah, sure. But how can that suspicion, the mere hint, of a conflict of interest, ever be totally removed from the picture? If they find something suitable for you from Company A Company B Company C, But... Company...
by dhodson
Tue Oct 28, 2014 7:13 am
 
Forum: Personal Finance (Not Investing)
Topic: Life Insurance
Replies: 15
Views: 1005

Re: Life Insurance

".....I'd find a good independent agent.............." Um, er, is there such a thing? Really? My understanding is that an indep. insurance broker means he doesn't work for a single company. Rather, he sells (on commission basis) to the general public various policies from various companie...
by dhodson
Mon Oct 27, 2014 10:16 pm
 
Forum: Personal Finance (Not Investing)
Topic: Life Insurance
Replies: 15
Views: 1005

Re: Life Insurance

NWML is rarely competitive with their term products unless you are a smoker. This is true from my own searches. NWML will also very likely try to convince you to purchase permanent insurance at some point (something that is very unlikely in your interest). I'd find a good independent agent and save...
by dhodson
Mon Oct 27, 2014 9:49 pm
 
Forum: Personal Finance (Not Investing)
Topic: Life Insurance
Replies: 15
Views: 1005

Re: Seeking Advice on MetLife VA Annuity

Completely understand. FIW, MET-broker, should NOt have sold you annuity at your age :oops: , unless you were high income, maximized other tax advantaged products, or you have a health issue. MET is not going to fight too hard to try to keep you because you are relatively young and you expose them ...
by dhodson
Thu Oct 23, 2014 12:54 pm
 
Forum: Investing - Help with Personal Investments
Topic: Seeking Advice on MetLife VA Annuity
Replies: 17
Views: 1095

Re: Annuity 1035 exchange to IRA?

I have just spent hours and hours researching this, and I am in the process of transferring a qualified IRA that is in a Metlife Variable Annuity to a Vanguard Traditional IRA. So yes, it can be done as long as it's qualified. Make sure you look at surrender fees, GMIB rider fees, etc. so you know ...
by dhodson
Thu Oct 23, 2014 12:26 pm
 
Forum: Investing - Help with Personal Investments
Topic: Annuity 1035 exchange to IRA?
Replies: 8
Views: 372

Re: Annuity 1035 exchange to IRA?

1035 is just for insurance products

Now if something is within an ira then surrendering within the ira doesn't have any tax issues
by dhodson
Thu Oct 23, 2014 9:48 am
 
Forum: Investing - Help with Personal Investments
Topic: Annuity 1035 exchange to IRA?
Replies: 8
Views: 372

Re: Annuity 1035 exchange to IRA?

To other insurance contracts but there are exceptions.
by dhodson
Thu Oct 23, 2014 8:48 am
 
Forum: Investing - Help with Personal Investments
Topic: Annuity 1035 exchange to IRA?
Replies: 8
Views: 372

Re: Annuity 1035 exchange to IRA?

No

It's not possible.

Otherwise people would have an unlimited backdoor Roth
by dhodson
Wed Oct 22, 2014 11:26 pm
 
Forum: Investing - Help with Personal Investments
Topic: Annuity 1035 exchange to IRA?
Replies: 8
Views: 372

Re: Long Term Care Insurance - Should I Keep?

You've already been paying into this for a while now, if it were me id keep it going since it sounds like the price isn't really a big problem for you. Now I wouldn't buy one if I were in your situation for a variety of reasons but keeping a policy in force at this point is a different story.
by dhodson
Wed Oct 22, 2014 9:04 pm
 
Forum: Personal Finance (Not Investing)
Topic: Long Term Care Insurance - Should I Keep?
Replies: 11
Views: 930

Re: Deferred variable Annuity or Roth IRA Conversions?

You are trading capital gains rates to income rates for tax deferral. You lose step up basis at death. Although you are looking at a "cheap" VA, the costs are still more. You can't tax loss harvest like you could in a taxable account. There is some reduced liquidity with the VA. The use of...
by dhodson
Wed Oct 22, 2014 12:16 pm
 
Forum: Investing - Help with Personal Investments
Topic: Deferred variable Annuity or Roth IRA Conversions?
Replies: 8
Views: 516

Re: Why do Engineers Think They’ll Be Good at Picking Stocks

This type of question has little to do with being an engineer. It is intuitive at first glance that if you are smart and work hard that then you will be more likely to do better then others. Most people would think this also applies to investing. There really isn't anything wrong with those thoughts...
by dhodson
Tue Oct 21, 2014 8:50 pm
 
Forum: Investing - Theory, News & General
Topic: Why do Engineers Think They’ll Be Good at Picking Stocks?
Replies: 132
Views: 9570

Re: 2nd Opinions on Bond Alternatives?

