Search found 165 matches

by Retired2013
Wed Jul 10, 2019 7:22 am
Forum: Investing - Theory, News & General
Topic: No advantage to doing Roth conversions?
Replies: 21
Views: 2711

Re: No advantage to doing Roth conversions?

I remember reading that i-ORP doesn’t take Medicare IRMAA penalty into consideration. It treats the penalty as just an added expense.
by Retired2013
Tue Jul 09, 2019 7:24 am
Forum: Investing - Theory, News & General
Topic: Americans believe they need $1.7 million, on average, to retire
Replies: 284
Views: 26882

Re: Americans believe they need $1.7 million, on average, to retire

Salary $50k, retirement 15 years out, projected pay raises 2.5% per yr equals $72k salary 15 yrs out. Why would I want to live on 80% of $72k salary. Nothing but 100%. $72k x 25 (4% SWR) = $1.8M goal. Social security is going bankrupt and no pension so need $1.8M. Fast forward 22 yrs, $1.8M goal ex...
by Retired2013
Mon Jul 08, 2019 5:48 pm
Forum: Investing - Theory, News & General
Topic: Americans believe they need $1.7 million, on average, to retire
Replies: 284
Views: 26882

Re: Americans believe they need $1.7 million, on average, to retire

Salary $50k, retirement 15 years out, projected pay raises 2.5% per yr equals $72k salary 15 yrs out. Why would I want to live on 80% of $72k salary. Nothing but 100%. $72k x 25 (4% SWR) = $1.8M goal. Social security is going bankrupt and no pension so need $1.8M. Fast forward 22 yrs, $1.8M goal exc...
by Retired2013
Thu Jul 04, 2019 8:03 am
Forum: Personal Finance (Not Investing)
Topic: At What Age or Point in your Career did your investments start outweighing your regular paychecks?
Replies: 85
Views: 10812

Re: At What Age or Point in your Career did your investments start outweighing your regular paychecks?

Though it may be hard to put an age/career-level to this due to: income, expenses, savings rate and investment return/sequence of returns., allow me to repeat my recent posting here: At each significant stage of account value (or your net-worth) - it means different things to you: "Assuming" a stea...
by Retired2013
Wed Jun 19, 2019 8:15 am
Forum: Personal Finance (Not Investing)
Topic: COBRA continuation: is it real?
Replies: 5
Views: 739

Re: COBRA continuation: is it real?

Look at the NYS Essential Plan if your FPL is between 138% & 200%. Monthly premium is free or $20 per month per person with no deductibles. Most doctors take the plan. Last time I looked I think over 800,000 NY residents have the plan.

It has to be much cheaper than any COBRA payments.
by Retired2013
Wed Jun 19, 2019 7:49 am
Forum: Personal Finance (Not Investing)
Topic: Refinancing to 30 year fixed- which option to take?
Replies: 13
Views: 1000

Re: Refinancing to 30 year fixed- which option to take?

Current mortgage: Home value: $355,000 Loan balance: $299,095 with 348 months remaining Mortage rate: 4.5% fixed conforming PMI: $86/month with 5+ years remaining (home value was $320k when purchased one year ago) I'm refinancing through Aimloan to lower the rate and get rid of the PMI. I plan to s...
by Retired2013
Sun Jun 02, 2019 4:42 pm
Forum: Personal Finance (Not Investing)
Topic: How to stay under FDIC limits
Replies: 20
Views: 1236

Re: How to stay under FDIC limits

Out of curiosity, what risk does the FDIC insurance protect against in your opinion? If I'm understanding correctly, it basically covers against the bank collapsing and a bank run? I've never been concerned about FDIC insurance limits and I'm wondering if there's something else I'm missing/should b...
by Retired2013
Sun Jun 02, 2019 6:52 am
Forum: Personal Investments
Topic: Delay Social Security?
Replies: 35
Views: 3423

Re: Delay Social Security?

