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CAsage wrote: ↑Mon Jan 23, 2023 11:39 am So you won't need to probate that will or hire a lawyer since there are now no assets? I hope that is ok with all the now-forsaken heirs and family. It's rough when there are conflicting documents. Did a lawyer prepare that will and decedent ignore it? Strange outcome.

The IRA and Taxable are not a part of the estate.

The estate will encapsulate the house, its contents, and a vehicle. All of that will be divided based on the will. So it's just the investments that were excluded from this portion. So there will be entities that get a portion from this, but will get nothing from the investments.

Just in case anyone was curious how this played out - the beneficiary on the taxable was the same as the IRA. I don't understand why it didn't just list that in the Account Profile section for the site, but oh well.

Condolences for your loss. Consider having the Executor contact the brokerage to definitively determine whether there is a beneficiary named (or not) for the Taxable account. Perhaps the family member had a custom beneficiary designation on file with the brokerage that can not be displayed online. Thanks - we'll be doing this on Monday. In the Will, there were four named beneficiaries, with unequal portions, so it's possible doing it in that fashion on the website was not possible. The paperwork they have may mirror the percentages/beneficiaries (which included organizations) listed in the will. When the Executor calls the brokerage about the Taxable account, likely the brokerage will respond in one of two ways: (1) if there are no named a...

gavinsiu wrote: ↑Sat Jan 21, 2023 8:39 am It's most likely that the decadant wanted to say on file in the beneficary, but when then entry was made the finanical firm interpret his input as first name "on" and last name "file". Since there isn't a name beneficiary, it will just flow to the estate, and get divided according to the will with all heira having to empty out their IRA in 5 years.

Thanks, I agree this is most likely.

The one without named beneficiaries is the Taxable account though. The IRA had one named beneficiary, and they receive 100%.

HomeStretch wrote: ↑Sat Jan 21, 2023 7:47 am Condolences for your loss.

Consider having the Executor contact the brokerage to definitively determine whether there is a beneficiary named (or not) for the Taxable account. Perhaps the family member had a custom beneficiary designation on file with the brokerage that can not be displayed online.

Thanks - we'll be doing this on Monday.

In the Will, there were four named beneficiaries, with unequal portions, so it's possible doing it in that fashion on the website was not possible. The paperwork they have may mirror the percentages/beneficiaries (which included organizations) listed in the will.

Thanks for the responses.

No, it appears that in 2020 the IRA was switched from the 'Estate Of' to a named beneficiary.

For the Taxable, I found more documentation (like the annual tax documents) that just list beneficiary as 'On File', but the account profile doesn't have them named explicitly like the IRA. I am guessing the broker has that information on their side. I guess it is possible it is the same person as the IRA, or a different person.

Thanks

All, We lost a family member very recently and are having to go through the process of executing the will. Within the will, there was very clear specifications (percentages) on how the estate would be divided up, like the house and its contents. The family member had an Individual Taxable (Transfer on Death) and Traditional IRA only. The Traditional IRA lists a specific beneficiary at 100%, but I can't seem to find one on the Taxable account. It just says the Holder is 'File, On', which I can't seem to interpret what means. Based on my understanding (correct me if I am wrong): - The IRA having a beneficiary supersedes the will and goes to that person alone and not based on the percentages defined by the will - Without a named beneficiary on...

Just to answer some of the questions - I have no certifications, but the firm would certify me across each product in the first six months of employment. Longer term, I would eventually like to become a CFP.

The MBA was very broad - I mostly did it because I had the time and my company reimbursed me for 90% of it. I finished two years ago, so I'm outside of the payback period.

I have looked at roles at Schwab, Fidelity, i.e. brokers I prefer, but need the certs. I figured this would be a way to get started and get some experience in the industry, but I'm struggling with leaving the stability of my IT career.

Hey everyone, I really value the opinions of this board, and while I don't post that much, I read multiple times a week. I'd be interested to hear the opinions on the situation I am in. I'm 30, and have been in IT for 8 years now. I've worked from a $44K salary to $104K salary over this period, and have a good trajectory with this company and in my role. I don't love what I do, but there is potential to move into a role at some point in the next 12 months to maybe manage people or teams, which I would prefer. Right now I am mostly client facing. As a household we make around $180K gross, and have around $530K saved for retirement, and are in a 15-year loan on our home, with no other debt besides a car and some consumer debt I could pay from...

