Search found 248 matches

by teen persuasion
Sat Jun 17, 2017 6:49 am
Forum: Investing - Help with Personal Investments
Topic: Can we discuss Investment Order
Replies: 22
Views: 2398

Re: Can we discuss Investment Order

Here is what I told my son who joined the workforce recently. ... 4. He is on parent's health insurance, so no question of HSA. If the parent's insurance is an HDHP, and the son is no longer a dependent, the son may have his own HSA - and contribute the family maximum. This is independent of what t...
by teen persuasion
Sun Jun 11, 2017 12:05 pm
Forum: Personal Finance (Not Investing)
Topic: Feasible path to early retirement?
Replies: 18
Views: 1843

Re: Feasible path to early retirement?

http://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/ Use this to calculate roughly how soon you could get to retirement based on current savings rate, or conversely, how much you need to save to reach retirement in x years. https://forum.mrmoneymustache.com/...
by teen persuasion
Sun Jun 11, 2017 11:08 am
Forum: Investing - Help with Personal Investments
Topic: Move taxable to 529 for FAFSA benefits?
Replies: 14
Views: 663

Re: Move taxable to 529 for FAFSA benefits?

Also Google "paper FAFSA" to reference the formula inputs (e.g., "line 96f"). You will be applying online, but that format is Q&A, not line by line, and not labeled that I've seen. Some of the amounts asked for are a bit ambiguous, like "your income". Is that gross ...
by teen persuasion
Sat Jun 10, 2017 9:30 pm
Forum: Investing - Help with Personal Investments
Topic: Move taxable to 529 for FAFSA benefits?
Replies: 14
Views: 663

Re: Move taxable to 529 for FAFSA benefits?

More thoughts: if you will be attending this fall, the FAFSA applications were done beginning last October, using tax info from 2015. If next year, you will complete the FAFSA in October 2017 with 2016 tax info. So those are already fixed and cannot be changed thru retirement contributions. The asse...
by teen persuasion
Sat Jun 10, 2017 9:14 pm
Forum: Investing - Help with Personal Investments
Topic: Move taxable to 529 for FAFSA benefits?
Replies: 14
Views: 663

Re: Move taxable to 529 for FAFSA benefits?

OP, can you file 1040EZ or A? Is your AGI under $50k? You could be eligible for the Simplified Needs Test on the FAFSA, which would ignore assets. Google "EFC formulas 2017-18" to get the pdf of the relevant formulas. As you are military, you are an independent student. Being married and h...
by teen persuasion
Sat Jun 10, 2017 7:44 am
Forum: Personal Finance (Not Investing)
Topic: (Very) Early Retirement vs Parenthood
Replies: 74
Views: 4182

Re: (Very) Early Retirement vs Parenthood

$2 million isn't nearly enough, especially with truncated social security from early retirement. And with kids to feed, it's even worse. And if you have cats/dogs/etc., that's another big deal/obligation. And if you have kids, you have to have pets you know... (or they won't grow up right). This is...
by teen persuasion
Fri Jun 09, 2017 3:56 pm
Forum: Investing - Help with Personal Investments
Topic: 401K v. Roth IRA investing
Replies: 18
Views: 915

Re: 401K v. Roth IRA investing

e.g. tax implications later on that would be better for me? Is one of your wife's other investment programs a pension? Having pension income in retirement can shift the Roth vs traditional choice a bit more to Roth. The idea is that pension income takes up some of your lowest tax bracket space (alo...
by teen persuasion
Fri Jun 09, 2017 1:22 pm
Forum: Investing - Help with Personal Investments
Topic: 401K v. Roth IRA investing
Replies: 18
Views: 915

Re: 401K v. Roth IRA investing

Thank you to all for some great input. To add some info i saw, I live in New York. Please tell us your exact contribution amount to the 401K and Roth IRA. We could tell you the optimum combination. So right now I contribute 14% into my Traditional 401K ($643.50/month) + the 3% my employer contribut...
by teen persuasion
Fri Jun 09, 2017 10:16 am
Forum: Personal Finance (Not Investing)
Topic: Any tips on creating a budget for a SAHM ?
Replies: 24
Views: 1771

Re: Any tips on creating a budget for a SAHM ?

