Search found 2235 matches

by bayview
Sun Jan 26, 2020 10:27 pm
Forum: Personal Finance (Not Investing)
Topic: Hospice and Medicare Advantage Plans - a little known Catch22
Replies: 79
Views: 6738

Re: A reprise of my mother's hospice and Medicare Advantage plan "catch-22"

Broken Man 1999 wrote: Sun Jan 26, 2020 4:25 pm There is a very nice explanation of how hospice, medicare, medicare advantage plans work together.

Go to Medicare.gov., Then go to "How Hospice works".

No need to panic. As always, an informed consumer avoids easy mistakes by knowing the rules.

Broken Man 1999
This is very true, but when the patient’s spouse is in the early stages of dementia, or simply unable to deal with the dying process, it can be really hard to get them to understand not to call 911. (Personal experience.)
by bayview
Fri Jan 24, 2020 7:21 pm
Forum: Personal Finance (Not Investing)
Topic: Depositing a deceased spouse's check into a joint bank account
Replies: 21
Views: 32312

Re: Depositing a deceased spouse's check into a joint bank account

This is not quite the same, but I am a joint owner on my mother's bank accounts. When I realized that she was no longer competent (as attested by a physician and in line with her living will and POA's, etc.), I went to her banks to find out what to do. They said that since I am a joint owner, I can sign her checks (even those that did not have my name on them - now they do) and I can deposit her checks via the "for deposit only" option. They did stress that I shouldn't sign her name, only my own. I have had no troubles. Like you, I don't understand the reasoning behind this, but I can attest that it happens. This has worked at the two banks she originally used plus the two new local banks in which I've opened accounts. I have this...
by bayview
Tue Jan 07, 2020 8:46 pm
Forum: Personal Finance (Not Investing)
Topic: Why can't a Vietnam Veteran who's income eligible now for VA health benefits qualify because of last year's income?
Replies: 20
Views: 1931

Re: Why can't a Vietnam Veteran who's income eligible now for VA health benefits qualify because of last year's income?

Agree with above that he should get with a VA social worker at his local VA hospital. If they are not helpful, he can go to another VA. He can register at ANY VA.

He should ask them if it would be helpful to hold off for a year AND what would be the best approach for this year.

Thank you for advocating for your friend.
by bayview
Tue Jan 07, 2020 7:20 am
Forum: Personal Finance (Not Investing)
Topic: Piano & college admissions
Replies: 101
Views: 12340

Re: Piano & college admissions

What does stand out in applicants are those with community service; you are actually giving back to the community (and actually improving someone’s life if only for a moment) vs. knowing how to play an instrument. Maybe the OP's son could combine the two things? Volunteer teaching beginning piano. Or play at retirement homes. That sort of thing? I was going to mention playing piano at assisted living and nursing homes, IF the teen is willing to play music from the 30’s through 60’s (think Cole Porter through Mamas and the Papas, for instance.) Many elderly people, especially those with memory problems, are greatly appreciative when someone performs “their” music. “Fur Elise,” not so much. They also love having a young person doing the play...
by bayview
Sun Jan 05, 2020 8:26 am
Forum: Personal Finance (Not Investing)
Topic: Geico cancels 1M umbrella
Replies: 54
Views: 8255

Re: Geico cancels 1M umbrella

bayview wrote: Sat Jan 04, 2020 7:14 pm
Flashes1 wrote: Sat Jan 04, 2020 7:02 pm How much are other folks paying for $1 million of umbrella? I'm paying $1,000/year which I thought was fair; however, now I'm seeing the OP was paying was paying $200-$300. This has me concerned/ :oops:
Ours is $137.27 twice a year through USAA. We have policies on two vehicles, two older drivers, and one house.

Edit to add: it's $137.27 yearly for a $2 million policy.
I edited my post above.
by bayview
Sat Jan 04, 2020 7:14 pm
Forum: Personal Finance (Not Investing)
Topic: Geico cancels 1M umbrella
Replies: 54
Views: 8255

Re: Geico cancels 1M umbrella

Flashes1 wrote: Sat Jan 04, 2020 7:02 pm How much are other folks paying for $1 million of umbrella? I'm paying $1,000/year which I thought was fair; however, now I'm seeing the OP was paying was paying $200-$300. This has me concerned/ :oops:
Ours is $137.27 twice a year through USAA. We have policies on two vehicles, two older drivers, and one house.