If you have kids younger than 18.
by Retired2013
Tue May 28, 2019 6:38 am
Forum: Personal Finance (Not Investing)
Topic: Can I open an HSA?
Replies: 7
Views: 431

Re: Can I open an HSA?

Adjust your tax withholding from your pay to get the benefits now.
by Retired2013
Sun May 26, 2019 7:30 am
Forum: Personal Investments
Topic: How to calculate exactly how much money you'll have by retirement?
Replies: 75
Views: 7859

Re: How to calculate exactly how much money you'll have by retirement?

I remember some 35 years-ago we were told to use 12%. The bank handed you a cardboard slide calculator that would show you how much you would have at the 12% if you invested $xxx per month. You need to invest $85 per month to your 401(k) or IRA for 40 years and you'll be a millionaire! Then the rate...
by Retired2013
Fri May 24, 2019 5:20 am
Forum: Investing - Theory, News & General
Topic: just a general comment about "too conservative" investors here
Replies: 151
Views: 14882

Re: just a general comment about "too conservative" investors here

What happen to the "Good Old Days" when you had 100% of 401(k) in your company stock? Enron!

Remember when the company match had to go into the company stock?
by Retired2013
Tue May 14, 2019 7:50 am
Forum: Personal Investments
Topic: refusing inheritance
Replies: 45
Views: 5067

Re: refusing inheritance

If your parents don't want to change their will/trust and refusing the inheritance creates negative results, you can gift your sibling $15k/yr without tax consequences. If you're married, both you and your spouse can gift $15k/yr ($30k/yr total) to your sibling. Reference: https://www.efile.com/tax...
by Retired2013
Tue May 14, 2019 7:33 am
Forum: Personal Finance (Not Investing)
Topic: Worth Fighting a Speeding Ticket?
Replies: 64
Views: 4407

Re: Worth Fighting a Speeding Ticket?

In court, if you were going just one mph over the speed limit, then you are guilty! Yes just about everyone speeds but you were the one pulled over and given a ticket. In our area, they don't bother you unless you are doing 13 mph or more over the speed limit on highways. It's over 10 mph in residen...
by Retired2013
Mon May 06, 2019 7:38 am
Forum: Personal Investments
Topic: CDs in early retirement to enable Roth Conversions?
Replies: 33
Views: 3250

Re: CDs in early retirement to enable Roth Conversions?

Very good responses for minimizes taxes. Could paying more taxes possibly be looked at something not totally bad, but an offset of a good result? For OP in taxable account if investment keep appreciating you will pay more taxes than otherwise when using that money for ROTH conversions. But even if ...
by Retired2013
Wed May 01, 2019 7:13 am
Forum: Personal Finance (Not Investing)
Topic: Chiropracter career no longer lucrative...what other job options are there?
Replies: 41
Views: 5427

Re: Chiropracter career no longer lucrative...what other job options are there?

Nursing is a field he can look into, they are looking for Nurses almost every where in the country. It is hard work but a solid stable job & career. He probably knows the prospects of Nursing well being a Chiropractor himself. Age may be a factor, but he may find lots of people taking it as a secon...
by Retired2013
Sat Apr 27, 2019 8:18 pm
Forum: Personal Finance (Not Investing)
Topic: Moving from Medicaid to Employer Plan
Replies: 13
Views: 1049

Re: Moving from Medicaid to Employer Plan

Phineas J. Whoopee,

Thank you for the explanation.

The other thing I don't understand is why more states didn't go to this type of plan.

All I know is that I love it!
by Retired2013
Sat Apr 27, 2019 8:25 am
Forum: Personal Finance (Not Investing)
Topic: Taking over parental account; advice requested
Replies: 8
Views: 1129

Re: Taking over parental account; advice requested

Thanks for everyone's replies and suggestions. I've talked to the account reps for SunTrust and Mass Mutual and now have a better idea of how to proceed. There was a consensus here in this thread as well as with the brokers to leave the whole life policy alone for the time being, particularly since...
by Retired2013
Sat Apr 27, 2019 7:22 am
Forum: Personal Finance (Not Investing)
Topic: Moving from Medicaid to Employer Plan
Replies: 13
Views: 1049

