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Re: less you need social security, earlier you should claim

Yes, I considered it, and decided that as a couple, the probability was we were more likely to be better off if my wife collected at 62 and I delayed until age 70 than if we both collected early.

plannerman.
by plannerman
Sun Apr 13, 2014 12:12 pm
 
Forum: Investing - Theory, News & General
Topic: less you need social security, earlier you should claim
Replies: 39
Views: 2781

Re: Asset depreciation for a small business

Just as an aside, you can write off up to $5k in startup expenses the first year you start a new business. So if you have other startup costs, you can write them off as well.

plannerman
by plannerman
Tue Apr 08, 2014 11:05 am
 
Forum: Personal Finance (Not Investing)
Topic: Asset depreciation for a small business
Replies: 4
Views: 314

Re: Do you have hardwood or tile in your kitchen?

We are currently in the process of replacing hardwood in the kitchen with tile. In fact, the tile installer just finished grouting the tile a few minutes ago. Here's the long story. The kitchen had a sheet vinyl floor when we bought the house. The vinyl had a couple of cracks so we decided to put in...
by plannerman
Sat Mar 29, 2014 7:40 pm
 
Forum: Personal Consumer Issues
Topic: Do you have hardwood or tile in your kitchen?
Replies: 57
Views: 3112

Re: ILIT for term life insurance?

I did it back in 1997 when both the state and federal unified credit were $675,000. Now that Federal the estate tax exemption for a married couple is $10.68 million, I'm paying an estate tax attorney more money to get the policies out of the trust to avoid the baggage of creating an undeeded trust. ...
by plannerman
Sat Mar 29, 2014 7:16 pm
 
Forum: Personal Finance (Not Investing)
Topic: ILIT for term life insurance? [Irrevocable Life Ins. Trust]
Replies: 11
Views: 571

Re: "Spinning Off" my 20 Year Old Son

Good luck. I'm still trying to financially spin off my 44 year old son.

plannerman
by plannerman
Wed Mar 26, 2014 4:29 pm
 
Forum: Personal Finance (Not Investing)
Topic: "Spinning Off" my 20 Year Old Son
Replies: 71
Views: 5988

Re: Solo 401(k)--Reporting contributions help

Thanks,

I had read page 22 but I guess my ADD kicked in before I got to the bottom of the worksheet.

plannerman
by plannerman
Mon Mar 24, 2014 7:01 pm
 
Forum: Personal Finance (Not Investing)
Topic: Solo 401(k)--Reporting contributions help
Replies: 2
Views: 200

Solo 401(k)--Reporting contributions help

I'm struggling to get my arms around how (where) to report contributions to a solo 401(k) plan. There are two contribution components to a solo 401(k) plan--employer and employee (even for a sole proprietorship, go figure). I have done the math and know what each component is. What I don't know is w...
by plannerman
Mon Mar 24, 2014 5:01 pm
 
Forum: Personal Finance (Not Investing)
Topic: Solo 401(k)--Reporting contributions help
Replies: 2
Views: 200

Re: Setting up a spendthrift trust for a child

Janet, My wife and I were in a similar situation 17 years ago. Our concern at the time was we didn't want our son to end up living on the street or to become a ward of the state if we were not around to help out. To answer your question, we are glad we did it but there are a lot of considerations as...
by plannerman
Tue Mar 11, 2014 9:17 am
 
Forum: Personal Finance (Not Investing)
Topic: Setting up a spendthrift trust for a child
Replies: 6
Views: 1201

Re: Poll: When did you retire? Would you do it all over agai

55 from megacorp, would do it again in a NY minute.

plannerman
by plannerman
Sun Mar 09, 2014 2:13 pm
 
Forum: Investing - Theory, News & General
Topic: Poll: When did you retire? Would you do it all over again ?
Replies: 103
Views: 10685

Re: SWR Studies on the Effect of Asset Class Yields?

William Bengen, looked at the effect of asset allocation on SWR. His book "Conserving Client Portfolios During Retirement" is a comprehensive review of his work.

plannerman
by plannerman
Thu Mar 06, 2014 11:59 am
 
Forum: Investing - Theory, News & General
Topic: SWR Studies on the Effect of Asset Class Yields?
Replies: 3
Views: 266

Re: Why do investors prefer cash dividends?