Edit to add: it's $137.27 yearly for a $2 million policy.
by bayview
Sat Jan 04, 2020 7:06 pm
Forum: Personal Finance (Not Investing)
Topic: Doctor's office refused to issue itemized receipts for shots for infection
Replies: 45
Views: 7992

Re: Doctor's office refused to issue itemized receipts for shots for infection

This is discussed above, but to expand a bit:

A healthcare provider (hospital, physician, etc.) owns your PHYSICAL medical records. They are required to maintain them securely for a set number of years.

Patients own THE CONTENT of our medical records, meaning the data and information that is contained in the physical records, including diagnoses, tests, and treatments given.

Providers are legally obligated to provide us COPIES of our records with proper identification (of ourselves) and description of the requested records (dates of service, location of service, general description of the records that are requested.)
by bayview
Fri Jan 03, 2020 8:46 pm
Forum: Personal Finance (Not Investing)
Topic: demented mother's online spending
Replies: 126
Views: 12678

Re: demented mother's online spending

I don't think that I've seen this mentioned, but it's possible that the father-in-law is frightened by emotional eruptions by his wife, or at least depressed by having to deal with them and handle personal verbal attacks. When my DH had to take over his mother's care, he went through a lot emotionally, including being blamed for having to move her (her husband and daughter had died, and she was two time zones away), mistaken for her father, her brothers, and her own dead husband, and occasional general nastiness because he was the only one that she could lash out at in her understandable terror and fury at the changes in her life and in herself. Even though he knew intellectually that she wasn't really attacking him, but was attacking whate...
by bayview
Fri Jan 03, 2020 2:32 pm
Forum: Personal Finance (Not Investing)
Topic: Writing a will / estate planning / when does it make sense to use a trust?
Replies: 26
Views: 3248

Re: Writing a will / estate planning / when does it make sense to use a trust?

As someone who started looking at trusts myself recently, I found Beyond the Grave to be highly readable, engaging so that my spouse also was interested in reading the book. It is a lot like hearing the gossip in your neighborhood or circle but it also brings up potential problems you have assuredly not considered. It's an easy read and I recommend you read it with Post-It sticky tags ( https://smile.amazon.com/Post-Flags-Electric-Glow-94-680-EG-ALT/dp/B007Q345SC/ ) so you can go back to areas you want to address when you do meet with an attorney. Good luck. Condon has a newer book, “The Living Trust Advisor”, which is actually already in second edition. I found it highly readable and it certainly explained many of the features of our Livi...
by bayview
Tue Dec 31, 2019 6:04 pm
Forum: Personal Finance (Not Investing)
Topic: To what do you owe your ability to forego spending now and save for your future?
Replies: 116
Views: 6460

Re: To what do you owe your ability to forego spending now and save for your future?

I suppose this is rather grim and non-Bogleheadish, but I was in a bad marriage and knew that I would eventually be on my own. I stuck it out almost 30 years, trying to make it work, but I felt it was obvious that I’d be on my own eventually. It’s amazing how that focuses one’s concentration. When I left, we split everything that was jointly held down the middle, and I didn’t ask for anything more, although there was plentiful ammo had I wanted. I wasn’t interested in impoverishing or getting revenge on my children’s father. I just wanted out. So I worked two jobs, paid for the kids’ education, minimized debt, and maximized my credit profile, and saved every penny I could. Now I’m comfortable, financially secure, and happily remarried. It w...
by bayview
Fri Dec 13, 2019 11:30 am
Forum: Personal Finance (Not Investing)
Topic: Your New Benefit Amount from Social Security
Replies: 17
Views: 2032

Re: Your New Benefit Amount from Social Security

AlwaysaQ wrote: Fri Dec 13, 2019 9:28 am cadreamer2015

About when did you receive the statements? I haven't received mine but I get paid on the 3rd Wednesday of the month/
Both of our moms and I have received our statements. Each one came on a different day.

DH is paid on the 3rd Wednesday and has not yet received his.
by bayview
Wed Dec 11, 2019 7:04 am
Forum: Personal Finance (Not Investing)
Topic: Those with USAA [who moved to Vanguard]
Replies: 29
Views: 4320

Re: Those with USAA

I had my Roth (small at the time) at USAA. I saw that it was returning less than it would at Vanguard, so I switched.

