Search found 1366 matches

by smitcat
Sat Jun 23, 2018 1:17 pm
Forum: Personal Finance (Not Investing)
Topic: Can you retire on $2M?
Replies: 120
Views: 10855

Re: Can you retire on $2M?

Here is the example I am using, this lady "retired" at 28: http://money.cnn.com/2017/08/02/pf/early-retirement/index.html I guess I should have started there, if she's retiring with $2.25M is that really sustainable? She's doing withdrawals currently and still has a long time to go. The most import...
by smitcat
Sat Jun 23, 2018 1:13 pm
Forum: Personal Finance (Not Investing)
Topic: Can you retire on $2M?
Replies: 120
Views: 10855

Re: Can you retire on $2M?

Here is the example I am using, this lady "retired" at 28: http://money.cnn.com/2017/08/02/pf/early-retirement/index.html I guess I should have started there, if she's retiring with $2.25M is that really sustainable? She's doing withdrawals currently and still has a long time to go. Schrute - you c...
by smitcat
Sat Jun 23, 2018 1:02 pm
Forum: Personal Finance (Not Investing)
Topic: Can you retire on $2M?
Replies: 120
Views: 10855

Re: Can you retire on $2M?

We are in a pretty high cost area and have "core" expenses tracked quiet a while for 3 people - if we remove the home mortgage (PITI), vacations, savings taxes and health care it summarizes like this: 13K utilities 9K groceries 10K auto 9K everything else 5K budget for home maint 46 core total (no ...
by smitcat
Sat Jun 23, 2018 7:49 am
Forum: Personal Finance (Not Investing)
Topic: Can you retire on $2M?
Replies: 120
Views: 10855

Re: Can you retire on $2M?

I think the answer completely depends on the lifestyle. Reality is probably 90% of people will retire with far less, perhaps they won't retire early but they also wouldn't have $2M to their name at 40 (or ever). The issue is that most people that posses amounts in the $2M-$3M prior to retirement ar...
by smitcat
Sat Jun 23, 2018 7:37 am
Forum: Personal Finance (Not Investing)
Topic: Can you retire on $2M?
Replies: 120
Views: 10855

Re: Can you retire on $2M?

Honestly, I don't understand how people live on $40K, $50K or even $60K per year. Including taxes as well as healthcare before Medicare kicks in, I struggle to get it below $100K for two people, assuming we want to do anything besides sit in the house not spending money. But if we just sit in the h...
by smitcat
Sat Jun 23, 2018 7:25 am
Forum: Personal Finance (Not Investing)
Topic: Can you retire on $2M?
Replies: 120
Views: 10855

Re: Can you retire on $2M?

So I looked into it for coverage with Blue Cross and it would be $3K. Now, obviously I'm not paying that so that could change next year, or with a wife, and future kids, etc. Where on EARTH are you finding decent HC (BCBS) at $3K per year? Unless you're getting large subsidies most recommend budget...
by smitcat
Sat Jun 23, 2018 5:52 am
Forum: Personal Finance (Not Investing)
Topic: Can you retire on $2M?
Replies: 120
Views: 10855

Re: Can you retire on $2M?

schrute wrote:
Fri Jun 22, 2018 10:18 pm
Would pay for health care on my own, I think it's $3K year.
I think it's $3K year....??
by smitcat
Fri Jun 22, 2018 2:48 pm
Forum: Personal Consumer Issues
Topic: Buy new truck before retiring?
Replies: 53
Views: 2617

Re: Buy new truck before retiring?

Hello RetiredAl, His 2015 2500 HD is a gas powered pickup with a 6 speed so it has the 6L90 transmission. The newer 2018 with the 5.3 comes stock with that same trans (6 speed 6L90) but offers an optional 8 speed which the OP will not get with his specs. The 2500 is more than 1,000#'s heavier than ...
by smitcat
Fri Jun 22, 2018 12:12 pm
Forum: Personal Consumer Issues
Topic: Did you celebrate when you finally hit $1m?
Replies: 100
Views: 6979

Re: Did you celebrate when you finally hit $1m?