Intellectually and in practice I'm squarely in Larry's camp. Since I do not rely, on dividends for cash flow in retirement, I needed to sell some equities this week to generated cash. I sold at COB on Monday when the market was down fairly dramatically, apparently in reaction to Russia's invasion of...
by plannerman
Wed Mar 05, 2014 9:51 am
 
Forum: Investing - Theory, News & General
Topic: Why do investors prefer cash dividends?
Replies: 126
Views: 5559

Re: Trusts and Personal Income Tax Question

Just to use round numbers, lets say the amount was $100k. Feds withheld $20k. Sibling took $15k in distributions. Trust would claim $100k-15k=$85k in taxable income with $20k already withheld. Sibling would claim an additional $15k in income with no tax withheld? Thanks again. No and No If I unders...
by plannerman
Tue Mar 04, 2014 2:36 pm
 
Forum: Personal Finance (Not Investing)
Topic: Trusts and Personal Income Tax Question
Replies: 12
Views: 531

Re: reached "my number", struggling with asset allocation

I think it depends on your financial goals. Do you have any desire to leave a legacy to your children? How about leaving a tidy sum to your university or favorite charity? If you truly have 2x your number, you can take a lot of risk if you want to grow your portfolio and never worry about running ou...
by plannerman
Mon Mar 03, 2014 1:21 pm
 
Forum: Investing - Help with Personal Investments
Topic: reached "my number", struggling with asset allocation
Replies: 11
Views: 1400

Re: historic returns by AA

by plannerman
Mon Feb 24, 2014 9:26 am
 
Forum: Investing - Theory, News & General
Topic: historic returns by AA
Replies: 5
Views: 833

Re: Switch from TW to DirecTV & killed on receiver fees?

We switched from mediacom cable to Direct TV a few years ago, not because of cost, but because of frequent, extended outages and a very limited number of HD channels (6, I think). For broadband internet, we switched to 3 mb DSL from AT&T. This has been much more reliable than our previous cable ...
by plannerman
Sun Feb 23, 2014 8:25 am
 
Forum: Personal Consumer Issues
Topic: Switch from TW to DirecTV & killed on receiver fees?
Replies: 18
Views: 1879

Re: Group Term life Insurance--Keep or Reduce?

You might inquire as to what the age bands are for the future - will it go up again at age 75? 80? The imputed income rate more than quadruples from age 59 to age 70. After that it stays the same. I like the idea of changing the beneficiary to a charity, but it's not very tax efficient. Maybe i sho...
by plannerman
Fri Feb 14, 2014 11:35 am
 
Forum: Personal Finance (Not Investing)
Topic: Group Term life Insurance--Keep or Reduce?
Replies: 3
Views: 323

Re: Another medical billing surprise-Colonosocopy

Don't you have a Medigap policy to cover the copays?


Nope--Medicare Advantage plan and (thankfully) I hadn't met my out of pocket maximum yet.

plannerman
by plannerman
Fri Feb 14, 2014 11:23 am
 
Forum: Personal Finance (Not Investing)
Topic: Another medical billing surprise-Colonosocopy
Replies: 41
Views: 4030

Another medical billing surprise-Colonosocopy

Just a heads up. If you are on Medicare, screening colonoscopies are covered 100%. That is unless they find something. If they find and remove a polyp during the procedure, for example, it is no longer considered a screening and you are now subject to copays/coinsurance for the procedure, anesthetis...
by plannerman
Fri Feb 14, 2014 10:23 am
 
Forum: Personal Finance (Not Investing)
Topic: Another medical billing surprise-Colonosocopy
Replies: 41
Views: 4030

Re: POLL: Is someone in your family a member of this Forum?

It is ironic, isn't it? I have told not only family members about this Forum, but many friends as well. To my knowledge, not one has expressed interest in joining. I've thought about this, and have come to the conclusion that my fellow members are a very special group of people. And I'm happy to be...
by plannerman
Thu Feb 13, 2014 10:28 am
 
Forum: Personal Consumer Issues
Topic: POLL: Is someone in your family a member of this Forum?
Replies: 36
Views: 1906

Group Term life Insurance--Keep or Reduce?

I have group term life insurance paid for by my old employer.The cost to me is the income tax on the imputed income on the amount in excess of $50,000. I don't need the insurance coverage, but I'm sure my kids would happily spend the proceeds. Because it costs me about 25% of the cost of a commercia...
by plannerman
Thu Feb 13, 2014 9:06 am
 
Forum: Personal Finance (Not Investing)
Topic: Group Term life Insurance--Keep or Reduce?
Replies: 3
Views: 323

Re: Filing/paying taxes for a small group

From the IRS: "Most small tax-exempt organizations whose annual gross receipts are normally $50,000 or less are required to electronically submit Form 990-N, also known as the e-Postcard, unless they choose to file a complete Form 990 or Form 990-EZ instead." See this for additional inform...
by plannerman
Sat Feb 08, 2014 6:55 am
 
Forum: Personal Finance (Not Investing)
Topic: Filing/paying taxes for a small group
Replies: 2
Views: 185

Re: Reporter looking for retiree withdrawing prior to RMD

This is the only reasonable thing I can think of.