Year, Ages (Him/Her), Net Worth, Household Income:

July 2016, 24/25, $100K, $94K
July 2017, 25/26, $132K, $97K
July 2018, 26/27, $210K, $103K
July 2019, 27/28, $260K, $115K - purchased home this year
July 2020, 28/29, $370K, $140K - moved from 30 year loan to 15 year loan on home
July 2021, 29/30, $600K, $160K - big jump from investments; held steady to 100% equity through drawdown, and continued pouring all we could

Yeah, I do weighted dips, and while I find I can improve dips, they don't carry over much for me into the bench. I've worked up to 100x8 on them, and bench stays around 270x5, 310x1.

I've wondered if it was tied to bodyweight, I'm around 200 pounds, but I feel I should be heavy enough to get to 350ish, especially given where my other lifts are. I dunno, it seems like whatever I do for squats, works, and whatever I do for deadlifts, works. As long as I can squat and pull twice a week each, they improve. That same volume does nothing for bench.

This is my chance to flex on here cause I ain’t got the big 401k From a meet a couple years ago Weight 260 Squat 606 Bench 425 Dead 705 My hip is busted so I’ve given it up and dropped 30 lbs bw. Still lift in the garage My 401k has gotten A LOT bigger than my big 3 lifts. I was getting very close to a goal of pulling 3x bodyweight when I began having chronic back pain about 2yrs ago, later to find out I had a pair of compression fractures in my thoracic, 4 bulging discs, and developing bone spurs. In my last official raw meet 3yrs ago, in the <198lbs. class: Dead - 565 Squat - 515 Bench - 385 Like others, I had good success with Berkhan-esque reverse pyramid (and intermittent fasting). Haven't done so much as a pushup since last September...

some of y'all need to post your AGE with your poundage :D i'm a weightlifter - in my 50s - but don't go heavy anymore. sets usually in the 8-10 rep range for general fitness. blew my right pec out at 49 and took that as a sign. that is pain from another dimension. but i still squat and dumbbell bench. fair amount of strict pull ups also. decent core and can still run a 7:30 mile in my 50s. it's crazy how my body has changed over the years. in my 20s I could press 225 x 8-10 reps while weighing 150 lbs. that's not happening anymore. :( but I figure if in my 50s I can do 10+ strict pull ups, run a mile under 8 minutes, bench and squat my body weight minimum 10 quality reps I'm doing alright. ------------------- That's pretty exceptional, if ...

DiploInvestor wrote: ↑Fri May 07, 2021 1:07 pm Good post. I’ll play. Not a competitive powerlifter, but used to be a competitive runner in HS, then CrossFit in my 30s. Started PL type programs to improve X-fit, but never went back.

Age: 51
Weight: 200-ish
5’10”
Squat: 440
Press: 205
Bench: 310
DL: 395

Built much better for squats than deads apparently. I like Mark Rippetoe’s and Andy Baker’s programs, and I do everything in a simple home gym unless I’m traveling.

I like Andy Baker too. I used his Powerbuilding program a few times. We're almost the same size too. I'm 5'11 and 205. Bench is also 310, Squat is 500, Deadlift is 560, and my Press is a meager 185. I apparently need to take some cues from you on that one.

To give you an idea on what it might look like in practice. Day 1 Overhead Press w/ belt Deadlift w/ belt Weighted Pull-Ups DB Curls Tricep Extensions Leg Curls Day 2 Weighted Dips Beltless Front Squat Underhand Lat Pull-Downs DB Laterals DB Hammer Curls Leg Extensions Day 3 Seated DB Press Sumo Deadlift w/ belt BB Rows Machine Laterals EZ-Bar Skullcrushers Calf Raises Day 4 DB Bench Squat w/ belt DB Rows BB Upright Row DB Curls DB Goblet Squats After 6-8 weeks, I would swap exercises if I was not enjoying it or found something else I wanted to try. Like maybe you end up hating Sumo Deadlifts, so you decide to do Romanian Deadlifts for a bit. Just swap them out. I'm just picking arbitrary movements I like, but you could sub in anything else...