We still have our daily checking accounts and insurance at USAA, but only token savings, and no investments. My mother has a lot of individual stocks at USAA, and I am considering moving them in toto to Vanguard and then switching to index funds, once we figure out what her basis is in these things.
by bayview
Tue Dec 10, 2019 7:48 pm
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 371
Views: 48772

Re: Follow Up: Husband's Surprise Debts

Per the refi: Do NOT refi for at least two years. In two years, you will have: Paid down/off ALL debt Learned how to balance your wants and needs I'm on your side, but you also have lived beyond your means over these last X number of years. I do think that you are far more aware of your joint financial realities and are far more motivated to fix things than is your husband. But a HELOC is an excellent opportunity to dig your debt hole deeper, with lots of earnest comments to yourself as to why it's important to have HELOC to tap "just in case." But in fact, it's a black hole ready to suck you in, while turning your debt from unsecured to secured. YOU COULD VERY EASILY LOSE THIS HOME THAT YOU LOVE SO MUCH. As others have written, o...
by bayview
Wed Dec 04, 2019 7:21 pm
Forum: Personal Finance (Not Investing)
Topic: how much to tip the cleaning lady
Replies: 76
Views: 9216

Re: how much to tip the cleaning lady

drawpoker wrote: Wed Dec 04, 2019 7:06 pm
LilyFleur wrote: Wed Dec 04, 2019 6:38 pm I generally buy her Chipotle for dinner or give her a Marie Callender's pot pie out of the freezer. Oh, wait, I am the cleaning lady. 8-)
I know what she likes to drink. I see the evidence missing from liquor cabinet. When she is supposed to be cleaning. So I generally buy her a bottle of good Irish whisky, maybe some Bailey's Irish cream too. Oh, wait, I am the cleaning lady 8-)
lol @ you two! :D

I need to ponder this a bit. Perhaps it will motivate me to clean more frequently!
by bayview
Wed Dec 04, 2019 12:44 pm
Forum: Personal Finance (Not Investing)
Topic: Follow Up: Husband's Surprise Debts
Replies: 371
Views: 48772

Re: Follow Up: Husband's Surprise Debts

2. I agree keeping current on taxes hasn't happened for as long as DH has been a consultant (2011). The pre-tax surplus for Dec & Jan is about $5k; in Feb, $15k; and Mar $25k. DH wants to prioritize CC debt and not taxes. Not sure what to say to convince him otherwise. Although we talk about the debts, he still controls what gets paid . Why? If you have joint checking, write a (monthly) check to the IRS before your husband pays on the CCs. As long as you leave enough in the account to cover (not necessarily pay down) the CCs, you should be OK. If he overpays on the CC debt and a check bounces, that's on him. It's his fault for not having paid the taxes timely, and also for (apparently) lying to you, indicating that he was current on th...
by bayview
Tue Dec 03, 2019 12:00 pm
Forum: Personal Finance (Not Investing)
Topic: Blended Family Estate Advice
Replies: 37
Views: 3151

Re: Blended Family Estate Advice

DW and I are finally getting around to putting a will together. This is long over due. We are empty nesters with five kids total. Three from me and two from her. As we talk about doing a will, the conversation seems to get more complex with a blended family. All our kids get along great and we are one of the lucky ones who have made a blended family work. We don't want any of our kids burdened in the event of our demise. We also don't want anyone to feel any unequal favoring at the time of asset distributions. Would a trust be the best way to move forward with this? I really don't know anything about trusts. I thought I would reach out to the BH community before I started digging into the subject. Who out there has a blended family and wha...
by bayview
Mon Dec 02, 2019 8:48 pm
Forum: Personal Consumer Issues
Topic: Apps or structured program for reading the Bible?
Replies: 36
Views: 3106

Re: Apps or structured program for reading the Bible?

Not an app, but have you tried the One Year Bible? (I’m familiar with the Christian Bible version -- OT + NT; don’t know if the Hebrew Bible/Tanakh is available in the same format.)

The One Year Bible is available in multiple translations/versions. Each day includes a reading from the OT, the NT, and Psalms/ Proverbs. It takes you through the OT and NT once and Psalms/ Proverbs twice in a calendar year. If you like, you can start all over again the next year with the Jan 1 reading. You can combine this with a Bible commentary or history, etc.

It’s the only structured Bible study that has gotten me through Deuteronomy, upon which I have otherwise always crashed and burned.
by bayview
Mon Dec 02, 2019 8:37 pm
Forum: Personal Consumer Issues
Topic: Outdoor Christmas Lights and Decorations
Replies: 18
Views: 4534

Re: Outdoor Christmas Lights and Decorations

If you don’t have them already, install outdoor outlets , especially on your porch, deck, etc.