It's just a number. While it may be a goal worth noting, it's a bit like driving across the border from Ohio to Indiana...the landscape will not have changed much--financially or otherwise. You really aren't much better off than you were at $990,000. I agree, and I have never driven between Ohio an...
by smitcat
Fri Jun 22, 2018 10:30 am
Forum: Personal Finance (Not Investing)
Topic: Can you retire on $2M?
Replies: 120
Views: 10855

Re: Can you retire on $2M?

I don't think that's true at all. Certainly it is possible. The median FAMILY income is what, 55k or something? A good reference for this is Table 1 on page 6 of this annual Census publication (for 2016) . This table indicates that in 2016, median household income in the United States was $59k per ...
by smitcat
Fri Jun 22, 2018 9:28 am
Forum: Personal Finance (Not Investing)
Topic: Can you retire on $2M?
Replies: 120
Views: 10855

Re: Can you retire on $2M?

I don't think that's true at all. Certainly it is possible. The median FAMILY income is what, 55k or something? A good reference for this is Table 1 on page 6 of this annual Census publication (for 2016) . This table indicates that in 2016, median household income in the United States was $59k per ...
by smitcat
Fri Jun 22, 2018 6:31 am
Forum: Personal Consumer Issues
Topic: Buy new truck before retiring?
Replies: 53
Views: 2617

Re: Buy new truck before retiring?

I have owned all of the major brands - Chevy , Ford and Dodge and often more than one brand at a time. Fact is they all have strong points and weak points - while I valued my Fords (2 F350's and one F150) they are not superior in all areas except when it comes to price. It's one thing to own all th...
by smitcat
Fri Jun 22, 2018 6:23 am
Forum: Personal Consumer Issues
Topic: Buy new truck before retiring?
Replies: 53
Views: 2617

Re: Buy new truck before retiring?

Jwfail...... I believe his is key: "We plan to make several multi-state trips next year, ie: Oregon, Montana, Arizona." So you have a HD truck that made to haul big-ass loads around and you want to swap it to a lighter duty truck. The lighter duty truck has smaller transmission, smaller physical en...
by smitcat
Fri Jun 22, 2018 6:01 am
Forum: Personal Consumer Issues
Topic: Buy new truck before retiring?
Replies: 53
Views: 2617

Re: Buy new truck before retiring?

Folks, we're talking about a 20' trailer that weighs 4,000 lbs. You don't need a 3/4 ton HD truck to pull that. If he was pushing 7k+ and 30+ ft then you're going to see a big difference behind a 2500 vs. 1500. But not 20'/4,000 lbs. Of course you are absolutely correct - I did pull an 18,500 # tra...
by smitcat
Thu Jun 21, 2018 7:49 pm
Forum: Personal Consumer Issues
Topic: Buy new truck before retiring?
Replies: 53
Views: 2617

Re: Buy new truck before retiring?

Never been a Ford fan, but that is why they have different brands. Well, it might be time to look again. If you look at them rationally, examine payload, towing, mpg, horsepower/torque and features then it is abundantly clear which company is producing the superior truck. Hint: its not Chevy. I hav...
by smitcat
Thu Jun 21, 2018 7:45 pm
Forum: Investing - Help with Personal Investments
Topic: is Ed Jones always bad news?
Replies: 29
Views: 3187

Re: is Ed Jones always bad news?

Is Ed Jones always bad news?
I cannot speak for others that I am not familiar with.
But with my cousin , one friend and ourselves the answer would be Yes - EJ was bad news.
by smitcat
Thu Jun 21, 2018 7:20 pm
Forum: Personal Consumer Issues
Topic: Buy new truck before retiring?
Replies: 53
Views: 2617

Re: Buy new truck before retiring?

IowaFarmBoy wrote:
Thu Jun 21, 2018 6:02 pm
I think the op said the $9500 included his payoff of$6800 so the actual difference in cost is $2700. He didn't mention the odometer readings on each.
The 2015 2500HD has 48K miles.
The 2018 1500 is new - zero miles.
by smitcat
Thu Jun 21, 2018 10:41 am
Forum: Personal Consumer Issues
Topic: Buy new truck before retiring?
Replies: 53
Views: 2617

Re: Buy new truck before retiring?

