Search found 1898 matches

by scrabbler1
Mon Sep 11, 2017 5:53 am
Forum: Personal Finance (Not Investing)
Topic: Social Security bend points/early retirement estimates
Replies: 17
Views: 2609

Re: Social Security bend points/early retirement estimates

Lt. Columbo, there is no downward trend. It's basically a rounding difference.
by scrabbler1
Sun Sep 10, 2017 11:06 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security bend points/early retirement estimates
Replies: 17
Views: 2609

Re: Social Security bend points/early retirement estimates

Back in 2008, when I retired (early), I created a spreadsheet which mimicked the SS benefit calculation. At the time, I tried to run the AnyPIA calculator but it wasn't working. A few years later, I tried running it again and it worked. The benefit calculation gave me a benefit which was less than $...
by scrabbler1
Fri Sep 08, 2017 12:33 pm
Forum: Personal Finance (Not Investing)
Topic: For those planning early retirement....
Replies: 67
Views: 8301

Re: For those planning early retirement....

For those seeking FI and with plans on retiring early: 1. What do you plan to do after you retire and how do you plan to pay for it? I often see people in here who leave very frugal lives. I am wondering what sort of post retirement activities fit into these austere personal budgets 2. Have you eve...
by scrabbler1
Tue Sep 05, 2017 10:27 pm
Forum: Investing - Help with Personal Investments
Topic: Looking at shares rather than dollars?
Replies: 10
Views: 1180

Re: Looking at shares rather than dollars?

For my big bond fund whose monthly dividends provide much of my investment income in my early retirement, the number of shares is far more important than their NAV. It's the number of shares and the monthly dividends per share which determine their monthly dividend. The fund's NAV is pretty meaningl...
by scrabbler1
Tue Sep 05, 2017 10:23 pm
Forum: Personal Finance (Not Investing)
Topic: How do you track expenses ?
Replies: 58
Views: 3426

Re: How do you track expenses ?

Back in the mid-1990s, after I bought my first PC, I created a spreadsheet version of my checkbook register but added columns for broad, easily categorized expenses. I keep 2 years of that per spreadsheet so it doesn't become too large and unwieldy. In another year-summarized spreadsheet, I have a c...
by scrabbler1
Sun Sep 03, 2017 4:41 pm
Forum: Personal Finance (Not Investing)
Topic: How old were you when you got your first credit card?
Replies: 46
Views: 1883

Re: How old were you when you got your first credit card?

I was 22, 6 months out of college. While at one of my bank's ATMs in late 1985, a bank rep approached me with an application and I signed up, part of a promotion with a reduced annual fee.
by scrabbler1
Sun Sep 03, 2017 11:10 am
Forum: Investing - Theory, News & General
Topic: Do you reinvest your dividends/capital gains?
Replies: 76
Views: 8941

Re: Do you reinvest your dividends/capital gains?

When I was still working, I reinvested everything. After I retired 9 years ago at age 45, I changed this. Originally, I took as cash the monthly dividends from my big bond fund and reinvested everything else. But a few years ago, I needed to take as cash a little bit more, so I began taking as cash ...
by scrabbler1
Tue Aug 29, 2017 8:59 am
Forum: Personal Finance (Not Investing)
Topic: Bad Idea to Have Zero Credit Cards?
Replies: 129
Views: 6014

Re: Bad Idea to Have Zero Credit Cards?

