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Re: Engineer career change

Hello, I'm wondering if any former engineers can lend some insight into how their career progressed and what other fields they transitioned into. I'm 23 and work as a software engineer for an aerospace/defense company. Work is fine, but not something I'm super passionate about. I think in a couple ...
by goodoboy
Fri Jul 11, 2014 5:41 pm
 
Forum: Personal Finance (Not Investing)
Topic: Engineer career change
Replies: 55
Views: 5392

Re: How much to retire

If you want to retire early, then you should save/invest 50% of your current gross income. If you want to retire late, then you should save/invest 10% to 20% of your current gross income. If you want to retire in-between early and late, then you should save/invest 15% to 50% of your current gross i...
by goodoboy
Sun Jun 29, 2014 2:21 pm
 
Forum: Personal Finance (Not Investing)
Topic: How much to retire
Replies: 21
Views: 2919

Re: How much to retire

You are under 40 years old. I wish I were again. How do you have a clue what costs will be in 27 years? Health care? Taxes. Amount of SS you will get. Investment returns. Stock market valuation. Cost of nursing homes or travel? There are too many wild cards to project out nearly 30 years and then a...
by goodoboy
Sat Jun 28, 2014 7:28 pm
 
Forum: Personal Finance (Not Investing)
Topic: How much to retire
Replies: 21
Views: 2919

Re: How much to retire

Should be $33K x 33 or $1,089,000 and that's in today dollars. This is about what we need in todays dollar. Is it safe to assume 3% inflation to see how much I need to save 27 years? $1M in 27 years at 3% inflation comes out to $2.25M we need. 27 years is a long time from, but we just want make sur...
by goodoboy
Sat Jun 28, 2014 3:08 pm
 
Forum: Personal Finance (Not Investing)
Topic: How much to retire
Replies: 21
Views: 2919

How much to retire

Hello, Just doing some planning and wanted your opinion. Most finical advisers say plan to save 70-85% of pre-retirement income and use that for expense If 70-85%, should I subtract out SS income? I calculated what I think our expenses will be 27 years from now and we will only need about 52% (our i...
by goodoboy
Sat Jun 28, 2014 2:38 pm
 
Forum: Personal Finance (Not Investing)
Topic: How much to retire
Replies: 21
Views: 2919

Re: Retirement Goal Calculation

Thank you Question: If I go to retirement estimator (http://www.ssa.gov/retire2/estimator.htm) and it says I will receive $2500 at 67, will this adjust for inflation over the years (provided inflation goes up)? Or is this the amount I will receive at 67 if I am 35 now? In other words when to subtra...
by goodoboy
Sat Jun 28, 2014 1:38 pm
 
Forum: Personal Finance (Not Investing)
Topic: Retirement Goal Calculation
Replies: 31
Views: 4104

Re: Retirement Goal Calculation

Thank you Question: If I go to retirement estimator (http://www.ssa.gov/retire2/estimator.htm) and it says I will receive $2500 at 67, will this adjust for inflation over the years (provided inflation goes up)? Or is this the amount I will receive at 67 if I am 35 now? In other words when to subtrac...
by goodoboy
Thu Jun 26, 2014 10:53 pm
 
Forum: Personal Finance (Not Investing)
Topic: Retirement Goal Calculation
Replies: 31
Views: 4104

Re: Retirement Goal Calculation

I am completely confused!! Are you stating using the 4% withdraw means I need approximately (of course this is ball park figure) $830K when I reach the age of 62? If so, how is this possible? What about inflation? How can $830K today be the same 27 years from now? I am not understanding when you wr...
by goodoboy
Wed Jun 25, 2014 10:44 pm
 
Forum: Personal Finance (Not Investing)
Topic: Retirement Goal Calculation
Replies: 31
Views: 4104

Re: Retirement Goal Calculation

I am completely confused!! Are you stating using the 4% withdraw means I need approximately (of course this is ball park figure) $830K when I reach the age of 62? If so, how is this possible? What about inflation? How can $830K today be the same 27 years from now? I am not understanding when you wr...
by goodoboy
Tue Jun 24, 2014 8:43 pm
 