I was a SAHM for nearly 20 years (5 kids) and am still the CFO for our family. I already was doing the majority of purchases and all of the bill paying, DH has little interest in finances, so it just works for us. So I'd suggest getting your spouse involved in the family budget process, both short a...
by teen persuasion
Fri Jun 09, 2017 8:49 am
Forum: Personal Finance (Not Investing)
Topic: How to deal with a personal finance cynic
Replies: 109
Views: 5796

Re: How to deal with a personal finance cynic

I introduced a friend to this site and asked him if he liked what he saw and any feedback that he had. His immediate reaction was that this site does not represent the ground reality of the vast majority. Here people talk about 400-500K of income and 300K 529 accounts and 80K pensions, but for most...
by teen persuasion
Mon Jun 05, 2017 6:35 pm
Forum: Personal Finance (Not Investing)
Topic: Can anyone help re: calculating income for ACA eligibility?
Replies: 23
Views: 1152

Re: Can anyone help re: calculating income for ACA eligibility?

Yes, you are eligible to apply. However, coverage doesn't begin immediately. That was the mistake we made, waiting until his employer coverage ended before applying. It is frustratingly, needlessly complex to navigate. If I have to go thru the marketplace again in the future, I will seek out and use...
by teen persuasion
Mon Jun 05, 2017 6:04 pm
Forum: Personal Finance (Not Investing)
Topic: Can anyone help re: calculating income for ACA eligibility?
Replies: 23
Views: 1152

Re: Can anyone help re: calculating income for ACA eligibility?

If you are married the 400% upper limit is about $62,000. Contribute to an IRA so you will be below the 400% threshold - below which your health premiums will be subsidized so your premium is about 9.5% of income, or about $500 per month, the rest is subsidized. Our premiums at the 139% level are a...
by teen persuasion
Tue May 30, 2017 10:41 am
Forum: Investing - Help with Personal Investments
Topic: Thoughts on Roth IRA vs Roth 457/403
Replies: 14
Views: 357

Re: Thoughts on Roth IRA vs Roth 457/403

The obvious advantage to me is contributing the max to all available accounts, for the greater total tax sheltered. However, if I'm reading you right, OP, you are limiting yourself to a total of $24k each, not the possible $30.5k max between employer plan with catchup and IRA with catchup. Then, the...
by teen persuasion
Fri May 26, 2017 11:04 am
Forum: Investing - Help with Personal Investments
Topic: How to calculate the top of the 15% bracket?
Replies: 23
Views: 2324

Re: How to calculate the top of the 15% bracket?

Thanks for the replies. My significant other will be doing this first, retiring at the end of this year. I will continue working and support the household and she will not work at all so she will have $0 income for 2018...at least that's the plan. Since her income will be zero, she can convert the ...
by teen persuasion
Tue May 23, 2017 1:29 pm
Forum: Personal Finance (Not Investing)
Topic: % Roth vs. % traditional
Replies: 91
Views: 3608

Re: % Roth vs. % traditional

My employer has a roth 401k option and for the longest time I was 100% roth. After some reading and education by way of the Boglehead site, I realized that being in the 28% bracket now, I would be better off with going the traditional route. A plus is that if you are not already maxing out your ROT...
by teen persuasion
Tue May 23, 2017 7:47 am
Forum: Personal Finance (Not Investing)
Topic: IRS tax letter triggered by Turbotax's 8606
Replies: 38
Views: 4282

Re: IRS tax letter triggered by Turbotax's 8606

I find it takes me much longer to go thru the interview vs directly filling the forms, and I am blind on whether TurboTax has done things correctly until I can see the finalized forms late in the "approve and e-file" stage. You might take a look at HR Block software. Th forms can be viewe...
by teen persuasion
Tue May 23, 2017 6:51 am
Forum: Personal Finance (Not Investing)
Topic: IRS tax letter triggered by Turbotax's 8606
Replies: 38
Views: 4282