I don't use my CC very often. If I charge $300 in a month that is a lot. But it is handy, a tool to make my life a little easier. At the supermarket it is handy in case there are some key items on sale and I don't have to worry about having enough cash to take advantage of it. For the rare online pu...
by scrabbler1
Fri Aug 25, 2017 7:40 am
Forum: Personal Finance (Not Investing)
Topic: Where to stash your emergency fund
Replies: 36
Views: 4065

Re: Where to stash your emergency fund

I'm a fan of muni funds, either bonds or money market. In higher tax bracket these are beneficial. However, the real benefit of emergency fund is knowing it's there. It buys you sleep and peace of mind. Not having an emergency fund in an investment enables you to access money in an instant and not ...
by scrabbler1
Thu Aug 24, 2017 8:31 am
Forum: Personal Finance (Not Investing)
Topic: Where to stash your emergency fund
Replies: 36
Views: 4065

Re: Where to stash your emergency fund

I'm a fan of muni funds, either bonds or money market. In higher tax bracket these are beneficial. However, the real benefit of emergency fund is knowing it's there. It buys you sleep and peace of mind. Not having an emergency fund in an investment enables you to access money in an instant and not ...
by scrabbler1
Wed Aug 23, 2017 8:18 am
Forum: Personal Finance (Not Investing)
Topic: When have you achieved financial independence?
Replies: 27
Views: 4216

Re: When have you achieved financial independence?

How to make Scenario A work, assume 5% return. Some rounding for ease of explanation. Year 1 Start a Roth ladder, move $24k. First 10k is tax free, 10k at 10%, 4k at 15%. $1600 taxes by year 2 Withdraw $2k/ month from Taxable, average balance for the year is $88k, earns $4400. Beginning of year 2 s...
by scrabbler1
Tue Aug 22, 2017 10:48 pm
Forum: Personal Finance (Not Investing)
Topic: I did it and feel great about it (paid off mortgage)
Replies: 53
Views: 5601

Re: I did it and feel great about it (paid off mortgage)

If you were deducting your mortgage interest on your income taxes, you need to adjust your withholding to compensate for the lower deduction (unless you hit the standard deduction "floor"). I did that back in 1998 when I paid off my mortgage so I ended up with a small pay cut, nowhere near the extra...
by scrabbler1
Tue Aug 22, 2017 10:20 pm
Forum: Personal Finance (Not Investing)
Topic: When have you achieved financial independence?
Replies: 27
Views: 4216

Re: When have you achieved financial independence?

It's not so clearcut. Any situation that will allow you to live from your investments without working for the rest of your life could be considered financial independence. If you can't do so, perhaps because you can't access some of the money when you need it, then you are not financially independe...
by scrabbler1
Tue Aug 22, 2017 9:50 pm
Forum: Investing - Help with Personal Investments
Topic: What do you do with RMD money you don't need?
Replies: 51
Views: 4121

Re: What do you do with RMD money you don't need?

A good friend of mine inherited an IRA and a brokerage account after his remaining parent (mom) died 5 years ago. Like me, he was 49 at the time. Still working full-time, he didn't need the small RMD he had to take every year. But I set things up for him so that he would use some or most of the RMD ...
by scrabbler1
Sun Apr 09, 2017 10:24 am
Forum: Personal Finance (Not Investing)
Topic: Live in NY work in NJ: estimated income tax
Replies: 17
Views: 11770

Re: Live in NY work in NJ: estimated income tax

Maxiav, The only thing I would add to what Grabiner wrote is that you should complete your NJ non-resident form before you complete your NY resident form, including 112-R for the resident credit. This is because you need to know the amount for the NJ tax liability when you complete the NY 112-R form...
by scrabbler1
Fri Apr 07, 2017 1:12 pm
Forum: Personal Finance (Not Investing)
Topic: Live in NY work in NJ: estimated income tax
Replies: 17
Views: 11770

Re: Live in NY work in NJ: estimated income tax

Maxiav, if you scroll up to my April 2015 replies in this thread as well as what Grabiner wrote, you will see the interplay between NJ's and NY's taxes. Be sure to see the two main tax forms involved, NJ's non-resident income tax form and NY's resident credit form 112-R.
by scrabbler1
Fri Feb 03, 2017 3:24 pm
Forum: Personal Finance (Not Investing)
Topic: My Bank Put Someone Else's Money In My Account
Replies: 28
Views: 9175