Forum: Personal Finance (Not Investing)
Topic: Retirement Goal Calculation
Replies: 31
Views: 4104

Re: Retirement Goal Calculation

Annual Expense (including 15%) tax rate: $33,200 (all in current dollars) From here you would multiply the $33,200 times 25 to get $830,000 which would be your magic "number". The reason that 25 is used is there have been studies that show that a 4% (1/25 = 4%) initial withdraw rate and t...
by goodoboy
Mon Jun 23, 2014 11:07 pm
 
Forum: Personal Finance (Not Investing)
Topic: Retirement Goal Calculation
Replies: 31
Views: 4104

Re: Retirement Goal Calculation

Let me make sure I understand. Everyone tell me if what I am doing somewhat correct. I know I can't be exact but want to make sure I understand. Retire at 62, 35 now. Last til 90 My Method Monthly expenses in retirement (today money): $5000 Income for SS: $2600 Total monthly expense after income: $2...
by goodoboy
Mon Jun 23, 2014 9:47 pm
 
Forum: Personal Finance (Not Investing)
Topic: Retirement Goal Calculation
Replies: 31
Views: 4104

Re: Retirement Goal Calculation

John3754 wrote:25x projected annual expenses is a good starting point.


Thank you

What is your method for calculating projected annual expenses? Do you use inflation? How much inflation do you use?

Thanks
by goodoboy
Sun Jun 22, 2014 11:00 pm
 
Forum: Personal Finance (Not Investing)
Topic: Retirement Goal Calculation
Replies: 31
Views: 4104

Retirement Goal Calculation

Hello,

I am 35 years old. How do you calculate how much is needed to retire for husband and wife?

Just curious how everyone here on this forum calculates their retirement goal.

Please describe your method for calculating your magic number for retirement.

Thank you kindly.
by goodoboy
Sun Jun 22, 2014 10:56 pm
 
Forum: Personal Finance (Not Investing)
Topic: Retirement Goal Calculation
Replies: 31
Views: 4104

Re: pay off mortgage or ROTH

You think that because something is in your name only that she wouldn't get half in a divorce.... how cute. :wink: As someone mentioned earlier, you live in a community property state. Look up what that means. Lol, just a thought Twins Fan. More the reason, I am picking the safe bet and paying my h...
by goodoboy
Sun Jun 22, 2014 5:08 pm
 
Forum: Personal Finance (Not Investing)
Topic: pay off mortgage or ROTH
Replies: 58
Views: 3867

Re: pay off mortgage or ROTH

Maybe to summarize... there are two important points regarding the Roth vs Paydown. 1) You are NOT losing 3.25% on your mortgage if you put it on your Roth; you are losing 3.25% MINUS what you would earn in your Roth for similar risk... I don't know what a proper analysis is, but Vanguard Brokerage...
by goodoboy
Sat Jun 21, 2014 11:54 pm
 
Forum: Personal Finance (Not Investing)
Topic: pay off mortgage or ROTH
Replies: 58
Views: 3867

Re: pay off mortgage or ROTH

However, the math is still in your favor for maxing out retirement accounts before making extra mortgage payments. If you invest in Long-Term Treasury in your IRA, you have a long-term risk-free investment earning 3.05% (Investor) or 3.15% (Admiral), tax-free. If you pay down your mortgage, you hav...
by goodoboy
Sat Jun 21, 2014 11:38 am
 
Forum: Personal Finance (Not Investing)
Topic: pay off mortgage or ROTH
Replies: 58
Views: 3867

Re: pay off mortgage or ROTH

1. Message from the mortgage company: Our records indicate that your loan was originated on 12/19/2012. In order for your mortgage insurance to be removed you will have to pay (MIP) for at least 5 years and the LTV will have to reach 78% on a 30 year FHA funded loan per the FHA guidelines. FHA does...
by goodoboy
Sat Jun 21, 2014 12:59 am
 
