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mnnice

Money in CalSTRS is not the same as money in a savings account. I am not sure of the exact rules nor her status at the time of death but it matters. The rules will be different if she was working at the time of death, inactive (not working a CalSTRS covered employer but not collecting a pension from...

mnnice

Maybe the actionable part of this is medical school is not worth it.

It is a bit mind blowing to me that my household has more retirement savings than the average 50 something doctor's household. Since DH and I have never combined made what most doctors make individually.

mnnice

I can't tell if you have looked at houses and DW has her heart set on a specific house or subdivision already. Or has sharing a bathroom with the rest of you gotten on her last nerve. :wink: Regardless this is not an emergency and should not be treated as such. Have you looked at at any houses? I ju...

mnnice

They've both already qualified. I'm just confused as to how someone with a lot of assets who is intentionally not working much any more can be eligible for Medicaid. I guess what I'm trying to come to grips with is if Medicaid eligibility is that messed up that someone like them would actually qual...

mnnice

For clarification, you are talking about health care, not long term custodial care, right? I think in that case in some states only income is considered. Right--talking about health care here. Income only seems like a stupid crazy way to determine if someone is eligible for Medicaid health care, by...

mnnice

@Neilpilot I'm not sure that is quite true that is the only option. The healthy "community" spouse can by a SPIA after the first goes to skilled care situation and live off the monthly annuity proceeds. That greatly reduces the odds of any legacy but it keeps the healthy spouse from eating...

mnnice

We have owned a home for decades, and have never had a fire or any other insurance claim. Since we have no mortgage, we could drop our homeowner's insurance (except then our umbrella policy would not cover the liability portion of our current homeowners policy). Does anyone view the need for homeow...

mnnice

My parents were neither impoverished nor wealthy. They had LTCI policies (from a reputable company) for >25 years. Dad died one day after becoming sick enough to need the LTCI. Mom lamented that paying all those premiums for him for all those years was a complete waste. Then mom died one month afte...

mnnice

I inherited (much smaller scale) half of the family farm (about 120 acres) with my brother when my father died. I live a long distance away, but my brother lives there and took care of the matter. At the time of my father's death, the land was rented to a neighboring farmer - so it was simplest (an...

mnnice

We don't know the location either. There are $2 million dollars homes in Palo Alto equally as modest as my own 900 square foot, mid century home in a LCOL area which was 130k. I guess my question is if you have saved 500k in 10 months it might be less hassle to just to save another 30-35 months and ...

mnnice

Is this household collecting $4k a month in SS or $1K? How big of a hole in the budget is there going to be when it ends? If she is spending 40k from her portfolio and getting 50k in survivor benefits her situation is not very sustainable. If she is only getting 10k from SS she is doing a very good ...

mnnice

Just a couple random thoughts. DH would have been totally content to be childless. I was not. He is an excellent parent and generally more patient than myself. Having kids in school makes your life revolve around that schedule. DH and I would travel more as early semi-retired people but school inter...

mnnice

Tell your friend to lop off a zero off all the numbers when you read the Silicon Valley house threads.

It makes them easier to understand for us regular folks in moderate cost of living areas.

mnnice

I actually mostly hate to shop, but I did find myself engaging in some retail therapy so at that stage of my life. Try to give her time to herself (go for a walk or run, yoga, or a hot bath even). I find it filed my needs way better than shopping. Also having a do not buy list can be helpful. No mor...

mnnice

My state taxes all federal refunds on your next years tax return which is a much bigger penalty than the loss of interest so I try to owe. That's because Iowa allows you to deduct your federal taxes withheld even if you don't itemize. You aren't being taxed or penalized for your federal income tax ...

mnnice

When does material gifts have to signify that? Appreciating someone can be expressed in many ways and everyday without need for material gifts or occassion. Sorry, I may have come across as too interested in a material gift. I don't think it has to be material. Should I write her a poem? Childbirth...

mnnice

Add guinea fowl to your flock. Note that I recommend this only because you live in the country. For all you backyard chicken coopers reading this, don't buy guinea fowl unless you want to be murdered by your neighbors. I have kept guineas and still had predators. :( I totally agree with the second ...

mnnice

I never buy trip cancellation insurance on the grounds I should only insure that which I can't easily cover, and clearly I can do without any prepaid costs because if not I couldn't have afforded the trip in the first place. I always make sure I have adequate medical coverage, including evacuation ...

mnnice

Slightly off topic but for generation x is it more common to give or receive economic outpatient care? In my own extended family I have seen it work both ways. My household has really never gave or received. My parents funded about a third of my in state public undergraduate degree. My ILs help my s...

mnnice

What risk scares you most? Sequence of returns? Inflation? Not preserving your capital? Outliving your money? Working way too long ? I personally think 10 years in fixed income sounds like a lot and 25 years seems crazy. But I am semi-retired and both willing and able to work more if the sequence of...

mnnice

I never buy trip cancellation insurance on the grounds I should only insure that which I can't easily cover, and clearly I can do without any prepaid costs because if not I couldn't have afforded the trip in the first place. I always make sure I have adequate medical coverage, including evacuation ...

mnnice

If they are mentally competent you have no standing to butt in. If they ask, help. Otherwise let adults live their own life. As the adult child of a mentally competent 70 something parent it is frustrating. My parent seems to think it is disloyal to her deceased spouse to move (even though she live...

mnnice

One thing you haven't mentioned is how education saving is going for your kids-- do you have enough to fund up to $250k each for them (in today's dollars)? That sounds outrageous but it may not be, depending on where they decide to go to school. With your assets, you can kiss need-based aid goodbye...

mnnice

There is a lot of good advice here, and the key is to work together . This can be done with or without separate checking accounts. All should be joint, if you do decide to opt for separate accounts. Given that money fights and money problems are the number one cause for divorce, there needs to be a...