Re: My Bank Put Someone Else's Money In My Account

Back in the mid-1980s, I once had my bank credit a single $100 cash deposit to my account twice. The ribbon on the machine the teller puts my deposit slip in had malfunctioned, so he stamped my deposit slip with "deposit subject to collection, unless cash" stamp. I noticed he stamped all t...
by scrabbler1
Sun Sep 18, 2016 9:00 pm
Forum: Personal Finance (Not Investing)
Topic: Estimated Tax Payments
Replies: 44
Views: 3962

Re: Estimated Tax Payments

I'm not the OP, but wanted to make sure I'm understanding this ... I have both W2 income as well as large RMDs from an Inherited IRA. If I have very little tax withheld from my paycheck, can I avoid a penalty by having enough withheld from my RMD each December to ensure I meet the IRS safe harbor r...
by scrabbler1
Thu Jul 28, 2016 9:03 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella Excess Liability - Uninsured/Underinsured Motorist
Replies: 23
Views: 5172

Re: Umbrella Excess Liability - Uninsured/Underinsured Motorist

Remember that your UM and UIM (BI) coverages are basically substitute coverages for other people who either failed to buy BI (UMBI) or didn't buy enough BI (UIMBI), except that you pay for them. While UMBI is pretty straightforward in that the other driver, who is at-fault, had zero coverage, UIMBI ...
by scrabbler1
Thu Jul 28, 2016 8:48 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella Excess Liability - Uninsured/Underinsured Motorist
Replies: 23
Views: 5172

Re: Re:

UM and UIM also pay for non-economic damages such as pain and suffering, unlike health insurance. I realize that I'm resurrecting an dormant discussion but happened to run across it while doing a Google search on the general subject. My related question is...would it be a mistake to reduce UM and U...
by scrabbler1
Fri Dec 25, 2015 10:56 am
Forum: Personal Finance (Not Investing)
Topic: What is your savings rate?
Replies: 146
Views: 18271

Re:

As a percent of my total gross dividends and cap gains distributions in my taxable investment accounts (I am retired so I have no wage income), my expenses are 61% of that income (so I save/reinvest 39% of it). How old are you? Why are you not spending all dividends? Legacy reasons? Just curious. I...
by scrabbler1
Tue Jun 09, 2015 1:16 pm
Forum: Investing - Theory, News & General
Topic: What SWR/expense multiple to use for early retirement plan?
Replies: 76
Views: 8286

Re: What SWR/expense multiple to use for early retirement pl

As someone who retired 6 years ago at age 45, I ended up with a 2.5% SWR at the beginning. But, thanks to portfolio growth since late 2008 (when everything was low) and the ACA bringing my HI premiums under control, my SWR has actually dropped to around 2%. Being a Fidelity client, I ran my numbers...
by scrabbler1
Sun May 10, 2015 5:15 pm
Forum: Personal Consumer Issues
Topic: Do banks take loose coinage?
Replies: 55
Views: 8109

Re: Do banks take loose coinage?

Like supermarkets that expect you to ring up your own groceries, with no price break for doing so. I don't mind this. I use the self-checkout because I don't usually buy a lot of items, and the lines for the self-checkouts move a heck of a lot faster than being stuck in "full service" beh...
by scrabbler1
Thu Apr 30, 2015 9:17 pm
Forum: Investing - Theory, News & General
Topic: Retirees - What would you have done differently?
Replies: 48
Views: 8040

Re: Retirees - What would you have done differently?

At age 47 (2010), I had been retired for 2 years. So, I wouldn't have done anything differently to mess that up.
by scrabbler1
Wed Apr 29, 2015 10:26 am
Forum: Personal Finance (Not Investing)
Topic: Applying for Your First Credit Card
Replies: 23
Views: 2284

Re: Applying for Your First Credit Card

Two of the credit cards I have had over the years I got through the bank I had my checking account with. The first one was the first CC I had back in the mid-1980s shortly after I graduated from college and got my first full-time job. The bank (Citibank) was having a promotion in which they cut thei...
by scrabbler1
Tue Apr 21, 2015 11:58 pm
Forum: Personal Finance (Not Investing)
Topic: What's your average monthly expense???
Replies: 85
Views: 12615

Re: What's your average monthly expense???