"The big difference for me would be the smother ride, alittle better gas mileage and a newer vehicle. It would allow my savings to grow longer before the need to by a new truck in the future." The new truck will be an expense compared to keeping the 2500. The mileage advantge will be much less when ...
by smitcat
Thu Jun 21, 2018 8:22 am
Forum: Personal Consumer Issues
Topic: Buy new truck before retiring?
Replies: 53
Views: 2617

Re: Buy new truck before retiring?

Thanks for all the replies. Yes, I would loose towing capacity with the 2018 5.3 liter truck, but it would still be enough truck for my rv and I would get better mpg when not towing trailer. I thought about buying a used fuel efficient car (civic) but then you have extra insurance, tags, inspection...
by smitcat
Wed Jun 20, 2018 2:52 pm
Forum: Personal Finance (Not Investing)
Topic: Student Loan Help
Replies: 17
Views: 1157

Re: Student Loan Help

However, I am working on an MBA at night (Paid for by my job) which puts my loans into deferment until I graduate Thanksgiving 2019. The only loans accruing interest are the loans which are 6.8% interest: I would make very, very sure that all of your loans are not accruing interest. I thought the s...
by smitcat
Wed Jun 20, 2018 2:42 pm
Forum: Personal Finance (Not Investing)
Topic: Student Loan Help
Replies: 17
Views: 1157

Re: Student Loan Help

However, I am working on an MBA at night (Paid for by my job) which puts my loans into deferment until I graduate Thanksgiving 2019. The only loans accruing interest are the loans which are 6.8% interest: I would make very, very sure that all of your loans are not accruing interest. I thought the s...
by smitcat
Wed Jun 20, 2018 11:18 am
Forum: Personal Consumer Issues
Topic: Surprise - Costco sells - but does not install vehicle batteries
Replies: 85
Views: 5096

Re: Surprise - Costco sells - but does not install vehicle batteries

FreemanB wrote:
Wed Jun 20, 2018 11:13 am
I would guess that the cost of storage and disposal of the old batteries is likely what Costco is trying to avoid.
I have bought plenty of batteries at Costco - they have a batt return policy and core charge there similar to Walmart and others.
Oil return policy as well if you buy lube oil there.
by smitcat
Wed Jun 20, 2018 9:01 am
Forum: Personal Finance (Not Investing)
Topic: How much (green) cash at home for emergency ?
Replies: 117
Views: 9176

Re: How much (green) cash at home for emergency ?

...Unless you are running from the law and need to stay hidden, why would ATMs and banks not be available at the safe area? Depending on the size of a disaster, you may find that this is not really true. ATMs do not print the money they dispense, it is stored inside them, in limited amounts. 200,00...
by smitcat
Wed Jun 20, 2018 8:45 am
Forum: Personal Consumer Issues
Topic: Air conditioner compressor replacement cost
Replies: 28
Views: 2109

Re: Air conditioner compressor replacement cost

FWIW - The air compressor in these systems is almost always outside the home enabling many service and technicians the ability to view the system without homeowners present with previous permission. As many have said - rule out the starting cap's 1st.
by smitcat
Wed Jun 20, 2018 8:28 am
Forum: Personal Finance (Not Investing)
Topic: Retire at 50: Should I?
Replies: 84
Views: 10355

Re: Retire at 50: Should I?

Short Version: $3.1M invested at age 50. Can I quit and go fishing now? Please? Long Version of the question: I am about to pull the plug and retire, but would first like some outside views on whether it’s advisable. Online calculators indicate we'll be OK, but I’d appreciate any observations or ad...
by smitcat
Wed Jun 20, 2018 5:42 am
Forum: Personal Finance (Not Investing)
Topic: How much (green) cash at home for emergency ?
Replies: 117
Views: 9176

Re: How much (green) cash at home for emergency ?