Maybe I'm mistaken but I don't believe the OP asked for a bond alternative. Sounded more like a scare tactic about bonds was presented and a "solution". I'd say the FAs did a very poor job.
by dhodson
Tue Oct 21, 2014 12:37 pm
 
Forum: Investing - Help with Personal Investments
Topic: 2nd Opinions on Bond Alternatives?
Replies: 35
Views: 2178

Re: Seeking Advice on MetLife VA Annuity

Mel's post should say 1035 exchange

Also keep in mind that while the transfer does not incur any taxes, you are still just delaying taxes with gains being taxed as income when dealing with insurance products.
by dhodson
Tue Oct 21, 2014 12:34 pm
 
Forum: Investing - Help with Personal Investments
Topic: Seeking Advice on MetLife VA Annuity
Replies: 17
Views: 1095

Re: 2nd Opinions on Bond Alternatives?

Bc most of the money is in bonds

It is characterized as a fixed product
by dhodson
Mon Oct 20, 2014 5:31 pm
 
Forum: Investing - Help with Personal Investments
Topic: 2nd Opinions on Bond Alternatives?
Replies: 35
Views: 2178

Re: 2nd Opinions on Bond Alternatives?

Don't get overly focused on tax advantaged accounts. That will drive you towards things you don't want like annuities and permanent insurance. Unless you highly value the insurance features then you will likely have less money using those items even if you save more on taxes with them. I'd max out m...
by dhodson
Mon Oct 20, 2014 10:18 am
 
Forum: Investing - Help with Personal Investments
Topic: 2nd Opinions on Bond Alternatives?
Replies: 35
Views: 2178

Re: 2nd Opinions on Bond Alternatives?

the funny thing is that with the index annuity the insurance company is investing most of the money in bonds and then a small slice of options. Add in the costs transferred from the insurance company for commission and such and you get the picture.
by dhodson
Sun Oct 19, 2014 9:44 pm
 
Forum: Investing - Help with Personal Investments
Topic: 2nd Opinions on Bond Alternatives?
Replies: 35
Views: 2178

Re: reorganzing parents finances including annuities

Googling found this definition of Inforce: Definition of "Inforce Ledger" A computer generated illustration of the current, projected and guaranteed values of an existing cash value life insurance policy. Generally the illustration begins with the current year and shows the values over th...
by dhodson
Thu Oct 16, 2014 11:25 pm
 
Forum: Investing - Help with Personal Investments
Topic: reorganzing parents finances including annuities
Replies: 8
Views: 867

Re: Offered Cash Balance Plan - RED FLAGS? (physician)

As you realize, you aren't getting real information from them. You also absolutely don't want to focus on the tax deductions. If you do then someone will actually convince you into something that will cost you even more for the same defined benefit. The worst way is to put insurance products within ...
by dhodson
Tue Oct 14, 2014 10:53 pm
 
Forum: Investing - Help with Personal Investments
Topic: Offered Cash Balance Plan - RED FLAGS? (physician)
Replies: 16
Views: 872

Re: Offered Cash Balance Plan - RED FLAGS? (physician)

Just as a for instance they could have one created via Schwab for a lot cheaper Now there likely would be less hand holding as well. I am a physician and have my own 401k/ps with a defined benefit plan. If I had to do it all over again, I would have just done the 401k/ps or a Sep ira until I was in ...
by dhodson
Tue Oct 14, 2014 3:43 pm
 
Forum: Investing - Help with Personal Investments
Topic: Offered Cash Balance Plan - RED FLAGS? (physician)
Replies: 16
Views: 872

Re: Offered Cash Balance Plan - RED FLAGS? (physician)

Correct for the most part. I supposed some partner could say he/she will cough it up if needed but that isn't likely. The sad part is I bet the senior partners don't realize they could do a lot better. They probably are overly focused on the tax deduction and don't realize this just means more cost ...
by dhodson
Tue Oct 14, 2014 2:09 pm
 
Forum: Investing - Help with Personal Investments
Topic: Offered Cash Balance Plan - RED FLAGS? (physician)
Replies: 16
Views: 872

Re: Offered Cash Balance Plan - RED FLAGS? (physician)