I am 52 and retired, and live in a large co-op complex. I am single with no kids. I live on Long Island, NY. Because I live in a co-op, some of the expenses in the list are part of my overall monthly maintenance payment. Other expenses may be split between my the monthly maintenance payment and my o...
by scrabbler1
Tue Apr 21, 2015 11:20 pm
Forum: Investing - Theory, News & General
Topic: Retirees: What is your SWR in retirement?
Replies: 45
Views: 5206

Re: Retirees: What is your SWR in retirement?

I am 52 and retired for 6 1/2 years. I have an IRA but I am living only off the non-retirement portion of my portfolio. If I include the IRA in the denominator, my SWR is about 1.8%. If I exclude the IRA in the denominator, my SWR rises to about 2.8%
by scrabbler1
Wed Apr 15, 2015 10:54 pm
Forum: Personal Finance (Not Investing)
Topic: Do you wish you retired earlier?
Replies: 28
Views: 4553

Re: Do you wish you retired earlier?

I retired at 45 which was several years earlier than I thought I could. So, the answer is "no."
by scrabbler1
Wed Apr 15, 2015 2:59 pm
Forum: Personal Finance (Not Investing)
Topic: Talking to People About Retirement
Replies: 70
Views: 8712

Re: Talking to People About Retirement

While I told very few people at work I was going to retire in 2008 at age 45, just the fact that I had for the second time reduced my weekly hours worked, in 2007, from 20 to 12 had to tip people off that I could live on only 1/3 of my gross pay. They also knew I was single and childfree. Whenever s...
by scrabbler1
Tue Apr 14, 2015 1:34 pm
Forum: Personal Consumer Issues
Topic: Has Anyone had a Credit Card Cancelled for not Using It
Replies: 51
Views: 8728

Re: Has Anyone had a Credit Card Cancelled for not Using It

Recently Bank of America canceled a credit card I had used for years to pay automatically my AAA membership dues every fall. I'll confess that I never used it at any other time, so I can't really blame them for canceling it. BobinBerea I hope Citibank doesn't do this to me. Ever since I basically a...
by scrabbler1
Mon Apr 13, 2015 12:11 am
Forum: Personal Consumer Issues
Topic: Has Anyone had a Credit Card Cancelled for not Using It
Replies: 51
Views: 8728

Re: Has Anyone had a Credit Card Cancelled for not Using It

I had 2 cards closed back in 2009 which I had not used in more than 10 years, one of them (Discover) I opened in 1990 and had never used, not even once. Since that time, I had a Sears card I opened around 2007 to get a discount on something I bought but never used it since. I paid the bill in full o...
by scrabbler1
Sun Apr 12, 2015 11:07 pm
Forum: Investing - Theory, News & General
Topic: WSJ: You may need less than 80% in retirement
Replies: 98
Views: 12050

Re: WSJ: You may need less than 80% in retirement

I find the "80% of income...." ridiculous, too, because my reply to that is, "80% of WHAT?" Twice in my last 7 years of working I asked for a reduction in my weekly hours worked which resulted in a total pay cut, too. So, which income should I use? Is it my full-time pay, or eith...
by scrabbler1
Sun Apr 12, 2015 10:46 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone semi-retired? What's it like?
Replies: 16
Views: 3171

Re: Anyone semi-retired? What's it like?