Re: IRS tax letter triggered by Turbotax's 8606

I've always found that doing forms myself is far easier than guess-what-I'm-thinking, poorly-worded interviews. A cut-down version of Turbotax with the automated data importing and filling in data from the previous year, but letting you do all the rest by hand, would be most welcome. In fact, it wo...
by teen persuasion
Sun May 21, 2017 8:50 pm
Forum: Personal Consumer Issues
Topic: Risks of electronic access
Replies: 57
Views: 4752

Re: Risks of electronic access

I no longer trust mail delivery. Years ago we paid our credit card with a check sent snail mail. More than once the check was lost, whether in the mail or internally at the CC company I don't know. Since switching to paying online we've never had an issue with a "lost" payment. More recent...
by teen persuasion
Sun May 21, 2017 10:15 am
Forum: Investing - Theory, News & General
Topic: Advice for Endowment Investing Allocation - 3 fund?
Replies: 10
Views: 706

Re: Advice for Endowment Investing Allocation - 3 fund?

Following - I'd like to do similar for my library's endowment fund. I was aghast when I saw the advisor's fees and churning, but the Trustees at the time would rather trust him than themselves. A change in the Board membership may work in my favor this time. I'd like to have a good plan to propose t...
by teen persuasion
Thu May 18, 2017 10:09 pm
Forum: Investing - Help with Personal Investments
Topic: Is it better to stay at 19 or 24 paychecks per year?
Replies: 18
Views: 1693

Re: Is it better to stay at 19 or 24 paychecks per year?

you're giving them a 0% loan if you do 24 paychecks. I'm making a couple assumptions here, but with 19 paychecks, by August 15 you will have received about 52% of your yearly pay. If you were paid 24 times a year, by August 15 you will have received 62.5% of your yearly pay. Taking 19 paychecks is ...
by teen persuasion
Fri May 05, 2017 1:21 pm
Forum: Personal Finance (Not Investing)
Topic: When you didn't have 401(k)/403(b), did you have IRA?
Replies: 46
Views: 2161

Re: When you didn't have 401(k)/403(b), did you have IRA?

I am trying to figure out why IRAs are not popular for workers without employer-sponsored retirement plans. Is it because: 1. No money to save for retirement? 2. No knowledge of IRAs? 3. Fear of locking up money for years and years? 4. Fear of financial institutions? 5. Something else? Thanks for a...
by teen persuasion
Wed May 03, 2017 9:21 pm
Forum: Investing - Theory, News & General
Topic: Who Contributes to IRA's?
Replies: 8
Views: 1164

Re: Who Contributes to IRA's?

Interesting article. For the people who have access to both, I'd suggest preferring an IRA to a 401-k (after getting the employer match). An IRA gives you the ability to choose your investments and better control your costs. After you fill that bucket, then resume contributing to a 401-k. For relat...
by teen persuasion
Wed May 03, 2017 9:11 pm
Forum: Investing - Theory, News & General
Topic: Who Contributes to IRA's?
Replies: 8
Views: 1164

Re: Who Contributes to IRA's?

They left out low to middle-income dual earner households, who happen to be frugal, and thus contribute to IRAs first in preference to a higher-fee 401k/403b work plan. 8-) Where are we in those statistics? Ha. They also left out low to middle-income dual earner households, who happen to be frugal,...
by teen persuasion
Fri Apr 28, 2017 8:10 am
Forum: Personal Finance (Not Investing)
Topic: 401k vs HSA limits
Replies: 13
Views: 1427

Re: 401k vs HSA limits

So wait- in theory if I had an adult child who was 19, and I have an HDHP, I could max my family's HSA ($6,750) and also max out an HSA ($6,750) for my adult child. Correct? Would I get these tax benefits? And my adult child could keep the HSA? A non-dependent child can open and fund the HSA accoun...
by teen persuasion
Wed Apr 26, 2017 6:13 pm
Forum: Personal Finance (Not Investing)
Topic: 401k vs HSA limits
Replies: 13
Views: 1427