Re: Moving from Medicaid to Employer Plan

I have the same question except it's for when going from NYS Essential Plan (zero premiums) to Medicare. NYS Essential is not Medicaid or ACA. Each year I receive a 1095-B form which is not used on the tax return. NYS Essential is for income between 138% - 200% FPL. Between 138% - 150% FPL it's fre...
by Retired2013
Fri Apr 26, 2019 5:49 am
Forum: Personal Finance (Not Investing)
Topic: Moving from Medicaid to Employer Plan
Replies: 13
Views: 1049

Re: Moving from Medicaid to Employer Plan

I have the same question except it's for when going from NYS Essential Plan (zero premiums) to Medicare. NYS Essential is not Medicaid or ACA. Each year I receive a 1095-B form which is not used on the tax return. NYS Essential is for income between 138% - 200% FPL. Between 138% - 150% FPL it's free...
by Retired2013
Fri Apr 19, 2019 1:13 pm
Forum: Personal Finance (Not Investing)
Topic: DW worried about What if ...? Wishes to pay off mortgage
Replies: 33
Views: 3181

Re: DW worried about What if ...? Wishes to pay off mortgage

When DW turned 40, she said she wanted the mortgage paid off. Cashed in the taxable accounts and paid off the mtg. We became debt free. However, we then directed all future mtg payments back to the taxable account.

Very happy and no regrets.
by Retired2013
Wed Apr 17, 2019 7:12 am
Forum: Personal Finance (Not Investing)
Topic: PSA: getting a social security statement
Replies: 10
Views: 1336

Re: PSA: getting a social security statement

I use the Retirement Estimator to get my statement. No account setup yet and credit is frozen. The report matches the paper report I receive in the mail.
by Retired2013
Tue Apr 16, 2019 8:20 am
Forum: Personal Finance (Not Investing)
Topic: Laid off/Housing Advice
Replies: 30
Views: 4013

Re: Laid off/Health care?

Do you have suggestions for networking? I've reached out to friends at companies I am applying to for referrals but nothing yet. I always hear to network (and have also gotten interviews from referrals in the past) but honestly none of my previous positions were due to this so I'm not sure exactly ...
by Retired2013
Tue Apr 16, 2019 7:42 am
Forum: Personal Finance (Not Investing)
Topic: What defines "income" on a retiree's credit card application?
Replies: 102
Views: 6289

Re: What defines "income" on a retiree's credit card application?

They often ask for income not taxable income. If you have investments there are typically capital gains (whether they are realized or not). Taxable income, from a tax return, may not be an indicator at all when you consider the exemption of muni bond interest etc. Agreed with all but unrealized cap...
by Retired2013
Tue Apr 16, 2019 7:27 am
Forum: Personal Finance (Not Investing)
Topic: In Laws Retirement Nest Egg
Replies: 156
Views: 14723

Re: In Laws Retirement Nest Egg

With $700,000 in assets, they can withdraw about $30,000 per year and not have to worry about running out of money. Familiarize yourself with the concept of Safe Withdrawal Rates. Someone who earned $75,000 may receive about $21,000 a year in Social Security, plus a spousal benefit of $10,500 at ag...
by Retired2013
Wed Apr 10, 2019 2:57 pm
Forum: Personal Finance (Not Investing)
Topic: Hospice and Medicare Advantage Plans - a little known Catch22
Replies: 40
Views: 3237

Re: Hospice and Medicare Advantage Plans - a little known Catch22

Another little secret. My mother had a Medicare Advantage plan. I signed her in to hospice at 5:30 pm on a Friday. The MA plan paid all of the services for that day and then 2 months later recalled all of the payments made. Then I started to receive the bills for that days services. I was told that ...
by Retired2013
Wed Apr 10, 2019 6:47 am
Forum: Personal Investments
Topic: EE Bonds past maturity date
Replies: 17
Views: 1290

Re: EE Bonds past maturity date

Thanks for this thread. I had no idea taxes were due in the year of maturity instead of the year cashed in. So now I will either (1) submit an amended tax return or (2) declare the income on my 2019 taxes and take my chances with penalties. Frankly, I'm happy to pay penalties if they aren't too one...
by Retired2013
Sat Mar 30, 2019 11:59 am
Forum: Personal Finance (Not Investing)
Topic: When to take social security for maximum inheritance?
Replies: 31
Views: 2835

Re: When to take social security for maximum inheritance?