I semi-retired in 2001 at age 38, working 20 hours per week in a mostly telecommuting arrangement. In 2003, the telecommuting part was terminated but I kept the 20 hours per week, going to the office 3 days a week for 3 1/2 years before I cut that back to 12 hours (2 days) a week in 2007. At the end...
by scrabbler1
Sun Apr 12, 2015 10:36 pm
Forum: Personal Finance (Not Investing)
Topic: Household Gross Income Poll
Replies: 134
Views: 17107

Re: Household Gross Income Poll

I am a 51-year-old early retiree who hasn't worked since late 2008. But I have a healthy amount of nonwage income on Form 1040, Line 22. That income does not include tax-exempt muni bond income although had I included it, I would have still selected the same poll answer.
by scrabbler1
Fri Apr 10, 2015 8:09 am
Forum: Personal Finance (Not Investing)
Topic: Health Insurance Premium Deduction and Credit
Replies: 2
Views: 497

Re: Health Insurance Premium Deduction and Credit

I happened to make 14 payments for HI premiums in 2014. This didn't matter for ACA subsidy purposes because on the ACA subsidy forms (1095-A, 8962) there is room for only 12 months of entries, regardless of which calendar year I paid them. But for Schedule A (itemized deductions) purposes, it did ma...
by scrabbler1
Thu Apr 09, 2015 8:36 am
Forum: Personal Consumer Issues
Topic: Poll: What is the credit limit of your credit card?
Replies: 56
Views: 7589

Re: Poll: What is the credit limit of your credit card?

My least used card has the smallest limit. My most used card has double that limit. My other card, which I used to use the most, but it is now not the highest reward card, has 4x+ the smallest card. For me it is just the opposite. My most used card, one I got in 2013, is a cashback card which has t...
by scrabbler1
Mon Apr 06, 2015 11:14 pm
Forum: Personal Finance (Not Investing)
Topic: Live in NY work in NJ: estimated income tax
Replies: 17
Views: 11770

Re: Live in NY work in NJ: estimated income tax

Another thing I did in those 8 years as a precaution was to file my NJ Non-resident return early in the filing season before I paid the NY resident return. This was in case I made a mistake on the NJ return which was caught by the NJ tax department (hopefully, quickly, before the NY return is due). ...
by scrabbler1
Fri Apr 03, 2015 9:27 am
Forum: Personal Finance (Not Investing)
Topic: Quick NY Tax Question
Replies: 8
Views: 876

Re: Quick NY Tax Question

My friend's sister got back to me and told me she had taken the exclusion last year (she has her taxes done by a CPA). I fixed up my friend's 2014 return to do the same and am working on amending his 2013 return so he can get the exclusion for that year, too. Be careful with the exclusion amounts, ...
by scrabbler1
Fri Apr 03, 2015 9:16 am
Forum: Personal Finance (Not Investing)
Topic: Quick NY Tax Question
Replies: 8
Views: 876

Re: Quick NY Tax Question

My friend's sister got back to me and told me she had taken the exclusion last year (she has her taxes done by a CPA). I fixed up my friend's 2014 return to do the same and am working on amending his 2013 return so he can get the exclusion for that year, too.
by scrabbler1
Fri Apr 03, 2015 8:56 am
Forum: Investing - Theory, News & General
Topic: How did your 401k and IRA do 1st quarter?
Replies: 28
Views: 2715

Re: How did your 401k and IRA do 1st quarter?

My IRA grew 1.24% for the quarter. No new money in, nothing out. Only a small rebalancing transfer. The AA is 50-50.
by scrabbler1
Fri Apr 03, 2015 8:25 am
Forum: Investing - Help with Personal Investments
Topic: Inherited IRA
Replies: 12
Views: 2093

Re: Inherited IRA

Back in late 2012, a friend of mine (now 51) received as part of an inheritance an IRA worth about $95k. As his informal investment advisor, I reviewed his other holdings in various accounts (Roth IRA, 457b, taxable account) and figured out his AA in his retirement accounts and his taxable accounts,...
by scrabbler1
Wed Apr 01, 2015 11:59 pm
Forum: Personal Finance (Not Investing)
Topic: Live in NY work in NJ: estimated income tax
Replies: 17
Views: 11770