Another reasonable option is to delay social security until age 70 and draw down your TIRA for living expenses.

plannerman

edited to change alternative to option
by plannerman
Thu Feb 06, 2014 8:53 am
 
Forum: Investing - Theory, News & General
Topic: Reporter looking for retiree withdrawing prior to RMD
Replies: 16
Views: 1418

Re: Dad's Life Insurance Policy: Create a trust?

FWIW: My mother reminds me that the income from the grandchildren trust flow directly to her as ordinary income. Thus the trust has no income and thus no taxes to figure out. She simply files her income tax as she otherwise would including income for her various sources. I'm not an attorney, but th...
by plannerman
Fri Jan 24, 2014 3:06 pm
 
Forum: Personal Finance (Not Investing)
Topic: Dad's Life Insurance Policy: Create a trust?
Replies: 10
Views: 781

Re: Dad's Life Insurance Policy: Create a trust?

Bruce Steiner partially answered this question a couple of weeks ago, but I can’t find the specific post. Here was my takeaway from that post. There are ongoing “overheads”, in addition to the initial cost of setting up a trust, that one needs to consider when deciding whether to put assets in a tru...
by plannerman
Fri Jan 24, 2014 8:36 am
 
Forum: Personal Finance (Not Investing)
Topic: Dad's Life Insurance Policy: Create a trust?
Replies: 10
Views: 781

Re: New Jersey income taxation of muni bond interest

Calm Man, Read this http://www.state.nj.us/treasury/taxation/pdf/pubs/tgi-ee/git5.pdf "Mutual Funds The distributions received by shareholders of regulated investment companies, commonly referred to as “mutual funds,” are subject to the New Jersey gross income tax as distributions constituting ...
by plannerman
Mon Jan 20, 2014 8:00 pm
 
Forum: Personal Finance (Not Investing)
Topic: New Jersey income taxation of muni bond interest
Replies: 7
Views: 493

Re: Help with question about my will

Bruce,

Thanks for your reply.

plannerman
by plannerman
Sun Jan 12, 2014 7:53 pm
 
Forum: Personal Finance (Not Investing)
Topic: Help with question about my will
Replies: 10
Views: 1105

Re: Noted Authority Article on Combining IRAs

Alan,

Does anyone see anything strange in the section addressing Charitable beneficiaries?


I give up. What's the issue?

plannerman
by plannerman
Sun Jan 12, 2014 11:58 am
 
Forum: Personal Finance (Not Investing)
Topic: Noted Authority Article on Combining IRAs
Replies: 13
Views: 1331

Re: Help with question about my will

Bruce You have listed the advantages of leaving a legacy in trust-- You might want to provide for both daughters in trust rather than outright in your Will. In the case of the one without special needs, providing for her in trust rather than outright will keep her inheritance out of her estate for e...
by plannerman
Sun Jan 12, 2014 10:05 am
 
Forum: Personal Finance (Not Investing)
Topic: Help with question about my will
Replies: 10
Views: 1105

Re: best way to hide your personal information on work lapto

If you wouldn't mind: Did you encounter any encrypted files, and if so how did you deal with them?


I don't actually know. The IT folks did the downloading and provided us hard copies but this was maybe 17 years ago before encryption was as widely available.

plannerman
by plannerman
Sat Jan 11, 2014 6:32 pm
 
Forum: Personal Consumer Issues
Topic: best way to hide your personal information on work laptop
Replies: 44
Views: 3613

Re: best way to hide your personal information on work lapto

Back when I was working for a Fortune 100 mega company, they were involved in some antitrust litigation. One Saturday morning a troop of IT folks swooped in and downloaded the contents of the hard drives of the computers of everyone remotely involved. Everything, and I mean everything, from those ha...
by plannerman
Sat Jan 11, 2014 10:22 am
 
Forum: Personal Consumer Issues
Topic: best way to hide your personal information on work laptop
Replies: 44
Views: 3613

Re: Buy new vs used RX 350

This time last year, I was shopping for a midsize Japanese SUV. While I have historically bought used cars, I was surprised at how little price difference there was between new and 1-2 year old used models. I ended up buying a left-over, new 2012 Nissan Murano for less than equivalent used ones were...
by plannerman
Thu Jan 09, 2014 7:12 am
 
Forum: Personal Consumer Issues
Topic: Buy new vs used RX 350
Replies: 29
Views: 2464

Re: What was your 2013 return?