When to take social security has been discussed many times. Basically, if you need it, take it early. Otherwise delay it for longevity insurance. Suppose that my portfolio is more than enough for my retirement (without social security) and I expect to have some leftover, but not a lot, e.g., 5 year...
by Retired2013
Fri Mar 29, 2019 12:13 pm
Forum: Personal Finance (Not Investing)
Topic: How often do you check your net worth?
Replies: 257
Views: 14915

Re: How often do you check your net worth?

Each quarter-end. I like to look back and see how we got to were we are today.
by Retired2013
Thu Mar 28, 2019 2:16 pm
Forum: Personal Investments
Topic: Why would one NOT do Roth Conversions?
Replies: 22
Views: 2771

Re: Why would one NOT do Roth Conversions?

When you retire, will you have health insurance?

Many of us keep our income low to get the ACA subsidy. Once we hit the 65 medicare, then we do the Roth conversions.
by Retired2013
Mon Mar 25, 2019 1:41 pm
Forum: Personal Finance (Not Investing)
Topic: [Retiring before 65: How do you deal with health insurance?]
Replies: 88
Views: 11410

Re: [Retiring before 65: How do you deal with health insurance?]

I see people mentioning keeping their MAGI below 65K for couples. How did you figure it out? I'm single living in CA. In general, google the "Federal Poverty Level" (FPL) for the year. The amounts change every year. For 2019, a family size of 2, the FPL is $16,910. You can get a subsidy if your MAG...
by Retired2013
Mon Mar 25, 2019 7:26 am
Forum: Personal Finance (Not Investing)
Topic: [Retiring before 65: How do you deal with health insurance?]
Replies: 88
Views: 11410

Re: [Retiring before 65: How do you deal with health insurance?]

I have a question about ACA. It might be unique to new York but probably not. When I check ACA options I see bronze level plans with pricing for my family ( two adults, 3 kids) ranging from 2100 us to 3500 with seemingly no difference in coverage. They are all bronze. Why does this happen? Is the d...
by Retired2013
Mon Mar 11, 2019 3:50 pm
Forum: Personal Finance (Not Investing)
Topic: Looking at buying from a builder -- should I get an agent?
Replies: 59
Views: 3654

Re: Looking at buying from a builder -- should I get an agent?

My builder had his own sale staff & selling agents which he paid 3 - 3.5% of the contract price. I walked in with no agent and started with the base house price. I didn't think about negotiating. The neighbor walked in and said, since he didn't bring in an anent, lower the base price by 3 - 3.5% si...
by Retired2013
Mon Mar 11, 2019 3:10 pm
Forum: Personal Finance (Not Investing)
Topic: Looking at buying from a builder -- should I get an agent?
Replies: 59
Views: 3654

Re: Looking at buying from a builder -- should I get an agent?

My builder had his own sale staff & selling agents which he paid 3 - 3.5% of the contract price. I walked in with no agent and started with the base house price. I didn't think about negotiating. The neighbor walked in and said, since he didn't bring in an anent, lower the base price by 3 - 3.5% sin...
by Retired2013
Sun Mar 10, 2019 8:02 am
Forum: Personal Investments
Topic: i-orp Convert to taxable account
Replies: 9
Views: 758

Re: i-orp Convert to taxable account

Contact ORP Please email your question & concerns to: orplanner@gmail.com Include your report ID and he will look at it. If I tried to answer the question, I'd be guessing. What you say makes sence. However, you could have something strange in your input and then when does those funds get used? Tha...
by Retired2013
Sat Mar 09, 2019 2:23 pm
Forum: Personal Investments
Topic: i-orp Convert to taxable account
Replies: 9
Views: 758