Re: Live in NY work in NJ: estimated income tax

For 8 years (2001-2008), I worked in NJ while I lived (and still live) in NY. I can tell you that NJ's tax rates are lower than NY's. Grabiner described rather well what will happen. On your NY (resident) return, you will complete normally but also include Form NY-IT-112-R which will determine how m...
by scrabbler1
Wed Apr 01, 2015 8:47 am
Forum: Personal Finance (Not Investing)
Topic: Quick NY Tax Question
Replies: 8
Views: 876

Re: Quick NY Tax Question

Thank you for the quick replies. We are well aware that his RMDs begin right away with Inherited IRAs. That is, for my friend they began in 2013, the first full year he owned his Inherited IRA. For 2012, the year his mom died, his mom had not yet taken her own RMD but before the IRA got split betwee...
by scrabbler1
Wed Apr 01, 2015 7:45 am
Forum: Investing - Help with Personal Investments
Topic: Muni fund dividends considered income
Replies: 9
Views: 1585

Re: Muni fund dividends considered income

If you are subject to the AMT, then some of your muni bond fund income will be taxable at the federal level.
by scrabbler1
Wed Apr 01, 2015 6:52 am
Forum: Personal Finance (Not Investing)
Topic: Quick NY Tax Question
Replies: 8
Views: 876

Quick NY Tax Question

I am doing my friend's NY State Income Tax return and I have a small question about it. On Line 9 of Form IT-201 (the main tax form), I have to enter the taxable amount of his IRA distribution. The entire distribution is from an inherited IRA he received in late 2012 after his remaining parent (his ...
by scrabbler1
Sun Mar 29, 2015 10:56 am
Forum: Personal Finance (Not Investing)
Topic: If You Print and Mail, Do You Double-Side?
Replies: 44
Views: 24129

Re: If You Print and Mail, Do You Double-Side?

See IRB 2009-7 m 6.2.5 Mixing Forms on the Same Page Prohibited You may not show more than one form or schedule on the same printout page. Both sides of the paper may be printed for multi-page official forms, but it is unacceptable to intermix single page schedules of forms except for Schedules A a...
by scrabbler1
Sat Mar 28, 2015 5:37 pm
Forum: Investing - Help with Personal Investments
Topic: Smartest Financial Move You Ever Made
Replies: 139
Views: 18346

Re: Smartest Financial Move You Ever Made

Buying 4 shares of AT&T, after saving up my allowance, when I was 11 years old. Not that I made much money on that transaction but it set up a lifetime habit of saving & investing, which allowed me to retire 40 years later, just shy of my 52nd birthday. Anyone else start that early? Sorta. ...
by scrabbler1
Sat Mar 28, 2015 2:52 pm
Forum: Personal Finance (Not Investing)
Topic: If You Print and Mail, Do You Double-Side?
Replies: 44
Views: 24129

Re: If You Print and Mail, Do You Double-Side?

Anyway I've personally filed both single-sided and two-sided. When you filed single-sided, did you put your name or SS number on the pages (side two of two-sided forms) that did not have a place for identifying information? --vtMaps +1. I want to know this, too. Assume no tax software and no specia...
by scrabbler1
Fri Mar 27, 2015 7:57 am
Forum: Personal Finance (Not Investing)
Topic: If You Print and Mail, Do You Double-Side?
Replies: 44
Views: 24129

Re: If You Print and Mail, Do You Double-Side?

What VtMaps is asking, and what I'd like to know, is what about printing each side of a 2-sided form separately, without using any kind of tax software? I downloaded the free fillable pdf file for Form 1040 which includes the name and SSN only on the front side, unlike Form 8949, another 2-sided for...
by scrabbler1
Thu Mar 26, 2015 8:03 am
Forum: Personal Consumer Issues
Topic: Restaurant tipping
Replies: 200
Views: 24431

Re: Restaurant tipping

Do you all calculate your percent tip pre-tax or post-tax? Pre-tax and pre-discounts. At a restaurant I frequent, they have "suggested" tip amounts based on percentages of the pre-tax part of the check. So if the restaurant believes the pre-tax amount is the appropriate starting place to ...