My return was 14% and I under performed my benchmark by about 450 basis points-- and I don't like it. I was feeling really good about my portfolio performance until I looked at my return compared to a simple total stock market index/total bond market index with the same asset allocation. I’m a slice...
by plannerman
Thu Jan 02, 2014 8:46 am
 
Forum: Investing - Theory, News & General
Topic: [Poll] What was your 2013 return?
Replies: 209
Views: 8525

Re: Stay off the Ontario 407 ETR! [Electronic Toll Road]

Interseting Forbes article a few weeks ago, apparently Big Brother, at least in the NE US, is using EZ Pass transponders to track a lot more than toll charges. http://www.forbes.com/sites/kashmirhill/2013/09/12/e-zpasses-get-read-all-over-new-york-not-just-at-toll-booths/ [broken link fixed by admin...
by plannerman
Mon Dec 30, 2013 10:28 am
 
Forum: Personal Consumer Issues
Topic: Stay off the Ontario 407 ETR! [Electronic Toll Road]
Replies: 25
Views: 2477

Re: LMP--Mostly TIPS

I am retired, and I have a similar plan, except I don't necessarily buy a 10-year TIP every year. I also have income from a fixed defined benefit pension so figuring out how big a TIP to buy is a little more complicated. My TIP ladder is currently 10-years. When equity values are up, and over my ass...
by plannerman
Mon Dec 23, 2013 2:12 pm
 
Forum: Investing - Theory, News & General
Topic: LMP--Mostly TIPS
Replies: 7
Views: 550

Re: Financial 'Regrets' for 2013

Let's see. In about 1-week, I will have been retired for 15-years. YTD, my portfolio has returned about 4 times what I made in my highest earning year working for the man. I don't think I'm going to spend much time searching for financial regrets.

plannerman
by plannerman
Mon Dec 23, 2013 7:03 am
 
Forum: Personal Finance (Not Investing)
Topic: Financial 'Regrets' for 2013
Replies: 60
Views: 4598

Re: Do you tip a self-employed person or business owner?

I give holiday tips to our self employed house cleaner and my barber who owns his own shop--as well as to those who provide us services through out the year including paper delivery, garbage collection, mail delivery and others.

plannerman
by plannerman
Fri Dec 20, 2013 2:12 pm
 
Forum: Personal Consumer Issues
Topic: Do you tip a self-employed person or business owner?
Replies: 25
Views: 1482

Re: Why is the SS website closed?

FWIW, I got the the same email to check my statement (which I initially thought was a phishing scam, but that's another thread). When I tried to log in, I got a popup that said my password had expired and I needed to reset it. I did and everything worked. So apparently the website is treating people...
by plannerman
Sat Dec 07, 2013 11:38 am
 
Forum: Investing - Theory, News & General
Topic: Why is the SS website closed?
Replies: 25
Views: 2049

Re: Corporate bonds and holding to maturity

I used to buy intermediate-term corporate bonds and hold them to maturity for known retirement cash flow. In the early 2000s, I owned GMAC and Ford Motor Co. bonds. When I bought these bonds in the early '90s there was no hint that these blue chip companies might default. Then the auto industry melt...
by plannerman
Sat Dec 07, 2013 9:55 am
 
Forum: Investing - Theory, News & General
Topic: Corporate bonds and holding to maturity
Replies: 20
Views: 1103

Re: Retirement Mistakes USA Today article

The only mistake I made when I retired 15 years ago was underspending. I'm trying hard now to rectify that situation.

plannerman
by plannerman
Wed Dec 04, 2013 7:18 am
 
Forum: Personal Finance (Not Investing)
Topic: Retirement Mistakes USA Today article
Replies: 7
Views: 1960

Re: Lost brokerage statements/basis for taxes

With the data you have, you should be able to easily reconstruct the missing years by looking up the fund's distribution history. Build a spreadsheet starting with number of shares, cost per share and original cost, look up the dividend and CGs distributions per share for the missing years, calculat...
by plannerman
Tue Dec 03, 2013 9:19 am
 
Forum: Personal Finance (Not Investing)
Topic: Lost brokerage statements/basis for taxes
Replies: 9
Views: 636

Re: Question for Market Timers or Psuedo Timers

My allocation to equities had crept up from about 58% to over 61% this year. I am 70 years old and have probably won the game. I reset my target equity allocation to 55% and rebalanced back to the new target. I bought a couple of TIPs yielding about .5% real on the end of my 10-year liability matchi...
by plannerman
Sun Dec 01, 2013 6:46 pm
 
Forum: Investing - Theory, News & General
Topic: Question for Market Timers or Psuedo Timers
Replies: 13
Views: 892

Re: How to best set up a trust for a nephew?