Very old thread, but wondering if I could get some feedback on whether I should switch anything up with my fitness routine. 6' 5", 230 lbs, lanky Lift 3x per week, 3 sets of 5-10 reps to failure for each exercise except deadlifts Push Day - dumbbell chest press, face pulls, dumbbell incline press, chest fly using machine or cables, dips, dumbbell shoulder press Pull Day - Pendlay rows, pullups, dumbbell rows, dumbbell curls, rear fly, shoulder inner/outer rotations Leg Day - deadlifts (1x5 warm-up, 1x3-5 heavy, 1x3-5 slightly lighter), machine leg curls, calf raises, leg press depending on how I'm feeling I typically start with 100 lbs dumbbells for chest press. My deadlift is around 325x3 on my second set these days. It used to be ar...

Hey guys,

Thanks for all the replies, I think I'm going with the 30-year.

* We don't quite max both of the 401Ks. We max His 401K, and get close to Her 401K.

* We do max the Roth IRAs, but from taxable. Before I was on this forum, I saved about $70K in cash. I've been maxing both of our Roth IRAs for the last five years off this chunk. Thankfully the gains from the last few years have allowed this balance to stay high enough for me to keep this going a few more years.

Hey guys, My wife and I are considering a refinance on our home. I was curious which approach you would suggest based on our situation. Age: 28 (him), 29 (her) Gross Income: $142K Investments: $250K, fallen from about 310K with the volatility Monthly Savings: $3,200 per month, split between his 401K and her 401K Present Mortgage: $237K on a fixed, 30 year @ 4.375%, monthly payment is $1491 including escrow Options: $240K (I'm rolling the costs of the refinance into the balance) on a fixed 15-year at 2.7%, or a 30-year at 3.13%. The former is about $1,830 per month, whereas the latter is $1,300. The breakeven to get back to the present balance is 4 months for the 15-year and about 10 months for the 30-year. Either option is really solid in m...

This is probably just ordinary income, no need to file a Sched. C. Check out timbertax.org, you may find your answer there. They planted the timber 10-ish years ago, at a cost of maybe $1-2,000 total, and then split the proceeds between a family member and myself. I used a roughly 10 year period, a cost of $2,000 and a gross proceed of $4058. The taxes owed were $0. Does that seem reasonable? OP wants to not pay taxes. I'm not sure I implied I didn't want to pay tax on this. I'm perfectly willing to pay tax on it. But I couldn't find anyway to enter this on Credit Karma except as a real estate transaction, and I had to estimate the cost because my grandfather doesn't recall. When I did this, the taxes owed were $0. I asked if it was reason...

The 1099 is in my name.

Thanks, I'll do those for next year.

As for the timber situation, he didn't want the proceeds - as he earns so little he doesn't have to file - and he just wanted to gift us the proceeds. So he had the people who performed the work send us the proceeds and the accompanying 1099. I don't have the cost, and he doesn't recall. I would estimate $2000, and the acquisition was somewhere around 8-12 years ago (when they were planted). I'm guessing if tax is owed it's very little. When I used the data mentioned on Credit Karma, it returned $0 owed.

Hey guys, I have a few tax questions as I work through my taxes this time: 1. If I made a mutual fund transaction (sell) that did have long and short term gains attached to it, and I made this move on 1/27/20, would I include that in this year's tax return I'm working on, or would that be in next year? Tied to that, if it does need to be done this year, do I have to wait for an amended form from the brokerage service, or can I input the short and long term gains myself as the site shows me how much for each? 2. I received a 1099-S from a family member for the sell of timber from their land. They planted the timber 10-ish years ago, at a cost of maybe $1-2,000 total, and then split the proceeds between a family member and myself. I used a ro...

We finally hit 2 x our gross income. Really wanted to make it before 30, and managed it at 27 (Him), 28 (Her).

$152K gross and it was $309K when I checked earlier.

On to 3 x and beyond!

Yes, we went with the 30-year, in case my wife has extended unemployment periods due to kids. We don't currently have any.

I think we'll continue making the 30-year payment, and extra principal payments with our three check months (since we're both paid bi-weekly).

As we earn more (hopefully) there should be additional cash flow to increase the payment.