I don't keep much cash at home. DH on the other hand likes to have a stash of cash. That came to a halt when he opened his strong box in front of a young man of hoodlum propensities at our house. I'm not interested in becoming a target of burglary because someone has (or is rumored to have) a stash...
by smitcat
Tue Jun 19, 2018 5:12 pm
Forum: Personal Finance (Not Investing)
Topic: How much (green) cash at home for emergency ?
Replies: 117
Views: 9176

Re: How much (green) cash at home for emergency ?

Reading these strategies makes me glad to live in Northeast Ohio. We don't have hurricanes, floods, forest fires, earthquakes, volcanoes, or mud slides. No one ever evacuates. There is a slight possibility of a tornado, but in that case, your stash would disappear along with the rest of your house....
by smitcat
Tue Jun 19, 2018 4:40 pm
Forum: Personal Finance (Not Investing)
Topic: How much (green) cash at home for emergency ?
Replies: 117
Views: 9176

Re: How much (green) cash at home for emergency ?

Reading these strategies makes me glad to live in Northeast Ohio. We don't have hurricanes, floods, forest fires, earthquakes, volcanoes, or mud slides. No one ever evacuates. There is a slight possibility of a tornado, but in that case, your stash would disappear along with the rest of your house....
by smitcat
Tue Jun 19, 2018 11:25 am
Forum: Personal Finance (Not Investing)
Topic: Do you think it is smart to disclose that you have passive investments to other people?
Replies: 43
Views: 4157

Re: Do you think it is smart to disclose that you have passive investments to other people?

Thank you guys for your responses. I can see the potential downsides and that it would be better just building trust/loyalty by focusing on what makes you serve your clients best. Have you decided yet on whether to attend med school, MBA or take a year or more to work in a few related areas? Yes, I...
by smitcat
Tue Jun 19, 2018 10:51 am
Forum: Personal Finance (Not Investing)
Topic: Do you think it is smart to disclose that you have passive investments to other people?
Replies: 43
Views: 4157

Re: Do you think it is smart to disclose that you have passive investments to other people?

pax4235 wrote:
Tue Jun 19, 2018 10:37 am
Thank you guys for your responses. I can see the potential downsides and that it would be better just building trust/loyalty by focusing on what makes you serve your clients best.
Have you decided yet on whether to attend med school, MBA or take a year or more to work in a few related areas?
by smitcat
Tue Jun 19, 2018 10:03 am
Forum: Personal Finance (Not Investing)
Topic: Lost job. Take early SS or draw from accounts?
Replies: 54
Views: 5828

Re: Lost job. Take early SS or draw from accounts?

Therefore, the correct strategy is to get the income and money now. We can agree to disagree. IMHO, the correct strategy is to get a job (any job), lower her costs as much as possible, and delay SS her benefits for as long as she can. I absolutely agree with the first two, I was under the assumptio...
by smitcat
Tue Jun 19, 2018 5:36 am
Forum: Personal Finance (Not Investing)
Topic: Do you think it is smart to disclose that you have passive investments to other people?
Replies: 43
Views: 4157

Re: Do you think it is smart to disclose that you have passive investments to other people?

Let's say that you are a private practice lawyer, doctor, or some other sole proprietor with clients and that you own passive real estate rentals or other relatively passive cash-flowing businesses. Is it smart for you to disclose this to your clients when you are too busy to be as available for th...
by smitcat
Mon Jun 18, 2018 1:04 pm
Forum: Personal Consumer Issues
Topic: A vehicle that "sits up" but can't afford CRV
Replies: 63
Views: 5084

Re: A vehicle that "sits up" but can't afford CRV

Of course many of us have more than one vehicle and choose what we need/want in each one based upon our needs and desires. "If you don't get much snow, I don't see much reason to get an SUV." - snow - towing - hauling - many passengers Right there are good reasons to use an SUV for a small minority...
by smitcat
Mon Jun 18, 2018 12:57 pm
Forum: Personal Consumer Issues
Topic: A vehicle that "sits up" but can't afford CRV
Replies: 63
Views: 5084