Why not just give it to him? Is he irresponsible?

plannerman
by plannerman
Fri Nov 29, 2013 11:54 pm
 
Forum: Personal Finance (Not Investing)
Topic: How to best set up a trust for a nephew?
Replies: 5
Views: 588

Re: Retiree Poll: Change in Portfolio Value

Retired in 1999, our retirement portfolio, on nominal basis, has more than doubled. On a real basis, it's up about 50%. On a tax adjusted basis, (we spent our after-tax money first, so the federal and state governments own about 1/3 of our current portfolio) it is up about 17%. When I want to feel g...
by plannerman
Fri Nov 29, 2013 10:08 am
 
Forum: Investing - Theory, News & General
Topic: Retiree Poll: Change in Portfolio Value
Replies: 28
Views: 2094

Re: N.Carolina 529 no longer state tax decuctible

I don't know about NC, but several states recapture the tax savings if you rollover a 529 plan to another state. It might be good to check the NC law.
plannerman
by plannerman
Mon Nov 25, 2013 10:45 am
 
Forum: Personal Finance (Not Investing)
Topic: N.Carolina 529 no longer state tax decuctible
Replies: 18
Views: 1137

Re: Private equity IRA?

Here's an IRA custodian that will hold private equity for you.
http://www.pensco.com/

The fees are high, and to echo Seattle CPA, there are a lot of issues involved in investing in private equity in your IRA.
You better do your homework.

plannerman
by plannerman
Tue Nov 19, 2013 6:53 am
 
Forum: Personal Finance (Not Investing)
Topic: Private equity IRA?
Replies: 9
Views: 777

Re: I need to learn about taxation of trusts

For more than you ever wanted to know about taxation of trusts, read the IRS instructions for Form 1041.
If you want the executive summary, income retained by the trust is taxed to the trust, income distributed by the trust is taxed to the beneficiaries.

plannerman
by plannerman
Sun Nov 17, 2013 8:59 am
 
Forum: Personal Finance (Not Investing)
Topic: I need to learn about taxation of trusts
Replies: 12
Views: 927

Re: Q: How much will my TIPS return?

Here is another interesting thing I will mention. The transaction was on Friday 11/8/2012 at price 100.2422 The very next day, VBS showed the price in the account at 100.023 and current balance $12,663.81. (Recall from original post that the cost was $12,766.05. There was no commission.) If I sold ...
by plannerman
Tue Nov 12, 2013 6:58 am
 
Forum: Investing - Theory, News & General
Topic: Q: How much will my TIPS return?
Replies: 25
Views: 2895

SWR and Mortgages in Retirement

All this discussion in Grog’s TIP 15 thread about mortgages in retirement has prompted me to repost on a scenario that was discussed several years ago on the Morningstar board, but never explained—at least to my satisfaction. Suppose a person is trying to decide if he or she has enough money to reti...
by plannerman
Fri Oct 25, 2013 12:38 pm
 
Forum: Investing - Theory, News & General
Topic: SWR and Mortgages in Retirement
Replies: 5
Views: 454

Re: Will, Power Of Attorney, Health Care Directive

Many, maybe most, states have approved forms you can find on the internet for both health care directives and power of attorneys.

plannerman
by plannerman
Sat Oct 05, 2013 3:07 pm
 
Forum: Personal Finance (Not Investing)
Topic: Will, Power Of Attorney, Health Care Directive
Replies: 2
Views: 362

Re: No choice of company or type of plan on Healthcare.gov?

I was talking to an employee of a very large health insurer last weekend and he said his company has decided not to participate as a provider under the ACA.
So my guess is there may only be one choice in many areas of the country

plannerman
by plannerman
Wed Oct 02, 2013 8:49 pm
 
Forum: Personal Finance (Not Investing)
Topic: No choice of company or type of plan on Healthcare.gov?
Replies: 18
Views: 1331
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