All, What would you do in this situation? Age : 27 (Him), 28 (Her) Salary : $118K gross combined Investments : $257K, about $190K in 401K/IRAs, and the remainder in taxable Savings : 30% gross of their money, 35% when you include matching Debt : None other than mortgage Emergency : keep a slush fund in savings, 2 months expense Mortgage : 238K on a 30 year loan, fixed, and 4.375%, monthly payment is $1460 when including taxes and insurance. After their saving, they take home roughly $5000 per month and the $1460 works with that take-home pay. The 15-year loan would look more like $2060 all in. Would you: Keep savings constant and pay the $1460? OR Reduce gross savings to 15-20% of their income, and throw that difference on the mortgage? My ...

Of the $215K assets, about $37K is taxable. At the start of the year it was about $50K, but I sold $12K for our 2019 Roth IRA contributions. So there's about $70,000 in IRAs and $120,000 in 401Ks. Most all of the IRA money is Roth, and about 75% of the 401K is Traditional (His 401K has a Roth option). Oh, and one more thing, I have not added anything to the taxable in over a year. So the future contributions are purely in our 401Ks, and a small employee stock plan (you put 3%, get 3%; vests immediately). We only earn enough to max the 401ks currently, no side investing. The big chunk in taxable came from before I knew how to invest and just piled money up in a savings account, and then just lumped it all in on VTSAX/VTIAX some years ago. I ...

Am I missing something? How is option 2 not the objectively correct answer? You save on taxes, period. I don't understand the psychological barrier of using up $50k in taxable but being okay with using up $50k in tax-advantaged. As for having money for early retirement, isn't that what a Roth IRA is for? Thanks. Yeah, I think it makes the most sense when viewed objectively. It took me a while to save that much in taxable and it was kind of my start to investing, so I have a harder time mentally letting go of it. It sounds like using it and continuing to max the 401Ks is the best approach here. I don't know why but seeing that money there and what I had to do to build it brings me more satisfaction that what I have in the 401K and IRA accou...

There is nothing wrong with saving for retirement in taxable, but having started this young and already maxing out your 401ks and IRAs....you will likely need little to nothing in taxable to be very comfortable. Keep up the good work! Thanks. The only reason we were using taxable is to have something to possibly bridge us from an early retirement to 59.5. I guess we could still build that up some time later in life when the house is paid for and we (hopefully) are earning much more. One last comment on taxable - I took a pretty good beating in those accounts with 2018 (It's mostly just VTSAX), so I think it makes sense to wait and see what happens over the next 16 months? I mean I guess it could be 40% lower than it is now, but maybe it go...

02nz wrote: ↑Wed Jan 30, 2019 11:42 am Agree with retiredjg about taking it out of taxable. If you continue to max (I'm assuming you're maxing) 401k's and Roth IRAs, you'll be in a very, very good position for retirement without a cent in taxable.

Or think of it this way: if you do option 1, you're essentially giving up tax-advantaged space to put (well, keep) more money in taxable. The only reason to do that would be ... to have money in taxable for a downpayment on a house, or something similar.

Yes, we max our 401Ks, and just put the $12,000 into our Roth IRAs for 2019 (this came from taxable).

I don't think it matters much. At your savings rate, you can afford the house no matter which choice you make. I'd probably take the money out of taxable. If you find your dream house now, you'll need to use the money in taxable. If you don't find your dream house for awhile you can take time to save it. Chances are, you will find your dream house sometime in the middle and will end up doing a little of both choices. I had mentally earmarked this money for retirement, so it's hard for me to see it go. At your ages and savings rate, clinging to a mental earmark is not useful if you need to spend the money. Get over it. :happy Thank you. We're locked into our current lease for another 16 months, and will probably either move far away - and l...

Hello! I'm having a hard time mentally between two approaches for a house down payment. My wife and I are committed to having 20% down for a future house, which given the housing we're looking at it, will probably need to be about $50-60,000 (homes in the $250-300K range). We're currently 26/27, make about $115,000 gross, and have no debt. We have around $215,000 in investments between IRAs, 401Ks, and taxable. At this time, we save about 35% of our gross income towards retirement, roughly $3,400 per month. So we can do one of two things in my opinion, both of which are tough for me mentally. Option #1 - ease future contributions to minimums to get employer matches. This amounts to about $1500 per month in new contributions, and would free ...

I was in a similar position somewhat recently. I just used the cash for normal spending, and redirected the equivalent that I would have used into a taxable account. Just be disciplined with it, and don't spend money you wouldn't normally. Use it for gas and groceries for 6 months.