Forum: Personal Finance (Not Investing)
Topic: pay off mortgage or ROTH
Replies: 58
Views: 3867

Re: pay off mortgage or ROTH

Thank you all for responding. Sorry late responding, been working late. I would like to continue the discussion on what shall I do Here is where I stand: 1. Message from the mortgage company: Our records indicate that your loan was originated on 12/19/2012. In order for your mortgage insurance to be...
by goodoboy
Sat Jun 21, 2014 12:31 am
 
Forum: Personal Finance (Not Investing)
Topic: pay off mortgage or ROTH
Replies: 58
Views: 3867

Re: pay off mortgage or ROTH

If your mortgage won't allow you to get rid of PMI then there is little benefit in making extra payments. . Can you please help me understand this better? Let me see if I understand it :: If I continue to pay extra 400 towards mortgage, I be done with mortgage in 13 years and I can save/invest $105...
by goodoboy
Thu Jun 19, 2014 12:31 am
 
Forum: Personal Finance (Not Investing)
Topic: pay off mortgage or ROTH
Replies: 58
Views: 3867

Re: pay off mortgage or ROTH

I'm going to assume you know that Texas is a community property state and all the implications thereof, despite your obviously separate mental accounting. An opportunity to make Roth IRA contributions in a state with no income tax is not something to dismiss if you think you might later find yourse...
by goodoboy
Thu Jun 19, 2014 12:21 am
 
Forum: Personal Finance (Not Investing)
Topic: pay off mortgage or ROTH
Replies: 58
Views: 3867

Re: pay off mortgage or ROTH

1. Continue paying extra towards the mortgage until PMI is gone. Call mortgage company and determine how much longer I have left til PMI is removed. Find out what the rules are. If your mortgage won't allow you to get rid of PMI until year X (the year in which you would pay down the balance to Y% o...
by goodoboy
Tue Jun 17, 2014 10:26 pm
 
Forum: Personal Finance (Not Investing)
Topic: pay off mortgage or ROTH
Replies: 58
Views: 3867

Re: pay off mortgage or ROTH

It sounds OK to me. When you have a lot of different goals (mortgage, college, etc.) it is hard to know just how much money to put in each place. I think some of this is just winging it and making "mid course corrections" as it becomes obvious that one goal is under or over funded. Any co...
by goodoboy
Mon Jun 16, 2014 10:46 pm
 
Forum: Personal Finance (Not Investing)
Topic: pay off mortgage or ROTH
Replies: 58
Views: 3867

Re: ROTH IRA questioin

I get paid bi-weekly and sometimes (I think twice a year), I get 3 pay checks in one month twice a year. Can I use these two checks to contribute to ROTH IRA account to building my investments yearly? You could, but....it never seems to work out that way. Or at least it didn't work that way for me....
by goodoboy
Sun Jun 15, 2014 9:37 pm
 
Forum: Investing - Help with Personal Investments
Topic: ROTH IRA questioin
Replies: 4
Views: 452

Re: pay off mortgage or ROTH

Thank you for the comments. For all to comment please. Right now, I think the plan is to: 1. Continue paying extra towards the mortgage until PMI is gone. Call mortgage company and determine how much longer I have left til PMI is removed. 3. Start contributing $300 (wife 200 and I 100) a month in a ...
by goodoboy
Sun Jun 15, 2014 9:36 pm
 
Forum: Personal Finance (Not Investing)
Topic: pay off mortgage or ROTH
Replies: 58
Views: 3867

Re: ROTH IRA questioin

I get paid bi-weekly and sometimes (I think twice a year), I get 3 pay checks in one month twice a year. Can I use these two checks to contribute to ROTH IRA account to building my investments yearly? You could, but....it never seems to work out that way. Or at least it didn't work that way for me....
by goodoboy
Sun Jun 15, 2014 9:13 pm
 