The main question is who pays for the plan. Does it come from her salary or this from the company in addition to her salary. Sounds like the former. If so then this isn't such a good deal for you bc of the huge fees associated with it. In general these plans are good for older folks who have fewer y...
by dhodson
Tue Oct 14, 2014 1:32 pm
 
Forum: Investing - Help with Personal Investments
Topic: Offered Cash Balance Plan - RED FLAGS? (physician)
Replies: 16
Views: 872

Re: old universal life insurance policy as fixed income

Well again you compare it to CDs. The vanguard total bond fund if I'm not mistaken has a 1 year of around 3.9%. Id sooner put my "bonds" in tax advantaged and stocks in taxable so I can tax loss harvest and use the better capital gains rates but that's me. I must not have been reading care...
by dhodson
Tue Oct 14, 2014 9:41 am
 
Forum: Investing - Help with Personal Investments
Topic: old universal life insurance policy as fixed income
Replies: 24
Views: 1616

Re: Long term care insurance sweet spot

You aren't going to find this kind of data. Multiple reasons but just a few are that the policies available today are different then in the past and pricing isn't stabilized. You always want coverage before your health changes (assuming you are going to purchase).
by dhodson
Mon Oct 13, 2014 2:38 pm
 
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance sweet spot
Replies: 5
Views: 720

Re: advice on a surface pro 3

They are heavy as a tablet

I use mine 75% as a super powerful laptop and 25% as a tablet
by dhodson
Mon Oct 13, 2014 9:07 am
 
Forum: Personal Consumer Issues
Topic: advice on a surface pro 3
Replies: 28
Views: 2575

Re: advice on a surface pro 3

The pro 2 is pretty close but yes the 1 is inferior

If get a good deal on a 2 instead which is what I use
by dhodson
Sun Oct 12, 2014 4:59 pm
 
Forum: Personal Consumer Issues
Topic: advice on a surface pro 3
Replies: 28
Views: 2575

Re: old universal life insurance policy as fixed income

one thing i should add is that they cant change your health rating. If your health was to unfortunately take a serious turn for the worse then your policy will "perform" better. Your post indicates you think differently. In essence in those situations the insurance company made a bad bet. ...
by dhodson
Sun Oct 12, 2014 9:27 am
 
Forum: Investing - Help with Personal Investments
Topic: old universal life insurance policy as fixed income
Replies: 24
Views: 1616

Re: old universal life insurance policy as fixed income

I help my mother and my father-in-law with their portfolios, following BH principles. They both have whole life policies which have been in force for many years and which, like yours, make sense to keep rather than eliminate. In each case, we treat the whole life policy as part of their fixed incom...
by dhodson
Sun Oct 12, 2014 9:24 am
 
Forum: Investing - Help with Personal Investments
Topic: old universal life insurance policy as fixed income
Replies: 24
Views: 1616

Re: old universal life insurance policy as fixed income

I help my mother and my father-in-law with their portfolios, following BH principles. They both have whole life policies which have been in force for many years and which, like yours, make sense to keep rather than eliminate. In each case, we treat the whole life policy as part of their fixed incom...
by dhodson
Sat Oct 11, 2014 4:26 pm
 
Forum: Investing - Help with Personal Investments
Topic: old universal life insurance policy as fixed income
Replies: 24
Views: 1616

Re: old universal life insurance policy as fixed income

while you are not the OP whom i was addressing, you have added in your own assumptions. First off glad you are happy with your purchase and i have no desire to convince you to be upset with it. You are however comparing this to CDs which are FDIC insured. Life insurance is not. They are not the same...
by dhodson
Sat Oct 11, 2014 12:07 pm
 
Forum: Investing - Help with Personal Investments
Topic: old universal life insurance policy as fixed income
Replies: 24
Views: 1616

Re: old universal life insurance policy as fixed income

There is more "waste" within a permanent policy. Insurance costs are always taken out of either premium or cash value and the cost of insurance within permanent is MORE and you need to keep it in force until you die which means you will likely be paying insurance even when you don't need i...
by dhodson
Fri Oct 10, 2014 12:38 pm
 
Forum: Investing - Help with Personal Investments
Topic: old universal life insurance policy as fixed income
Replies: 24
Views: 1616

Re: Long term care insurance in NYC for Arthritis?