Re: i-orp Convert to taxable account

Contact ORP Please email your question & concerns to: orplanner@gmail.com Include your report ID and he will look at it. If I tried to answer the question, I'd be guessing. What you say makes sence. However, you could have something strange in your input and then when does those funds get used? Tha...
by Retired2013
Tue Mar 05, 2019 4:49 pm
Forum: Personal Investments
Topic: i-orp Convert to taxable account
Replies: 9
Views: 758

Re: i-orp Convert to taxable account

Contact ORP
Please email your question & concerns to:
orplanner@gmail.com

Include your report ID and he will look at it.

If I tried to answer the question, I'd be guessing. What you say makes sence. However, you could have something strange in your input and then when does those funds get used?
by Retired2013
Wed Feb 20, 2019 3:37 pm
Forum: Personal Finance (Not Investing)
Topic: If you are a married couple and receive $40,000 in Social Security benefits
Replies: 27
Views: 2694

Re: If you are a married couple and receive $40,000 in Social Security benefits

Okay, I'm confused also! This looks like $48k / 2 = $24k + 19.5K = $43.5k (just under the $44k)?? What are you confused about? The combined income of $43.5k is between the $32k and $44k limits. So taxable SS is half of the amount over 32K or $5,750. Which is what you got. I see how the $5,750 is ca...
by Retired2013
Wed Feb 20, 2019 3:06 pm
Forum: Personal Finance (Not Investing)
Topic: If you are a married couple and receive $40,000 in Social Security benefits
Replies: 27
Views: 2694

Re: If you are a married couple and receive $40,000 in Social Security benefits

Okay, I'm confused also! I used turbo-tax calculator and a test in TT and received $0 tax due with both. Age 66 & 64 (gets a deduction of $25,300) SS = $48,000 IRA withdrawal / conversion = $19,500 Federal tax due = $0.00 This looks like $48k / 2 = $24k + 19.5K = $43.5k (just under the $44k)?? TT ga...
by Retired2013
Wed Feb 20, 2019 8:07 am
Forum: Personal Finance (Not Investing)
Topic: On this Forum, is X% of Income Saved Pre-Tax or Post-Tax?
Replies: 95
Views: 6360

Re: On this Forum, is X% of Income Saved Pre or Post Tax?

My traditional retirement account contributions are entirely made post-tax, both in my Roth 457(b) and my Roth IRA. I do contribute to a taxable brokerage account every now and then, but that's beyond the scope of this discussion. A bit of background: my employer provides a pension. It's the type o...
by Retired2013
Mon Feb 18, 2019 5:52 pm
Forum: Personal Investments
Topic: What is your RMD (required minimum distribution) strategy?
Replies: 43
Views: 2760

Re: What is your RMD (required minimum distribution) strategy?

Why do most people stop conversions when they hit 70.5, the RMDs? Married couples might want to continue RMDs with an eye to the eventual survivor's income tax situation. But I'm single and will pretty much have my highest AGI plateau from age 70 on. Plus, I'm already in the midst of Medicare IRMAA...
by Retired2013
Mon Feb 18, 2019 2:26 pm
Forum: Personal Investments
Topic: What is your RMD (required minimum distribution) strategy?
Replies: 43
Views: 2760

Re: What is your RMD (required minimum distribution) strategy?

Why do most people stop conversions when they hit 70.5, the RMDs? My plan is to have MAGI of $170k (just below the Medicare Penalty) each year until my tIRA falls below $1m. That goal of $1m tIRA could be as early as 75 if total return is about 4% or 82 if total return avg 6%. I take the total $170k...
by Retired2013
Mon Feb 18, 2019 10:44 am
Forum: Personal Finance (Not Investing)
Topic: Problems signing the tax return
Replies: 11
Views: 1181

Re: Problems signing the tax return

When I did my mother's final return on H&R Block last year, I checked the box for final return. When I went to submit the form, H&R Block said I needed to sign the return, and then mail the tax return with the document showing I was the executor.
by Retired2013
Mon Feb 18, 2019 9:50 am
Forum: Personal Finance (Not Investing)
Topic: Losing a job in your 50's...
Replies: 401
Views: 51105

Re: Losing a job in your 50's...

