Search found 10 matches

by rivers03
Wed Sep 19, 2018 10:25 pm
Forum: Personal Finance (Not Investing)
Topic: Should we temporarily reduce our retirement contributions in order to pay off our $400k mortgage in 7 years?
Replies: 83
Views: 7612

Re: Should we temporarily reduce our retirement contributions in order to pay off our $400k mortgage in 7 years?

OP, You would have to be crazy to believe that paying 20% to 30% tax in order to save 4.75% interest is a good idea. It is a very simple math. 20% to 30% is bigger than 4.75%. KlangFool Not that simple. The 20% to 30% is not tax savings. You're just deferring it until later when you're forced to wi...
by rivers03
Wed Sep 19, 2018 8:48 pm
Forum: Personal Finance (Not Investing)
Topic: Should we temporarily reduce our retirement contributions in order to pay off our $400k mortgage in 7 years?
Replies: 83
Views: 7612

Re: Should we temporarily reduce our retirement contributions in order to pay off our $400k mortgage in 7 years

Although it is obviously a somewhat controversial opinion as evidenced by the above replies, my H and I have made a similar choice. We took out a 10 year mortgage and still prepay it. We also both have pensions (1% of high 3 for me and 1.5% for him) and secure govt jobs but I put in 5% plus 5% match...
by rivers03
Thu May 24, 2018 8:40 am
Forum: Personal Finance (Not Investing)
Topic: Purchasing a house, downpayment vs. retirement and other considerations
Replies: 170
Views: 8814

Re: Purchasing a house, downpayment vs. retirement and other considerations

Lots of helpful advice in this thread. OP, we are a few years older and have a slightly higher HhI and IMO you can’t afford such a house- yet. The way I see it, you have 2 options. (1) stay in the apt for 2-3 years and save more or (2) but a condo and stay for 7-10 years before “upgrading”. Only you...
by rivers03
Sat May 19, 2018 5:23 pm
Forum: Personal Consumer Issues
Topic: Enclosed Porch Addition - Good or Bad Idea?
Replies: 16
Views: 1228

Re: Enclosed Porch Addition - Good or Bad Idea?

I am sure this varies by location but when we purchased a house with a large (300+sq ft) screened porch it was not included in our appraisal sq ft as it is not finished space. That said, the porch was a highly desirable feature to us (also in the SE US but not FL) so we were willing to overlook othe...
by rivers03
Fri Mar 09, 2018 8:43 am
Forum: Personal Finance (Not Investing)
Topic: To Move or Not To Move - Couldn't be more of a Coinflip! (Help Please)
Replies: 82
Views: 8241

Re: To Move or Not To Move - Couldn't be more of a Coinflip! (Help Please)

I would probably move. My husband is in academia too and we moved nearly 2 years ago to a rural area near grandparents/my inlaws. His situation was different in that he was moving into administration but we are also a busy "young" family with three small children. I cannot even begin to describe how...
by rivers03
Sun Dec 04, 2016 6:29 pm
Forum: Personal Finance (Not Investing)
Topic: Federal Blue Cross Standard versus Basic
Replies: 40
Views: 15250

Re: Federal Blue Cross Standard versus Basic

Fededal employee here- we've used BCBS Basic for our family of 4 for over 6 years now. We've been in the DC area, in a smaller but still major metro area, and now we live in a small rural area. We've had only 1 problem with running into an "out of network" provider and that was this year in the rura...
by rivers03
Fri Jul 01, 2016 10:58 am
Forum: Personal Finance (Not Investing)
Topic: Is a 529 plan the right choice for us?
Replies: 15
Views: 1024

Re: Is a 529 plan the right choice for us?

After deciding to pay for all or part of your kids' college education (some people don't believe in contributing anything, thinking their kids should pay their own way), the first thing you need to do before funding a 529 is decide what you're willing to pay for, i.e., how much to save. Don't just ...
by rivers03
Fri Jul 01, 2016 10:26 am
Forum: Personal Finance (Not Investing)
Topic: Is a 529 plan the right choice for us?
Replies: 15
Views: 1024

Re: Is a 529 plan the right choice for us?

Why would you withdraw from your Roth to pay for college that is easily paid in other ways? Well, that gets to the root of my question :) What savings vehicle should we use to prepare/pay for college? It seems unlikely we could fully cash flow 3 kids education even with a paid-off house. Should we ...
by rivers03
Fri Jul 01, 2016 10:11 am
Forum: Personal Finance (Not Investing)
Topic: Is a 529 plan the right choice for us?
Replies: 15
Views: 1024

Re: Is a 529 plan the right choice for us?

I think you misunderstood that a Roth IRA would hurt your financial aid (which you think you will not get anyways). I think a 529 plan is not for you until a) your spouse contributes max allowed to their 403(b) / 401(k) which is $18K a year nowadays (or $24K when older), b) you contribute the max a...
by rivers03
Fri Jul 01, 2016 9:39 am
Forum: Personal Finance (Not Investing)
Topic: Is a 529 plan the right choice for us?
Replies: 15
Views: 1024

Is a 529 plan the right choice for us?

Hi! Long-time lurker, first time poster. Thankful for all the great info I have received here over the years! My husband and I are trying to decide if it makes sense to open a 529 for our kids (3 and 1-hopefully adding another soon) in our situation and would appreciate any insight. H is a former pr...