Get timers to plug into these outlets (then lights into the timers) that allow settings of dusk +3 (lights come on at dusk, go off three hours later, dusk +6, D2D (dusk to dawn, I.e. all night long )

Among other lighting suggestions mentioned above, I like electric candles in windows.
by bayview
Mon Dec 02, 2019 7:15 pm
Forum: Personal Finance (Not Investing)
Topic: Feds: FEHB + Medicare Part B [Aetna Direct vs. BCBS Basic]
Replies: 24
Views: 1554

Re: Feds: FEHB + Medicare Part B [Aetna Direct vs. BCBS Basic]

<r><QUOTE author="tj" post_id="4868845" time="1575319768" user_id="16460"><s>[quote=tj post_id=4868845 time=1575319768 user_id=16460]</s> <QUOTE author="Yooper16" post_id="4868088" time="1575295729" user_id="124291"><s>[quote=Yooper16 post_id=4868088 time=1575295729 user_id=124291]</s> We switched to Direct in May when we both turned 65 and have applied the 900 each rebate to our part B premiums. Have to call every month, but the process is quick and painless. Rest of the processes between Medicare and Direct are invisible and smooth.<br/> <br/> A quick review of policies suggest that there are a couple of others with a higher rebate. To lazy to research again for this open season. Maybe next year. <e>[/quote]</e></QUOTE> When doing the res...
by bayview
Mon Dec 02, 2019 7:13 pm
Forum: Personal Finance (Not Investing)
Topic: Feds: FEHB + Medicare Part B [Aetna Direct vs. BCBS Basic]
Replies: 24
Views: 1554

Re: Feds: FEHB + Medicare Part B [Aetna Direct vs. BCBS Basic]

tj wrote: Mon Dec 02, 2019 7:28 am
bayview wrote: Sun Dec 01, 2019 6:01 am [Split into a new thread from: Feds: FEHB + Medicare Part B? --admin LadyGeek]

Bumping this thread to ask/verify:

Are Aetna Direct and BCBS Basic still the two plans that let you pay part of your MC-B premiums via the special accounts?
  • We are now both retired and 65+
  • We have chosen to go with both MC-B and FEHB for several reasons, not the least of which is to have flexibility in case of future changes in either program
  • We aren’t subject to IRMAA
  • We are nowhere near Kaiser providers (geographically) and do not expect to move
Negative. GEHA High added this feature for 2020.
Ah, thank you, exactly the sort of thing I was looking for. I’ll review them again.
by bayview
Sun Dec 01, 2019 5:19 pm
Forum: Personal Finance (Not Investing)
Topic: How Much Is The Value of Your Net Worth Important to You?
Replies: 74
Views: 7489

Re: How Much Is The Value of Your Net Worth Important to You?

It’s interesting and amusing to track, as it was pretty darn low as recently as ten years ago.

It’s still creeping up. We’re retired but haven’t withdrawn from the portfolio yet.

We’re both retired now, and the focus is firmly on cash flow.

I suppose that I might feel a slight “ouch” when it first dips, but it won’t influence anything. The whole point of our saving and investing was to finance retirement. If we never used it, it would be like having a small farm or huge garden, harvesting and preserving the crops, and leaving hundreds of Mason jars to gather dust in the pantry. Doesn’t make much sense.
by bayview
Sun Dec 01, 2019 5:13 pm
Forum: Personal Finance (Not Investing)
Topic: To Withdraw or Not to Withdraw
Replies: 13
Views: 1397

Re: To Withdraw or Not to Withdraw

GAAP wrote: Sun Dec 01, 2019 5:06 pm
bayview wrote: Sun Dec 01, 2019 5:03 pm For many, it’s not just the RMDs; it’s what they will do to your total taxable income that can push you into unpleasant and sudden increased tax brackets.

There’s a spreadsheet often referenced here that will help you project the impact of RMDs. I hope another Bogleheader will recognize what I’m trying to describe *arms waving wildly* and post a link.
Another example: If you live in a state with a death tax/estate tax, your heirs could owe tax on monies due to the IRS.

I believe you are referring to RPM https://www.bogleheads.org/wiki/Retiree_Portfolio_Model.
Yes, that’s it!! thanks
by bayview
Sun Dec 01, 2019 5:03 pm
Forum: Personal Finance (Not Investing)
Topic: To Withdraw or Not to Withdraw
Replies: 13
Views: 1397

Re: To Withdraw or Not to Withdraw

that is the question. Like many others here, I've spent my entire working life accumulating. I took early retirement a few years ago, and have been withdrawing as needed - at this point, the withdrawals are still coming from cash funds within my IRA's so I don't feel like I'm losing any of the investment profits THUS FAR. I thought before I quit working that I would withdraw up to the maximum amount without going into a higher tax bracket and at the same time reducing my IRA before RMD kicks in down the line. The problem is, although I can convert SOME into a Roth, I'm not sure now whether it makes sense to take money that I don't need to live on, because I would be hesitant to invest it and pay taxes on that money, so it would most likely...
by bayview
Sun Dec 01, 2019 4:37 pm
Forum: Personal Finance (Not Investing)
Topic: Feds: FEHB + Medicare Part B [Aetna Direct vs. BCBS Basic]
Replies: 24
Views: 1554

Re: Feds: FEHB + Medicare Part B [Aetna Direct vs. BCBS Basic]

I’m going to keep digging, and investigating Aetna more closely, but I have to say that keeping BCBS as a new retiree sure looks simple. Sort of a lazy Fed retiree insurance portfolio.