Lifted weights for football in high school, did a bodybuilding show in college, and then really focused on PL, and got up to a 330 bench, 585 deadlift, and 510 squat. I was about 215 at the time. Since that time, I started doing some hard running, and managed a 5:28 mile and 19:57 5K at 5'11, 200 pounds. Now, I don't run much as I find it takes away from squatting, and pulling but currently: 5'11, 195 lbs Some recents: Bench - 300x1 Press - 160x5 Squat - 375x10, 465x1 Deadlift - 435x10, 500x4, 550x1 Some of you also might find this cool. For my wedding, one of my good friends who also loves lifting and was a groomsman, did a liftoff with me. Max Reps #225 Bench Max Reps #315 Squat Max Reps #135 Press Max Reps #405 Deadlift I won 67 vs 62, ...

Lifted weights for football in high school, did a bodybuilding show in college, and then really focused on PL, and got up to a 330 bench, 585 deadlift, and 510 squat. I was about 215 at the time. Since that time, I started doing some hard running, and managed a 5:28 mile and 19:57 5K at 5'11, 200 pounds. Now, I don't run much as I find it takes away from squatting, and pulling but currently: 5'11, 195 lbs Some recents: Bench - 300x1 Press - 160x5 Squat - 375x10, 465x1 Deadlift - 435x10, 500x4, 550x1 Some of you also might find this cool. For my wedding, one of my good friends who also loves lifting and was a groomsman, did a liftoff with me. Max Reps #225 Bench Max Reps #315 Squat Max Reps #135 Press Max Reps #405 Deadlift I won 67 vs 62, g...

I personally do this with my company's 401K, if only because I like to go ahead and get the 401K mostly done earlier in the year. I do this so I can then use the rest of the year to move money into taxable. I tried mixing the two - contributing to the 401K for the full year and putting in $500/month in taxable - and I didn't stick to that as well.

I do the same with the Roths. Move $5500 for me and $5500 for DW on January 1st.

Mine - 50% up to 4% - pretty standard, but we do have a Roth 401K option.

Wife's - 50% up to 14%, so she gets 7%.

You sound a lot like me, OP. My wife and I are 26, and we have about 2x our gross income saved, and save about 35% of our gross income. Before I met her, I did nothing; never went out, did the same routine every day, but I was very unfulfilled and unhappy, when I had no reason to be. When I met her, it opened my eyes, and while we still save a lot, it's not all I think about anymore. As an aside, my grandfather and great uncle both lived very frugally their whole life. During their work life, they always said, 'I'll see the country when I retire'. Guess what? They never did anything. You get so used to living frugally for decades, there won't be a big shift to a different lifestyle - it's too ingrained. If you're not happy, you need to make...

Okay, so I have done a bit more research on this, and I think I messed up the way my portfolio should be setup. Currently my 401K is 100% invested in VINIX, which i am comfortable with at the moment. Currently my ROTH is 100% invested in VTSAX, which i thought was the right move, but I think might be wrong. As I look to place additional money in the taxable account ( purchasing VGTSX and VBMFX), it occurred to me that I probably wanted to have VTSAX in the taxable account instead of those 2. Would it be wise to exchange VTSAX in the ROTH for a split of VGTSX and VBMFX and then purchase VTSAX only in the taxable account? Note: I only have like ~12K in ROTH at the moment and 3K purchased of VGTSX in the taxable the other day. ---------------...

To piggyback off the original question, does anyone have any ideas for dealing with anxiety from flying? My wife and I, along with some friends, are going to Ireland later this year for about a week, and that 8-hr flight already has me nervous. I've flown about a dozen times so far - all domestic - and it just doesn't seem to get better. We went from ATL to LA (about 4.5 hours), and I could not relax. My heart rate stayed in 110-120 range (normally around 50), I was clammy, etc. I get that travel by plane is very, very safe, but the lack of control, and feeling of being trapped is too much sometimes. I'm going to test out a Xanax a few months before to make sure I react okay, and may use one of those before we board to relax/sleep. We fly D...