Forum: Investing - Help with Personal Investments
Topic: ROTH IRA questioin
Replies: 4
Views: 452

ROTH IRA questioin

Hello, I would like to start a ROTH IRA and looking for ways to find money to put in it yearly. I get paid bi-weekly and sometimes (I think twice a year), I get 3 pay checks in one month twice a year. Can I use these two checks to contribute to ROTH IRA account to building my investments yearly? Tha...
by goodoboy
Sun Jun 15, 2014 3:06 pm
 
Forum: Investing - Help with Personal Investments
Topic: ROTH IRA questioin
Replies: 4
Views: 452

Re: pay off mortgage or ROTH

Beckmaster wrote:Private school loans.


Will these private school loan be held accountable by me or my child? Will I have to co-sign?

Thanks,
by goodoboy
Sun Jun 15, 2014 2:02 pm
 
Forum: Personal Finance (Not Investing)
Topic: pay off mortgage or ROTH
Replies: 58
Views: 3867

Re: pay off mortgage or ROTH

As far as going the ROTH direction. This a tuff one because not sure I want start a ROTH at market all time highs. Now, can I do both, pay extra towards mortgage principal and try to meet the ROTH $5500.00 year limits, yes its possible with alot of sacrifice. Butttt, I have not start savings to hel...
by goodoboy
Sun Jun 15, 2014 11:17 am
 
Forum: Personal Finance (Not Investing)
Topic: pay off mortgage or ROTH
Replies: 58
Views: 3867

Re: pay off mortgage or ROTH

3. After step 2, Start saving in 529 for child college fees. We are late doing this, but we doing best we can. And with our income levels 4. Once car note is paid, do not get loans for until daughter is done with college AND/OR I have ROTH IRA started. You should probably prioritize investing in an...
by goodoboy
Sun Jun 15, 2014 9:04 am
 
Forum: Personal Finance (Not Investing)
Topic: pay off mortgage or ROTH
Replies: 58
Views: 3867

Re: pay off mortgage or ROTH

One thing to consider - why is increasing your wife's 401k contribution not one of the main options? Also, do you take standard deduction or itemize? Thank you, We take a standard deduction. Don't take this the wrong way, but my wife should increase her own 401K, I can't do it all. We had this conv...
by goodoboy
Sat Jun 14, 2014 10:52 pm
 
Forum: Personal Finance (Not Investing)
Topic: pay off mortgage or ROTH
Replies: 58
Views: 3867

Re: pay off mortgage or ROTH

Also, I didn't mention that we have not saved for child college expenses. We want to make sure we are on the right path first. There is a chance we want be able to. However, I will teach my child all the mistakes I made and help her accordingly.
by goodoboy
Sat Jun 14, 2014 4:16 pm
 
Forum: Personal Finance (Not Investing)
Topic: pay off mortgage or ROTH
Replies: 58
Views: 3867

Re: pay off mortgage or ROTH

One thing to consider - why is increasing your wife's 401k contribution not one of the main options? Also, do you take standard deduction or itemize? Thank you, We take a standard deduction. Don't take this the wrong way, but my wife should increase her own 401K, I can't do it all. We had this conv...
by goodoboy
Sat Jun 14, 2014 11:11 am
 
Forum: Personal Finance (Not Investing)
Topic: pay off mortgage or ROTH
Replies: 58
Views: 3867

pay off mortgage or ROTH

Hello all, Can I please have some comments/opinions on which option to pursue? I want to know should pay house off in 13 years or take the extra money and apply towards a ROTH IRA married and 1 kid (12 year old) age: 34 combined annual gross: $128K (me 100K, wife 28k) Tax rate: 25% Texas 401K: I max...
by goodoboy
Sat Jun 14, 2014 10:52 am
 
Forum: Personal Finance (Not Investing)
Topic: pay off mortgage or ROTH
Replies: 58
Views: 3867