If nothing else, my providers have said that they plan to stay with it next year, and sometimes that (providers on plan) winds up being the biggest factor.

I’m a little surprised that these are still the only plans featuring the option to pay for much of the MC-B premiums, as I think that’s a very attractive feature. Maybe we’ll see more in the future.
by bayview
Sun Dec 01, 2019 1:34 pm
Forum: Personal Finance (Not Investing)
Topic: Feds: FEHB + Medicare Part B [Aetna Direct vs. BCBS Basic]
Replies: 24
Views: 1554

Re: Feds: FEHB + Medicare Part B?

mbres60 wrote: Sun Dec 01, 2019 8:13 am We have Aetna Direct and it works great.
Thanks!
by bayview
Sun Dec 01, 2019 1:32 pm
Forum: Personal Finance (Not Investing)
Topic: Feds: FEHB + Medicare Part B [Aetna Direct vs. BCBS Basic]
Replies: 24
Views: 1554

Re: Feds: FEHB + Medicare Part B?

UpperNwGuy wrote: Sun Dec 01, 2019 8:24 am a) do both FEHB and Medicare part B

This is what I do, and I'm very pleased with the cost and coverage.
Which FEHB plan do you use to combine?

I had BCBS Basic for years as an employee and was content. Now that they’ve increased the $$$ that can be used for MC-B premiums, they’re making it easier for me to stay.

I just want to make sure that I’m not missing something even better.

Edit to add: oh, I’m sorry, you’re replying to the OP.

I’ll message the mods to see if they want to split my posts off.
by bayview
Sun Dec 01, 2019 1:29 pm
Forum: Personal Finance (Not Investing)
Topic: Feds: FEHB + Medicare Part B [Aetna Direct vs. BCBS Basic]
Replies: 24
Views: 1554

Re: Feds: FEHB + Medicare Part B?

retiredjg wrote: Sun Dec 01, 2019 8:19 am
bayview wrote: Sun Dec 01, 2019 6:01 am Are Aetna Direct and BCBS Basic still the two plans that let you pay part of your MC-B premiums via the special accounts?
You really should check the open season website in case things have changed.

BCBS Basic did for 2019 and 2018. I'm going to check for 2020 before open season is over. Edited to add...it went up to $800!

I also think there might be others.
Oh, I have! (checked the site)

I rely on fellow BHers to spot things I miss though. :D
by bayview
Sun Dec 01, 2019 6:01 am
Forum: Personal Finance (Not Investing)
Topic: Feds: FEHB + Medicare Part B [Aetna Direct vs. BCBS Basic]
Replies: 24
Views: 1554

Feds: FEHB + Medicare Part B [Aetna Direct vs. BCBS Basic]

[Split into a new thread from: Feds: FEHB + Medicare Part B? --admin LadyGeek]

Bumping this thread to ask/verify:

Are Aetna Direct and BCBS Basic still the two plans that let you pay part of your MC-B premiums via the special accounts?
  • We are now both retired and 65+
  • We have chosen to go with both MC-B and FEHB for several reasons, not the least of which is to have flexibility in case of future changes in either program
  • We aren’t subject to IRMAA
  • We are nowhere near Kaiser providers (geographically) and do not expect to move
by bayview
Fri Nov 29, 2019 1:29 am
Forum: Personal Investments
Topic: Isn't it a bad idea to have everything in equity I thought?
Replies: 58
Views: 6249

Re: Isn't it a bad idea to have everything in equity I thought?

It seems that everyone is recommending that in my new ROTH IRA I stay with my first $6k all in the FSKAX Total Market Index Fund, but I thought the Bogle philosophy was to have at the very least 2 or up to 4 different funds to diversify? Shouldn't I have at least something allocated to a Total Market Bond fund or something? Right now Fidelity is warning me that I'm 100% stocks and they show a little blue Pie chart and tell me that it's HIGH RISK or something similar. Someone on this forum said "Don't worry about having bonds until you hit $50k or even $100k" Isn't that pretty risky?? That means I'm going to be 100% stocks for many more years! YIKES!! I'm not a millionaire! :shock: Is the Roth IRA your only investment account? Do ...
by bayview
Mon Nov 25, 2019 10:43 pm
Forum: Personal Finance (Not Investing)
Topic: Strange email from Synchrony about Amazon Prime Store Card
Replies: 35
Views: 13787