For the last five years or so, I've had the same thing - 65g dry measure oats with water, and when it's real hot, stir in some cinnamon, and then place a piece of dark chocolate and 32g of PB on top. Let it melt, and then spread over the top. Bare in mind, this is 600 calories, so if you're on a lower calorie diet, you may need to adjust. I usually pair this with 4 whole eggs or some greek yogurt.

For the oats, I just like the plain old Quaker quick oats.

Both are great investments and would make a great core holding in a portfolio. As a poster above said, VTSAX doesn't have so much mid/small that it has a significant impact on returns against the S&P. If you think there's a benefit in small/mid cap companies, get the S&P 500 Index, and a small/mid cap index fund and make the split greater than VTSAX. VTSAX is about 73% large cap. Personally, I try to keep 60% of our domestic stock in large, and 40% in mid/small, so that's about 12% more mid/small than VTSAX uses. Over my investing life, if I can generate an additional 0.5-1.0% return, I'll be happy. A basic three fund strategy using VTSAX is fantastic and will beat 90% or more of investors, but you don't have to limit yourself to th...

I personally take an 'investment audit' each quarter (1/1, 4/1, 7/1, 10/1), where I go get the balances, check Morningstar for the portfolio (split between assets, as well as stock category). As long as I haven't drifted by more than a few percent, I don't take any action. This may be too frequent for some, but I personally enjoy and look forward to digging in. I think as long as you define a process that makes sense to you and stay consistent, it should be okay. This is also what I do. Quarterly re-look. And look at my portfolio of investments holistically, considering both taxable and non-taxed accounts, and rebalancing as needed in the tax-deferred or tax-free accounts. Agreed. I try to keep one of each type of asset class in the 401Ks,...

What do they do in a situation where you have say - a taxable account, two Roths, and two Traditionals - split between two heirs? Do the funds get liquidated half in all accounts and transferred that way?

Question on the net worthify calculator - does it assume that your income is gross? I ask because we save 36% gross, but it works out to closer to 85% of our actual living income. We live on about $4000 a month and save about $3400 a month.

I personally take an 'investment audit' each quarter (1/1, 4/1, 7/1, 10/1), where I go get the balances, check Morningstar for the portfolio (split between assets, as well as stock category). As long as I haven't drifted by more than a few percent, I don't take any action. This may be too frequent for some, but I personally enjoy and look forward to digging in.

I think as long as you define a process that makes sense to you and stay consistent, it should be okay.

Beehave wrote: ↑Sat May 26, 2018 1:11 am Ditto Concept 2. Minimum maintenance and it keeps on working.
Two suggestions:
(1) Don't forget to do core exercises too.
(2) If you cruise, cruise ship gyms often have Concept 2 machines. You will want to do your daily routine. Do not use the rower if seas are rocking. The gym is high up, the motion is exaggerated, and you can torque your back something fierce (not theory).

I'd love to hear more about point #2

I have a small stake in some actively managed funds, OP, but the core of my portfolio - as many others here - are Index funds. Index products keep costs low, keep you in line with the market, and give you great diversification. I view actively managed funds as my 'picks' much in the way some people may do that with stocks. It amounts for a small chunk of my overall portfolio, and all future inflows are in Index funds.

As far as growth funds go, there are better ones. Primecap's Odyssey Growth (POGRX) is still open and a better pick than PRGFX in my opinion. Both T. Rowe and Primecap are great, but I'd have more conviction in Primecap's product.

HoleInTheAir - Thank you for your comments. Very appreciated. I like the style of your breakdown. I'm headed toward something similar. I've been looking at the Fidelity Index funds. It seems the US equity funds still have some LT/ST capital gains, not only qualified dividends like VTSAX. I'm trying to get away from this, but they do look lower than the fidelity balanced fund. Any other comments out there? I've only ever used VTSAX as the stock index, but I took a quick scan of FSTMX and the distribution details, and it does look like they pay out some cap gains: http://www.morningstar.com/funds/xnas/fstmx/quote.html So yeah, not going to be quite as efficient as VTSAX would be. I don't have any suggestions there, as the two Fidelity funds ...

Just save up a little longer and get the C2. I've had it for over two years and have rowed multiple times per week that whole span - looks and feels brand new. Their quality is second to none.

My wife and I hit $200,000 in investments this week at 26(Him)/27(Her).
No debt, but also renting, so will have to cool off retirement savings a bit to get a house down payment fund started to get the 20% down to avoid PMI.