mnnice

Was there matching money contributed by the school system? If the employer matched the contributions, then there is 30K in the system for your wife's benefit. If so, would you lose the additional money if you withdraw? That is how most of them work. If Arizona works like most other states cashing o...

mnnice

[quote="sport"]Was there matching money contributed by the school system? If the employer matched the contributions, then there is 30K in the system for your wife's benefit. If so, would you lose the additional money if you withdraw?[/quote That is how most of them work. If Arizona works l...

mnnice

I have a parent about that age and I think that a mortgage would be better than than the tax bomb that selling her small farm would be. She currently lives in the country in a modest house on ag land bought in the height of the farm crisis in a state that treats capital gains the same as earned inco...

mnnice

My DH helped our 15 year old file this year so he could learn and get the small amount withheld back. That would have been the best time to teach your child. If you don't live with the child in question I find it odd that you even know that they haven't filed. My parents and in laws don't always man...

mnnice

^^ My pension amount is based on hours worked. If spouse quits now pension most probably freezes and should be taken immediately. I believe that is the usual arrangement. Employers do not increase compensation after you quit. Of course, this may be different but I read it as continue work to get hi...

mnnice

"You indicated that health coverage is available through your or your spouse’s job. In general, people who are offered insurance through work are not eligible for financial help through the Health Insurance Marketplace." This is what I was thinking and it puts me in a bind. I can get medi...

mnnice

Thanks all. We're a family of 4 (in our 30's with two young kids). AGI will be around $60-$75k / year. It's strange, somethings say I won't get a subsidy (which is what I anticipate) and others show a very large subsidy. For example, the BCBS site says that: "Your income of $70,000 for a famil...

mnnice

https://www.healthcare.gov/have-job-bas ... lace-plan/

This has the guidelines for eligibility for subsidies. Medicaid may be an option too if you are in an expansion state.

mnnice

I was Daddy's little girl too. But my Daddy was frugal and it wouldn't have occurred to me to ask him for money. The economic outpatient care that the boyfriend gets seems concerning too. I have watched both of my siblings participate in economic outpatient. One sibling as the constant recipient. Th...

mnnice

$425/month extra isn't life-changing, but it is more than we spend on food, utilities, and gas...combined. We have kids ten years older and I can't fathom spending so little on food. I spend more than that feeding my 15 yo and he gets a couple free meals every week at his part time job and buys his...

mnnice

$425/month extra isn't life-changing, but it is more than we spend on food, utilities, and gas...combined. We have kids ten years older and I can't fathom spending so little on food. I spend more than that feeding my 15 yo and he gets a couple free meals every week at his part time job and buys his...

mnnice

$425/month extra isn't life-changing, but it is more than we spend on food, utilities, and gas...combined. We have kids ten years older and I can't fathom spending so little on food. I spend more than that feeding my 15 yo and he gets a couple free meals every week at his part time job and buys his...

mnnice

"Palatineman wrote: Anyone can become homeless very quickly, if the market crashes and you don't have adequate cash flow or if you become disabled and not have appropriate insurance. Actually you could become homeless suddenly without warning due to natural disaster or fire without regard to t...

mnnice

Anyone can become homeless very quickly, if the market crashes and you don't have adequate cash flow or if you become disabled and not have appropriate insurance. Actually you could become homeless suddenly without warning due to natural disaster or fire without regard to the amount of money in the...

mnnice

State pension plans rules generally discourage "cashing out" or rolling over to a TIRA. I am vested in three state pensions in two states. I would forfeit 50% of the total plan balance in all three plans of I rolled them over. Assuming a normal life span $100k anniuitized at 65 is going to...

mnnice

I sent you a PM.

mnnice

[I am not including dental or eyeglasses] Not on medicare for another year. But setting aside subsidized retiree insurance premium, these are frequently our largest expense items. They tend to be lumpy but large (thousands, not hundreds). I do think they are both easier to "hack" I have g...

mnnice

[I am not including dental or eyeglasses] Not on medicare for another year. But setting aside subsidized retiree insurance premium, these are frequently our largest expense items. They tend to be lumpy but large (thousands, not hundreds). I do think they are both easier to "hack" I have g...

mnnice

You probably are going to need a skilled tax professional to unwind this. Your cost basis is what the fair market value was at the time you converted to a rental. It might be tricky to figure that out. 2011 was at or near the bottom in a lot of places. You might not have a loss :( . The monthly cash...

mnnice

I found the information very interesting. I am a bit confused on shelter versus housing? Is shelter a place to live and housing shelter plus related utilities?

While I knew the poor spend a high percentage on housing I was pretty surprised how high housing was in general.

mnnice

I had a pop up ad from WSJ for a president's day sale. $1 for 2 months digital print or both.

I would have bitten but the fine print said 180 days since the last subscription.

mnnice

It would jack up the ability to have generational sucession for small businesses or farms. Or keep mom's house and prop 13 exemption in CA.

mnnice

If you are low enough income you can fill out the FAFSA form doesn't look at assets. That's our personal situation so I plan on completing the form. The FAFSA doesn't ask about assets? The fact that DD has enough in her 529 plan to cover four years of college tuition doesn't matter? The way we are ...

mnnice

If you are low enough income you can fill out the FAFSA form doesn't look at assets. That's our personal situation so I plan on completing the form.

mnnice

The Twin cities are an area where neighborhoods have very different feels. A year for exploring and figuring out what you like will be good. A former resident of Bloomington, Minneapolis, St Paul, Woodbury, and Maple Grove

mnnice

I would check to see if there is a Habitat for humanity group in your area. You would be good candidates. The one in my area has trouble finding qualified folks.

It solves the downpayment problem which looks like your barrier at this time.

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