Re: Strange email from Synchrony about Amazon Prime Store Card

I have several store cards backed by Synchrony, and they do seem to be a red-hot mess, especially the Amazon card.
by bayview
Sat Nov 23, 2019 10:14 am
Forum: Personal Finance (Not Investing)
Topic: Help: Husband's Surprise Debts
Replies: 183
Views: 22384

Re: Help: Husband's Surprise Debts

I agree I need to stop the "digging" of an even deeper hole, but I don't know how just yet. Getting my DH to even speak about finances--at least the difficult stuff--is challenging and very stressful. But, I realize I need to find a way, even if that means getting a professional involved. Downsizing to a more affordable area might be the best solution that solves the debt issues. Thank you for your advice and kind words. Have you pulled your own credit yet? You need to find out where YOU stand before taking on what's happening with your husband's finances and credit. Go here and pull all three. This is the for-real, legitimate source: https://www.annualcreditreport.com/index.action Ignore any ads for credit monitoring that might ...
by bayview
Thu Nov 21, 2019 6:30 pm
Forum: Personal Investments
Topic: Agressive Investing of $6mm?
Replies: 48
Views: 5722

Re: Agressive Investing of $6mm?

KyleAAA wrote: Thu Nov 21, 2019 4:30 pm 50% IJS
40% ISCF
10% DGS
For those of us who don't memorize ticker abbreviations:

IJS iShares small cap value
ISCF iShares multifactor international small cap
DGS WisdomTree small cap emerging markets

Why do posters continue to use ticker symbols only, despite urgings to amplify them? Without knowing what they are, your posts are just noise.
by bayview
Thu Nov 21, 2019 5:32 pm
Forum: Personal Finance (Not Investing)
Topic: What does "get back on my feet" mean?
Replies: 84
Views: 8702

Re: What does "get back on my feet" mean?

We need to tell Duke Power when they send the next electricity bill that we decline to pay. I'm pretty sure what the consequences would be. OP, you are being manipulated, and your good nature is being taken advantage of. Outrageous people do outrageous things, and make outrageous demands, and they get away with it because "normal" people are so flabbergasted that we don't know how to react. All I can think of is some TV/movie version of a live entertainment host telling the would-be star "Yes, yes, that's lovely, that's fascinating, thank you so much for being here, bye now," while frog-marching the performer off the stage and right out of the theater. This isn't how you want to spend your retirement years. Think of this...
by bayview
Wed Nov 20, 2019 9:21 pm
Forum: Personal Investments
Topic: Cash basically sitting uninvested. What to do?
Replies: 47
Views: 7993

Re: Cash basically sitting uninvested. What to do?

Just put it all - yes, all at once; bite the bullet and get it over with - into a cheap (low-fee) income fund from VG. It has very low exposure to stocks. You should at least beat inflation, which cash generally doesn’t. It’s a blended fund, so you can’t freak out about which segment is up and which is down. Maybe you’ll become more comfortable and gradually broaden out a bit. Maybe you’ll find that an income fund is as much as you can stand, and you’ll stick with that, and that’s perfectly fine. Don’t deceive yourself that by not investing, you’re being safe. You’re not, because unless you’re in something other than cash, you are most likely losing money ever day and every year to inflation. It’s just hard to input that into your records t...
by bayview
Wed Nov 20, 2019 6:29 pm
Forum: Personal Finance (Not Investing)
Topic: Equal Inheritance for Children
Replies: 109
Views: 12922

Re: Equal Inheritance for Children

You haven't told us why (which is perfectly appropriate) you want to support Child A yearly until your death. Is it possible that this guaranteed income of $15k a year would in fact hold Child A back in terms of gaining maturity and financial independence? You don't want to kill with kindness. Is this money needed for survival or at least living halfway decently, or is it just helpful? Perhaps you might consider this: give both of them an option of $Xk per year now (whatever you can afford, divided by 2) OR investing that same figure for them, available at your death. Whichever they choose, that's their choice: they don't have the income now, or they inherit a lesser lump sum at your death. If one of them (Child A) doesn't understand that t...
by bayview
Wed Nov 13, 2019 9:28 pm
Forum: Personal Finance (Not Investing)
Topic: Cash & Checkbook Register Reconciliation
Replies: 89
Views: 7637

Re: Cash & Checkbook Register Reconciliation

I balance/reconcile our accounts weekly, using a checkbook register. I enter transactions as we set them up, not when they show up on the website. It keeps us aware of activity.