Re: Do I plan for NO Social Security

I think it is dumb to ignore Social Security in your planning. Unless you're going to retire at 50, then your plan has to be pretty robust without SS. LOL, that's funny. I think I got my answer. I will now assume 70% SS benefits and recalculate i need to save. Maybe I can reduce my saving rate some.
by goodoboy
Sat May 17, 2014 8:25 pm
 
Forum: Investing - Theory, News & General
Topic: Do I plan for NO Social Security
Replies: 42
Views: 2803

Re: Do I plan for NO Social Security

I know it will sound like heresy among this fine group of folks, but I am always amazed when I see young people on forums like this talking so seriously about their retirement goals. It's even more amazing when they are fresh out of college and even younger than you. Speaking as a 30-something, I t...
by goodoboy
Sat May 17, 2014 8:13 pm
 
Forum: Investing - Theory, News & General
Topic: Do I plan for NO Social Security
Replies: 42
Views: 2803

Re: Do I plan for NO Social Security

If you feel that SS won't be here when you retire - that's a stretch. The scare predictions that SS will go bankrupt in the year XX is misleading. It tends to make people/voters think that if nothing is done then there will be no SS payments for them. It actually means if nothing is done SS in the ...
by goodoboy
Sat May 17, 2014 7:38 pm
 
Forum: Investing - Theory, News & General
Topic: Do I plan for NO Social Security
Replies: 42
Views: 2803

Re: Do I plan for NO Social Security

My experience is that most people who claim that they don't expect Social Security to be around also don't understand how SS is funded or how their benefits are calculated. I'm in my 40s and fully expect to collect my SS benefits at whatever age I start taking them. In any scenario where those bene...
by goodoboy
Sat May 17, 2014 7:31 pm
 
Forum: Investing - Theory, News & General
Topic: Do I plan for NO Social Security
Replies: 42
Views: 2803

Re: Do I plan for NO Social Security

I am young and make my plans with no social security, but am pretty confident something will be there. My opinion though, not maxing out your $17.5K is a huge mistake because the tax hit is so severe. lets say you are at 25% tax bracket. Your floors cost $8K by using the money that could have avoid...
by goodoboy
Sat May 17, 2014 7:22 pm
 
Forum: Investing - Theory, News & General
Topic: Do I plan for NO Social Security
Replies: 42
Views: 2803

Re: Do I plan for NO Social Security

I know it will sound like heresy among this fine group of folks, but I am always amazed when I see young people on forums like this talking so seriously about their retirement goals. It's even more amazing when they are fresh out of college and even younger than you. To be perfectly honest, I don't...
by goodoboy
Sat May 17, 2014 7:11 pm
 
Forum: Investing - Theory, News & General
Topic: Do I plan for NO Social Security
Replies: 42
Views: 2803

Re: Do I plan for NO Social Security

That's what I do. But there's far greater risk that your return assumption doesn't pan out than SS being miscalculated (one way or another) You are right about that. I am using http://www.ssa.gov/estimator/ as my SS estimator. I rather assume at least 70% of that SS will be there, but just don't kn...
by goodoboy
Sat May 17, 2014 2:15 pm
 
Forum: Investing - Theory, News & General
Topic: Do I plan for NO Social Security
Replies: 42
Views: 2803

Re: Do I plan for NO Social Security

It's easy to make up the shortfall, just increase your return by 1%. The point is that it's impossible to save and project with precision, so you save as much as you can with some balance in your life. Fwiw, no SS is just as foolish as assuming 100% of SS. Likely to be somewhere in between. I would...
by goodoboy
Sat May 17, 2014 2:08 pm
 
Forum: Investing - Theory, News & General
Topic: Do I plan for NO Social Security
Replies: 42
Views: 2803

Re: Do I plan for NO Social Security

I would plan on social security. If you want to be safe plan for 70% of current benefits. The goal isn't to die with a mountain of cash in my opinion. There is such a thing as being too conservative. Thanks for response. Yes, I am not a money person like that. I don't need all the cash to make me h...
by goodoboy
Sat May 17, 2014 2:04 pm
 