Re: A vehicle that "sits up" but can't afford CRV

Data that is a bit more current than 2005 .... http://www.iihs.org/iihs/topics/t/general-statistics/fatalityfacts/passenger-vehicles Interesting and surprising numbers. Historically, the rates of driver deaths per million registered vehicles have been higher for the smaller and lighter vehicles. Th...
by smitcat
Mon Jun 18, 2018 12:28 pm
Forum: Personal Consumer Issues
Topic: A vehicle that "sits up" but can't afford CRV
Replies: 63
Views: 5084

Re: A vehicle that "sits up" but can't afford CRV

Last time I looked I'm not a short older woman. I think lots of people prefer the higher driving position in SUVs. It's a visibility thing. I also like being able to enter and exit without bending over or grabbing the pillars to haul myself out. Since moving to an SUV several years ago, I can't ima...
by smitcat
Mon Jun 18, 2018 10:56 am
Forum: Personal Finance (Not Investing)
Topic: How much (green) cash at home for emergency ?
Replies: 117
Views: 9176

Re: How much (green) cash at home for emergency ?

Here in the Northeast... Although the only storm that most folks would recognize is "Sandy" we have had a dozen or so weather related situations over 15 years where cash has been very handy. In most all of these there have been fairly widespread power outages of between 1 and 15 days where banks/ATM...
by smitcat
Mon Jun 18, 2018 10:42 am
Forum: Investing - Help with Personal Investments
Topic: Young and rich
Replies: 33
Views: 5156

Re: Young and rich

"EDIT:
One kid on the way (in a few weeks)
We live in CA.
Total salary is $250k. 401k's maxed out."

Congratulations on your impending son/daughter, great news.
Your salary increase of near 40% in one year is stupendous - can you count on that in the future?
by smitcat
Mon Jun 18, 2018 7:40 am
Forum: Personal Consumer Issues
Topic: A vehicle that "sits up" but can't afford CRV
Replies: 63
Views: 5084

Re: A vehicle that "sits up" but can't afford CRV

99% of people are confused with seating position, you want to be as low as possible looking as far out and up as possible. Look for cars with great visibility, which has nothing to do with car height or sitting up as you put it. Lots of compact SUVs I've sat in have terrible A-pillar blind spots. H...
by smitcat
Sun Jun 17, 2018 4:48 pm
Forum: Personal Finance (Not Investing)
Topic: How much (green) cash at home for emergency ?
Replies: 117
Views: 9176

Re: How much (green) cash at home for emergency ?

You do not say where you are or give to much detail but we keep between $3,000 and $4,000 handy for emergencies like you describe.
by smitcat
Thu Jun 07, 2018 4:18 pm
Forum: Investing - Theory, News & General
Topic: Don’t cheat yourself with the 4% rule
Replies: 159
Views: 17964

Re: Don’t cheat yourself with the 4% rule

Rarely mentioned by the ultra-low SWR planners (that also often seem keen on discounting pensions and SS) are how many more years or decades they worked or plan to work versus using more normal assumptions. I also hope they have $5 million or more. 2.5% SWR on say $2 million is $50K a year househol...
by smitcat
Thu Jun 07, 2018 7:50 am
Forum: Personal Finance (Not Investing)
Topic: Do average kids from upper middle class families get any free college money (Scholarships / non-repayable grants etc)
Replies: 266
Views: 17570

Re: Do average kids from upper middle class families get any free college money (Scholarships / non-repayable grants etc

No one pays sticker at a private college and most cases not even at a public college. Anyone paying 250k to 300k today for a bachelors degree is not too bright and would probably buy that ocean front property I have to sell in AZ. Leaving aside for the moment the issue of how “not too bright” I am,...
by smitcat
Wed Jun 06, 2018 2:11 pm
Forum: Personal Finance (Not Investing)
Topic: Trying to figure out whether spouse should try to get 40 SS credit
Replies: 8
Views: 663

Re: Trying to figure out whether spouse should try to get 40 SS credit

Half of my SS payments will be much higher than wife’s own benefits. I’m not planning to get SS until age 70. If my spouse works until she gets at least 40 SS credits, could she decide to get her own early SS at age 62. I will be 63, then wait till I take my SS at age 70 and her getting half of my ...
by smitcat
Wed Jun 06, 2018 2:08 pm
Forum: Personal Finance (Not Investing)
Topic: Trying to figure out whether spouse should try to get 40 SS credit
Replies: 8
Views: 663