The one thing that I haven’t really figured out is how to capture/ track activity in our VG brokerage MM account. I still get cross-eyed trying to reconcile the activity I know about against what’s showing online. And if anything, this is probably the account that needs the closest monitoring, due to VG’s periodic IT off-roading.
by bayview
Sun Nov 03, 2019 9:43 am
Forum: Personal Finance (Not Investing)
Topic: FYI, Spanish bank ATMs [Dynamic Currency Conversion]
Replies: 64
Views: 6320

Re: Sneaky ATMs in Europe

During a recent trip to Portugal, I encountered a choice at an ATM (Multibank) that I thought was deceptive. I was in a rush and needed to get cash for bus ride. After entering my personal data, I was asked if I wanted to accept the guaranteed rate of $1.22/1euro. Not having paid much attention to the exchange rate, I accepted. When I got back to our accommodations, I looked up the exchange rate and the official rate was $1.11/1 euro. The next time I used the ATM from the same network, I chose not to accept the guaranteed rate. A new screen came up encouraging me to accept the guaranteed rate of $1.22/1euro. This screen contained language pointing out that if I didn't accept the guaranteed rate, I would not know what rate I would be gettin...
by bayview
Sun Nov 03, 2019 9:25 am
Forum: Personal Finance (Not Investing)
Topic: Do I Have a Crummy Local Government Pension?
Replies: 51
Views: 5321

Re: Do I Have a Crummy Local Government Pension?

DVMResident wrote: Tue Oct 29, 2019 11:55 am How is this invested?
4th and Inches wrote: Wed Oct 30, 2019 9:47 amThe pension administrators handle that.
Yes, but how do the pension admistrators invest it?
by bayview
Mon Oct 28, 2019 2:56 pm
Forum: Personal Finance (Not Investing)
Topic: Do you ever wish you could help relatives improve their finances?
Replies: 12
Views: 1173

Re: Do you ever wish you could help relatives improve their finances?

You're right, it probably wouldn't be well-received.

The desire to help is very understandable, but the best you can do is IF asked for advice, perhaps say something along the lines of "I do my investing in things that I understand, which for me is a few broad-based indexes with low costs." Even then, it's highly unlikely that the relative or friend will change.

And of course, if they do take your advice, that will be right before Mr. Market has a fit, and their investments value goes (temporarily) down. it will recover, but they'll never forget "that loss I took because I followed your stupid advice."
by bayview
Mon Oct 28, 2019 11:42 am
Forum: Personal Finance (Not Investing)
Topic: Roth vs Roth Brokerage
Replies: 11
Views: 897

Re: Roth vs Roth Brokerage

DH’s Roth was converted to a brokerage account at some point.

My Roth is still on the original mutual funds platform.

There doesn’t seem to be any functional difference on our end, although VG periodically tries to get me to change. Working on the principle of “if it ain’t broke (to me), don’t fix it”, I don’t.

There were numerous threads discussing pros and cons of conversion a year and more ago.
by bayview
Fri Oct 25, 2019 7:46 pm
Forum: Personal Finance (Not Investing)
Topic: passing assets before retiring?
Replies: 23
Views: 2585

Re: passing assets before retiring?

edit: double post
by bayview
Fri Oct 25, 2019 7:46 pm
Forum: Personal Finance (Not Investing)
Topic: passing assets before retiring?
Replies: 23
Views: 2585

Re: passing assets before retiring?

HomeStretch wrote: Fri Oct 25, 2019 7:36 pm I hear this once in awhile from people who think (or have been told) it’s a smart financial move to turn over their assets to a family member so that Medicare will pay all their expenses rather than the government getting all their assets.

I try to explain that it doesn’t work this way but this is a tough myth to dispel.
Not to mention that it would be Medicaid, rather than Medicare. :D
by bayview
Wed Oct 23, 2019 4:08 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard checking -- Use it or lose it
Replies: 76
Views: 7961

Re: Vanguard checking -- Use it or lose it

I hope that "important information" is the phrase to remember. Vanguard sends us so much junk that we have started deleting them unread.