Re: 401k vs HSA limits

There's weird rules on the HSA accounts, too. My 24 year old DS2 is still on our employer health insurance, but because he is not out tax dependent we cannot pay for his medical bills out of our HSA. Instead, he needs to open his own HSA. Weird loophole - because he is on our "family" plan...
by teen persuasion
Wed Apr 26, 2017 7:39 am
Forum: Investing - Help with Personal Investments
Topic: Restarting retirement savings at 40
Replies: 20
Views: 2151

Re: Restarting retirement savings at 40

Try this link to see how savings rate affects time to reach FIRE: http://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/ I'd also urge you to contribute the max $18k per 401k and $5500 per IRA. We only seriously ramped up our retirement savings beginning in our...
by teen persuasion
Fri Apr 21, 2017 7:55 am
Forum: Personal Finance (Not Investing)
Topic: Does Insurance Have to Pay an Out-of-Network Ambulance Bill in Full?
Replies: 46
Views: 3097

Re: Does Insurance Have to Pay an Out-of-Network Ambulance Bill in Full?

EMS Subscription Some towns offer yearly subscription services that you PAY to belong to the local EMS service. You can select individual, couple, family. BUT -- no visitors, only residents of the home. Then if you or member needs to use the ambulance they will accept whatever your insurance is wil...
by teen persuasion
Wed Apr 19, 2017 12:59 pm
Forum: Investing - Help with Personal Investments
Topic: Should I bother with a 401k at present?
Replies: 25
Views: 2146

Re: Should I bother with a 401k at present?

Considering my current financial situation, does it make sense to put money into a 401k now? I am a 31 year old male with a wife and 2 year old and newborn due in November this year. I currently work as a geologist in an environmental consulting company. My current goals are to build a nine month e...
by teen persuasion
Fri Apr 14, 2017 4:33 pm
Forum: Investing - Help with Personal Investments
Topic: Roth During Children Years?
Replies: 14
Views: 1526

Re: Roth During Children Years?

I know there's a strong argument on the Bogleheads forum to gain your tax deferred employee match and then max out a Roth IRA. I'm looking at our effective tax rates for the past 5 years: 9% 9% 7% 7% 8% We are married filing joint with 2 children (so far). It seems like our tax rate is quite low, e...
by teen persuasion
Tue Apr 11, 2017 10:01 pm
Forum: Personal Finance (Not Investing)
Topic: Require Access to School Records?
Replies: 103
Views: 4617

Re: Require Access to School Records?

Now that the FAFSA is done online, and the IRS allows linking to their data, I'm not clear exactly how "private" my info is anymore. The FAFSA requires input from both parents and students individually, so the process for us usually involves my student logging in to enter their info, then...
by teen persuasion
Tue Apr 11, 2017 4:18 pm
Forum: Personal Finance (Not Investing)
Topic: Require Access to School Records?
Replies: 103
Views: 4617

Re: Require Access to School Records?

Don't stress it too much - soon the tables will be turned, and your student will need your signature/info/input for all sorts of financial aid forms. Every year I seem to get a series of emails: "Hey, mom, I need you to fill out this additional form, sign it, send it back to me so I can sign i...
by teen persuasion
Mon Apr 10, 2017 8:51 pm
Forum: Personal Finance (Not Investing)
Topic: Require Access to School Records?
Replies: 103
Views: 4617

Re: Require Access to School Records?

Regarding the original post question, I don't remember having the option to view my kids' academic info at all. I've been granted a financial ID and password, but even that is very limited. I can pay bills, but not see the breakdown, just the balance due. It is very frustrating at tax time, trying t...
by teen persuasion
Mon Apr 10, 2017 8:26 pm
Forum: Personal Finance (Not Investing)
Topic: Require Access to School Records?
Replies: 103
Views: 4617

Re: Require Access to School Records?