Wanted edit, not copy
by Retired2013
Mon Feb 18, 2019 9:46 am
Forum: Personal Finance (Not Investing)
Topic: Losing a job in your 50's...
Replies: 401
Views: 51105

Re: Losing a job in your 50's...

When I was in my 20’s, I saw how every couple of years there was either a cost cutting move or merger that always targeted the 50+ employees. Policy was that if you were 50+ and your job was eliminated, you could retire with retiree benefits. I therefore planed for an age 50+ layoff or to retire at ...
by Retired2013
Sun Feb 17, 2019 9:22 am
Forum: Personal Finance (Not Investing)
Topic: Do you tell your beneficiaries?
Replies: 69
Views: 4472

Re: Do you tell your beneficiaries?

Married with no kids and no will. Everything goes to the spouse by beneficiaries (house, retirement accounts) or joint accounts. This is a problem for us after one of us passes away. Siblings in both families spends money faster than water going thru their fingers. Do you reward that behavior? Yes, ...
by Retired2013
Thu Feb 14, 2019 10:07 am
Forum: Personal Finance (Not Investing)
Topic: Planning for transition from BHP to Medicare and Roth Conversion timing
Replies: 4
Views: 320

Re: Planning for transition from BHP to Medicare and Roth Conversion timing

My conversion would take me to the $170K MAGI limit. Then convert a little less. :happy Actually, if that is the year you retire, you might just get the increased Medicare costs waived due to a change in life situation. I would not count on it myself. We are retired. We have no income other than wh...
by Retired2013
Thu Feb 14, 2019 8:45 am
Forum: Personal Finance (Not Investing)
Topic: Planning for transition from BHP to Medicare and Roth Conversion timing
Replies: 4
Views: 320

Re: Planning for transition from BHP to Medicare and Roth Conversion timing

retiredjg wrote:
Thu Feb 14, 2019 8:42 am
Not what you asked, but a large Roth conversion might put you into a higher IRMAA tier for that year and raise your Medicare rates 2 years later. If this is something you are not aware of, you need to check this out too.
My conversion would take me to the $170K MAGI limit.
by Retired2013
Thu Feb 14, 2019 8:08 am
Forum: Personal Finance (Not Investing)
Topic: Planning for transition from BHP to Medicare and Roth Conversion timing
Replies: 4
Views: 320

Planning for transition from BHP to Medicare and Roth Conversion timing

I can not find an answer to this question. What happens the year you turn 65 and transition from a Basic Health Plan (BHP) to Medicare? Are you under the income restrictions for the full year or only until you switch to Medicare? If both spouses are on Medicare by November, can you do a larger Roth ...
by Retired2013
Wed Feb 13, 2019 3:16 pm
Forum: Investing - Theory, News & General
Topic: Will wife’s social security affect my Roth conversions.
Replies: 34
Views: 3277

Re: Will wife’s social security affect my Roth conversions.

Similar to Celia, I maintain a spreadsheet that tracks and projects my AGI through my mid 70s. I started it at age 63 when I retired, so it was hard to be accurate on what my tax-deferred balance would be at age 70. So what I've been doing is assuming zero portfolio growth year to year. If I withdr...
by Retired2013
Wed Feb 13, 2019 8:50 am
Forum: Investing - Theory, News & General
Topic: Will wife’s social security affect my Roth conversions.
Replies: 34
Views: 3277

Re: Will wife’s social security affect my Roth conversions.

Your AGI includes the standard deduction. If you look at Form 1040, you will see that the line called "Adjusted gross income" comes before the standard deduction (or itemized deduction) is subtracted. The AGI line on 1040 is usually the number you need limit, but sometimes you have to limit other m...