I guess we'll have to open them and give them a glance. * sigh *
by bayview
Wed Oct 23, 2019 4:00 pm
Forum: Personal Finance (Not Investing)
Topic: Executor for parent in Florida seeking guidance
Replies: 46
Views: 4203

Re: Executor for parent in Florida seeking guidance

Great thread. Been reading the Nolo book on Estate Planning and they recommend placing the house in a Living Trust to avoid probate and expedite transfer of title. Thoughts on that? How difficult is it to sell a house in probate? While there are probate horror stories, I have done probate in Florida of a largish estate and in New Mexico of a small one that involved property. In both cases, once I had my executor paperwork, which didn’t take long, I could get a formal property appraisal and sell the property. Selling the real estate was not a problem, dividing “sentimental “ items was in one case. In general, dealing with probate was easier than dealing with my family. As many people fear and avoid probate, I have had many bad experiences w...
by bayview
Wed Oct 16, 2019 8:15 pm
Forum: Personal Finance (Not Investing)
Topic: Taxation on inherited variable annuity
Replies: 18
Views: 1067

Re: Taxation on inherited variable annuity

I get cranky when considering those fees. (Not the most rational basis for decision-making, but it's a real one.) Have you looked at doing a tax-free 1035 Exchange to Fidelity, Vanguard, etc.? I have, in a very general way, but frankly, I don’t believe in annuities other than (sometimes) SPIAs. They just seem like a money-making vehicle for the salespeople, excuse me, “life insurance providers.” I do think that SPIAs purchased after age 70 or later, especially when laddered (in the absence of the unicorn-like COLA’d SPIA), make sense for those who have just enough saved up, but no margin for error. Otherwise, they seem to bring a lot of black-box vagueness and general woo-woo-ness that makes me uncomfortable. I like having mostly-understan...
by bayview
Wed Oct 16, 2019 7:26 pm
Forum: Personal Finance (Not Investing)
Topic: Taxation on inherited variable annuity
Replies: 18
Views: 1067

Re: Taxation on inherited variable annuity

bsteiner wrote: Wed Oct 16, 2019 6:28 pm There are usually no good choices with an investment type annuity. If you keep it (and take it over your lifetime or life expectancy) you continue to incur the costs (usually 2.5% to 3%, though you may be able to transfer it to a lower cost one), and you'll convert the future qualified dividends and capital gains to ordinary income. If you cash it in you'll bunch the income.

Often the least bad choice is to take it over 5 years.
Thanks Bruce Steiner (and others), I'm starting to think that that's going to be what happens. I get cranky when considering those fees. (Not the most rational basis for decision-making, but it's a real one.)
by bayview
Wed Oct 16, 2019 4:58 pm
Forum: Personal Finance (Not Investing)
Topic: Taxation on inherited variable annuity
Replies: 18
Views: 1067

Re: Taxation on inherited variable annuity

Thanks to all! What a wealth of wisdom here. She's 92, I'm 65, DH is 69 for the things that age affects. One factor is that she is no longer considered competent for financial decision-making. I'm FPOA (and HCPOA), and I'm doing my best to do what's wise for her and also consistent with her wishes, which is interesting. I seriously doubt that when she first bought this particular annuity in the early "oughts" that she realized how the balance would balloon and the resulting tax impacts. As clip651 suggested, I'm thinking of doing yearly partial withdrawals up to the top of her tax bracket, once the medical deductions are considered, thus lessening the hurt a bit, especially as it's the gain that comes out first and the already-tax...
by bayview
Wed Oct 16, 2019 9:59 am
Forum: Personal Finance (Not Investing)
Topic: Taxation on inherited variable annuity
Replies: 18
Views: 1067

Re: Taxation on inherited variable annuity

aristotelian wrote: Wed Oct 16, 2019 9:25 am If you are the POD beneficiary, they would bypass the estate and go straight to you. Have you looked into transferring them into an Inherited IRA?
They are non-qualified annuities. I don't think there's anything similar I can do with them, is there?
by bayview
Wed Oct 16, 2019 9:58 am
Forum: Personal Finance (Not Investing)
Topic: Taxation on inherited variable annuity
Replies: 18
Views: 1067

Re: Taxation on inherited variable annuity

HueyLD wrote: Wed Oct 16, 2019 9:18 am Vanguard has a short writeup on inheriting annuities. Take a look.

https://investor.vanguard.com/annuity/inheriting
Thanks for the reference! Will do.
by bayview
Wed Oct 16, 2019 9:58 am
Forum: Personal Finance (Not Investing)
Topic: Taxation on inherited variable annuity
Replies: 18
Views: 1067

Re: Taxation on inherited variable annuity

How are these "considerable medical expenses" currently being paid? If some of the annuity money is taken, how does this affect her assisted living arrangement? While you see this as an "ouch" come tax time, perhaps look at the cup half full side of things. You're getting money for nothin'. She has other funds that are being used (proceeds from house sale, etc.) The annuities are not specifically needed. Her assisted living facility did not request financials, which I thought was interesting. Very much aware (and grateful) for the "money for nuthin'" point. She did a fantastic job over the years squirreling all this away, plus setting up her living revocable trust, powers of attorney, living will, regular will...