**At one parent talk, it was brought out that, if possible, the student's old bedroom should be left as it is until after the first visit back home, so the student doesn't feel "pushed out". We didn't do that for our first child, but immediately let another child start using the bedroom. ...
by teen persuasion
Sun Apr 09, 2017 9:25 pm
Forum: Investing - Help with Personal Investments
Topic: Lower income investing
Replies: 14
Views: 1228

Re: Lower income investing

If you are MFJ with 2 kids and income in the $40-45k range, you should be eligible for EITC. Contribute to your traditional 401k account before IRAs or taxable. 401k contributions lower both your AGI and your line 7 wages, both of which are tested to determine EITC levels. Lowering your AGI will mak...
by teen persuasion
Fri Apr 07, 2017 8:04 pm
Forum: Investing - Theory, News & General
Topic: "the Truth About Your Future" - Ric Edelman's new book
Replies: 27
Views: 5656

Re: "the Truth About Your Future" - Ric Edelman's new book

Years past I have read several of his books and enjoyed them. While working in the Washington D.C. area I attended a couple of his seminars/presentations. They were compelling and useful. They were all free but, of course, ended with an opportunity to have an individual follow-up with one of his re...
by teen persuasion
Fri Apr 07, 2017 11:05 am
Forum: Personal Finance (Not Investing)
Topic: Spending beyond my means, I think..is my budget out of whack?
Replies: 81
Views: 8676

Re: Spending beyond my means, I think..is my budget out of whack?

I've been following this thread for a while, not sure exactly what to think. I'm flabbergasted at the numbers, and don't have experience with special needs children and their expenses. OP, you have a unique set of circumstances in the HCOL area and special needs child that will skew your budget cate...
by teen persuasion
Fri Apr 07, 2017 6:51 am
Forum: Personal Finance (Not Investing)
Topic: Trying to Persuade an Employer to Improve an ADP 401(k)
Replies: 29
Views: 1801

Re: Trying to Persuade an Employer to Improve an ADP 401(k)

In the direct model the employer CAN pick up the FA and the RK costs if he chooses. With revenue sharing the employer can't do that because those costs are buried in the inflated ER...the FA and RK costs are 100 % paid the employer via revenue sharing :( So as I said earlier, everyone (fund, FA, RK...
by teen persuasion
Wed Apr 05, 2017 6:26 am
Forum: Personal Finance (Not Investing)
Topic: Does your employer let you cash out your Vacation and/or Sick time upon leaving the company?
Replies: 56
Views: 3627

Re: Does your employer let you cash out your Vacation and/or Sick time upon leaving the company?

Interesting question. I hadn't thought about "banking" PTO in anticipation of cashing it out before leaving a company. I just might have to do that. DH hadn't planned to bank PTO and sick time in anticipation of cashing it out. He was accruing it more as a disability insurance, of sorts. ...
by teen persuasion
Tue Apr 04, 2017 8:26 pm
Forum: Personal Finance (Not Investing)
Topic: Low-earners- What is your profession?
Replies: 262
Views: 25073

Re: Low-earners- What is your profession?

The family of seven, with AGI of $30 this year---no/little fed tax owed, possibly Earned Income Credit, college cost credit (both refundable) probably getting PELL grant $ for college as well as other need based aid (state grants, etc) FAFSA doesn't look at retirement assets for any families, or ev...
by teen persuasion
Tue Apr 04, 2017 7:29 pm
Forum: Personal Finance (Not Investing)
Topic: Low-earners- What is your profession?
Replies: 262
Views: 25073

Re: Low-earners- What is your profession?

The family of seven, with AGI of $30 this year---no/little fed tax owed, possibly Earned Income Credit, college cost credit (both refundable) probably getting PELL grant $ for college as well as other need based aid (state grants, etc) FAFSA doesn't look at retirement assets for any families, or ev...
by teen persuasion
Tue Apr 04, 2017 2:59 pm
Forum: Personal Finance (Not Investing)
Topic: Does your employer let you cash out your Vacation and/or Sick time upon leaving the company?
Replies: 56
Views: 3627

Re: Does your employer let you cash out your Vacation and/or Sick time upon leaving the company?