Forum: Investing - Theory, News & General
Topic: Do I plan for NO Social Security
Replies: 42
Views: 2803

Do I plan for NO Social Security

I have a few questions: I am 34 now and saving/investing in my 401k. I just want to make sure I am on the right path so far and not overdoing (17.5K saved annually) something. I am calculating my retirement needs (that magic number) based off: 1. NO social security benefits at retirement. 2. 3% infl...
by goodoboy
Sat May 17, 2014 1:56 pm
 
Forum: Investing - Theory, News & General
Topic: Do I plan for NO Social Security
Replies: 42
Views: 2803

Re: How are you preparing for the coming bear market

Since Bear markets happen on a regular basis there is one coming, not that anyone knows when. Is there anything you do to prepare for the coming bear market beyond "stay the course"? You should always be prepared for a bear market to start tomorrow... You pick an AA with that in mind... I...
by goodoboy
Sun Apr 06, 2014 9:46 pm
 
Forum: Investing - Theory, News & General
Topic: How are you preparing for the coming bear market
Replies: 104
Views: 8612

Re: How are you preparing for the coming bear market

Since Bear markets happen on a regular basis there is one coming, not that anyone knows when. Is there anything you do to prepare for the coming bear market beyond "stay the course"? I have no clue what I will do. I will do nothing. There is nothing to do when the market tanks but get som...
by goodoboy
Sun Apr 06, 2014 9:45 pm
 
Forum: Investing - Theory, News & General
Topic: How are you preparing for the coming bear market
Replies: 104
Views: 8612

Re: How are you preparing for the coming bear market

livesoft wrote:I am a very successful market timer, so I'm all set for the coming bear market. I will lose money like everybody else, but perhaps not as much. :)


LMAO that's funny. Me too, I am a market timer and I will lose just like everyone else.
by goodoboy
Sun Apr 06, 2014 9:40 pm
 
Forum: Investing - Theory, News & General
Topic: How are you preparing for the coming bear market
Replies: 104
Views: 8612

Re: Can I beat 2.75% guaranteed via mortgage paydown?

pay the mortage off.

That seems the easiest route. Why make it more difficult then it needs to be.
by goodoboy
Mon Mar 17, 2014 7:58 pm
 
Forum: Investing - Theory, News & General
Topic: Can I beat 2.75% guaranteed via mortgage paydown?
Replies: 73
Views: 4992

Re: Can I beat 2.75% guaranteed via mortgage paydown?

I think people doing it for the psychological benefit are implicitly saying that the numbers don't justify it, making it a not very good argument. psychological benefit = sleeping better = priceless = very good argument I sleep better knowing that my portfolio has been mathematically optimized, reg...
by goodoboy
Sun Mar 16, 2014 11:39 pm
 
Forum: Investing - Theory, News & General
Topic: Can I beat 2.75% guaranteed via mortgage paydown?
Replies: 73
Views: 4992

Re: Change Extended fund to Healthcare Fund

Go for a walk. This question is like asking if you should get rid of the bananas in your kitchen and buy a sofa instead. The two are not anywhere near the same. The expense ratio has absolutely nothing to do with this. You are getting greedy and swayed by the high market returns of the last few yea...
by goodoboy
Sun Mar 16, 2014 10:03 pm
 
Forum: Investing - Help with Personal Investments
Topic: Change Extended fund to Healthcare Fund
Replies: 3
Views: 252

Re: Can I beat 2.75% guaranteed via mortgage paydown?

Dear Bogleheads, Like a lot of you, I pay down my mortgage as fast as I can. "Guaranteed return" in the form of definitely paying less overall is hard to ignore. I refinanced my mortgage last year to a 2.75%, 10 year loan. I have always paid an extra $1000/mo. towards my mortgage and am w...
by goodoboy
Sun Mar 16, 2014 8:57 pm
 
Forum: Investing - Theory, News & General
Topic: Can I beat 2.75% guaranteed via mortgage paydown?
Replies: 73
Views: 4992
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