Re: Trying to figure out whether spouse should try to get 40 SS credit

A lot of folks might also decide to take social security early to diminish a potential tax hit from waiting till age 70. If they have RMDs from IRAs starting around that time those RMDs can make more of the social security subject to taxation. Sure, you get more SSA but more of it may subject to ta...
by smitcat
Wed Jun 06, 2018 10:09 am
Forum: Investing - Theory, News & General
Topic: WSJ:Social Security Expected to Dip Into Its Reserves This Year
Replies: 61
Views: 3044

Re: Social Security crossover point has arrived

Raising the total SS taxable earnings, a lot, is one solution I would actually support despite it impacting me with limited value. Yes - absolutely that is one method that will make an impact. Another is to raise the SS tax 0.02% - 0.3% for both the employee and employer. There are many that are im...
by smitcat
Wed Jun 06, 2018 10:04 am
Forum: Investing - Theory, News & General
Topic: WSJ:Social Security Expected to Dip Into Its Reserves This Year
Replies: 61
Views: 3044

Re: Social Security crossover point has arrived

Separately but related - the average US lifespan has been going down recently. But I don't believe that life expectancy at retirement age is going down. The life expectancy drop is coming from premature deaths among young and middle-aged adults. Life expectancy at retirement age is trending to leve...
by smitcat
Wed Jun 06, 2018 9:53 am
Forum: Investing - Theory, News & General
Topic: WSJ:Social Security Expected to Dip Into Its Reserves This Year
Replies: 61
Views: 3044

Re: Social Security crossover point has arrived

Some solutions that other countries in similar positions have executed: - raise eligability age of SS 1 year - raise SS tax on both sides a few of tenths of 1% - raise the upper limit on SS tax collections - reduce or limited haitus on SS raises The first and last would affect retirement planning a...
by smitcat
Wed Jun 06, 2018 8:47 am
Forum: Investing - Help with Personal Investments
Topic: Annuitizing a deferred / variable annuity?
Replies: 41
Views: 2020

Re: Annuitizing a deferred / variable annuity?

Wow. Pretty snarky reply from someone who is clearly a defender of variable annuities. Sorry to have offended your business. I'll just say thanks again for the useful comments in this thread. Horsefly - "Rather than annuitize it, maybe I'll just go about taking 10%-15% out every year until it is go...
by smitcat
Wed Jun 06, 2018 8:40 am
Forum: Investing - Theory, News & General
Topic: WSJ:Social Security Expected to Dip Into Its Reserves This Year
Replies: 61
Views: 3044

Re: Social Security crossover point has arrived

Some solutions that other countries in similar positions have executed: - raise eligability age of SS 1 year - raise SS tax on both sides a few of tenths of 1% - raise the upper limit on SS tax collections - reduce or limited haitus on SS raises There are many more of these solutions that when used ...
by smitcat
Tue Jun 05, 2018 9:38 am
Forum: Personal Finance (Not Investing)
Topic: Do average kids from upper middle class families get any free college money (Scholarships / non-repayable grants etc)
Replies: 266
Views: 17570

Re: Do average kids from upper middle class families get any free college money (Scholarships / non-repayable grants etc

Sorry, missed that. I am in the same camp as you. Our extended family has gotten into every elite college and graduate program in the country. There is exactly ONE of those family members who did exceptionally well. No surprise he went into finance which of course pays very well. So it is hard to d...
by smitcat
Tue Jun 05, 2018 9:31 am
Forum: Investing - Help with Personal Investments
Topic: For retirement at 55 what is a good multiplier?
Replies: 65
Views: 11776

Re: For retirement at 55 what is a good multiplier?

The natural extension to looking at a % that is this conservative is to then go to 2% or maybe 1.5% - I would say the thought process that drives the decisions really has no boundaries. I have targeted 1.4 to 1.6% sans SS in order to error on the conservative side and also for legacy reasons. Ahh -...