Depends on employer policy, and policies can change. When DH was planning to leave his former employer, he researched policies thoroughly since he had tons of sick time and a bit of PTO (they limited how much PTO you could roll over, and cashed out the difference each year). Policy at the time was t...
by teen persuasion
Mon Apr 03, 2017 6:32 pm
Forum: Personal Finance (Not Investing)
Topic: Low-earners- What is your profession?
Replies: 262
Views: 25073

Re: Low-earners- What is your profession?

I just want to give OP some appreciation for making an insightful as well as refreshing thread. Some posters in this thread stated that they can retire at an early age (less than 50 yrs. old) even though they are categorized as low-income earners. How is this achievable? Is it simply living in the ...
by teen persuasion
Mon Apr 03, 2017 8:43 am
Forum: Personal Finance (Not Investing)
Topic: Low-earners- What is your profession?
Replies: 262
Views: 25073

Re: Low-earners- What is your profession?

A few general comments: 1. Academia can be very well paid. There is always room at the top. 2. This thread is about earnings (wages from jobs) and not income. :) 3. I believe most of the national statistics about median income are probably understated. For instance, if tax returns are used, then mu...
by teen persuasion
Sun Apr 02, 2017 8:58 am
Forum: Investing - Theory, News & General
Topic: Population Pyramids and Investing Patterns
Replies: 32
Views: 3437

Re: Population Pyramids and Investing Patterns

The remaining 100 million are probably low-wage workers in jobs with no benefits, living hand to mouth, and having little or no savings. I'd like to point out that some of those low-wage workers in jobs with no benefits (like me) have a spouse with a 401k. We also have IRAs and an HSA, other saving...
by teen persuasion
Sat Apr 01, 2017 3:39 pm
Forum: Investing - Help with Personal Investments
Topic: Opening 529 plans in two states to avoid maximum aggregate limits
Replies: 15
Views: 1036

Re: Opening 529 plans in two states to avoid maximum aggregate limits

Assuming 108 months of 5% returns the ending balance the day our child starts college would be $572,400. If we assume a 4% rate of return the ending balance is $525,000 and a 3% return gets us to $481,000 well short of our goal of $568,000 Remember, the entire college bill won't be due on day one, ...
by teen persuasion
Sat Apr 01, 2017 7:44 am
Forum: Investing - Help with Personal Investments
Topic: Feel Behind -- Thoughts on my Strategy?
Replies: 17
Views: 1740

Re: Feel Behind -- Thoughts on my Strategy?

OP, The key questions are 1) What is your annual expense? 2) What is your annual savings? 3) When your asset will reach 25X your annual expense? A quick and easy way to estimate your current annual expense is Current Annual Expense = Gross income - Tax (Federal + state + SS + Medicare) - Savings Kl...
by teen persuasion
Fri Mar 31, 2017 9:48 pm
Forum: Personal Finance (Not Investing)
Topic: Not opting for 529... anyone else?
Replies: 175
Views: 10722

Re: Not opting for 529... anyone else?

We are kind of doing a 529, but not really. We mainly set it up at the request of family members to contribute to if they want; we are not actively sinking money into it. I'm also able to xfer my GI Bill to my kids, though I may retire before we secure that benefit, so it's not a given. We have cho...
by teen persuasion
Fri Mar 31, 2017 9:08 pm
Forum: Personal Finance (Not Investing)
Topic: Saving 50% of salary; what does it really mean?
Replies: 142
Views: 11073

Re: Saving 50% of salary; what does it really mean?

I'm never sure how to explain gross income for us, as we get refundable tax credits. DH has 50% of his gross salary going to his 401k; he's also contributing nearly the family max to the HSA, another 16% or so. I have no access to a 401k, but fund Roth IRAs for both of us; that's roughly 2/3 of my g...

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