Might want to search Moneyguard over at fatwallet.com finance forum

There was a really good post reviewing it

Bottom line is there isn't a free lunch here where you get great ltci in a situation where you already have a known health issue that would affect coverage.
by dhodson
Thu Oct 09, 2014 6:38 pm
 
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance in NYC for Arthritis?
Replies: 10
Views: 842

Re: Just finished medical residency. Lots of general ?s

Hi everyone! This website is amazing and I'm looking forward to joining the community here. I just finished my residency in internal medicine a few months ago and have quite a few questions about how to manage my money. They say that the financial habits you start right after residency often stick ...
by dhodson
Tue Oct 07, 2014 1:12 pm
 
Forum: Investing - Help with Personal Investments
Topic: Just finished medical residency. Lots of general ?s
Replies: 14
Views: 1714

Re: Drop My $1m Life Insurance?

Paying monthly instead of yearly is more expensive.

If confirm that the rate is guaranteed until age 70.

If I were in good health and didn't have an insurance need then I'd cancel.

If my health has deteriorated then I'd weigh this bet differently.

I'm not in the insurance industry.
by dhodson
Sat Oct 04, 2014 6:46 pm
 
Forum: Personal Finance (Not Investing)
Topic: Drop My $1m Life Insurance?
Replies: 13
Views: 1759

Re: Age 30, should I buy 30 year term?

I think you need to be honest with yourself. Most of us have a very good idea if marriage is within a few years. If I really thought I would be then I'd lock in the term. You can cancel down the line as well if you were wrong. If I didn't have my eye on someone special (who felt similar), then I'd w...
by dhodson
Sat Oct 04, 2014 6:41 pm
 
Forum: Personal Finance (Not Investing)
Topic: Age 30, should I buy 30 year term?
Replies: 10
Views: 919

Re: Motley fool?

Like others have said, I too felt them to be useful a long time ago but not now. They have written multiple investment books with strategies which now only look good in their books. I find they hawk way too much garbage for me to visit the site any more and I don't find their forums useful either. I...
by dhodson
Fri Oct 03, 2014 9:30 am
 
Forum: Investing - Theory, News & General
Topic: Motley fool?
Replies: 16
Views: 1896

Re: Another whole-life review (NWM)

Unless this individual is willing to leave money to someone or something at eventual death then I'd definitely get rid of it


Also paying monthly has a finance charge which is heavy.
by dhodson
Thu Oct 02, 2014 10:09 pm
 
Forum: Personal Finance (Not Investing)
Topic: Another whole-life review (NWM)
Replies: 4
Views: 549

Re: Using a VUL to pay for college. Am I nuts?

Funny that you think that orgeon's fees and returns are bad compared to what you are currently in. typically it is still best to use oregon up to the state deduction limit then use a low cost one such as utah or ny or any with vanguard options. the returns will be better when comparing apples to app...
by dhodson
Wed Oct 01, 2014 8:43 pm
 
Forum: Investing - Help with Personal Investments
Topic: Using a VUL to pay for college. Am I nuts?
Replies: 18
Views: 1333

Re: Long Term Care Insurance???

I recommend you use the search function and read the many threads on ltci.
by dhodson
Wed Oct 01, 2014 7:30 pm
 
Forum: Personal Consumer Issues
Topic: Long Term Care Insurance???
Replies: 3
Views: 493

Re: Using a VUL to pay for college. Am I nuts?

When you take a loan, the insurance company is offering you a loan using the policy's csv as collateral. You pay back the insurance company including the interest. You should search the posts here of the many many people who have used permanent insurance to pay for college only to get stuck later on...
by dhodson
Wed Oct 01, 2014 2:57 pm
 
Forum: Investing - Help with Personal Investments
Topic: Using a VUL to pay for college. Am I nuts?
Replies: 18
Views: 1333

Re: Why Aren't Waterbeds Popular Anymore?

They aren't popular bc it was a fade

It may eventually fade back in but since there are tons of disadvantages, it may not happen for a while.
by dhodson
Tue Sep 30, 2014 8:02 pm
 
Forum: Personal Consumer Issues
Topic: Why Aren't Waterbeds Popular Anymore?
Replies: 13
Views: 1438

Re: How to solve people who don't save enough?

You can't solve behavior with an app.
by dhodson
Tue Sep 30, 2014 8:00 pm
 
Forum: Personal Finance (Not Investing)
Topic: How to solve people who don't save enough?
Replies: 11
Views: 1253

Re: Answer to Most Physician/High Income Job Questions:

Normally umbrella does not

Which is also why it's so cheap
by dhodson
Sat Sep 27, 2014 3:06 pm
 
Forum: Personal Finance (Not Investing)
Topic: Answer to Most Physician/High Income Job Questions:
Replies: 31
Views: 2419
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