Search found 1258 matches

by smitcat
Tue May 22, 2018 4:45 pm
Forum: Personal Finance (Not Investing)
Topic: iORP: plan for future of the software (?)
Replies: 3
Views: 269

Re: iORP: plan for future of the software (?)

I know there are users of iORP on Bogleheads. How many, I don't know. My impression is relatively few as there are relatively few related threads. I have found ORP to be very valuable. And I fear, it's almost irreplaceable. ORP users may know, it is supported by a single developer (a really smart, ...
by smitcat
Tue May 22, 2018 4:04 pm
Forum: Personal Finance (Not Investing)
Topic: How do I tell if Roth conversions are worth the trouble?
Replies: 39
Views: 2497

Re: How do I tell if Roth conversions are worth the trouble?

Greetings all. Although I didn't actually find this site until after I retired, I'm finding I'm aligned with most of the BH way. I'm now trying to figure out some stuff, for which I think I need some help. I'd like to discuss notional numbers, rather than expose all my real numbers. My wife and I b...
by smitcat
Tue May 22, 2018 3:43 pm
Forum: Personal Consumer Issues
Topic: Factory Five build cars
Replies: 16
Views: 1232

Re: Factory Five build cars

I'll give you a hint. Look at my screen name. My kit number was 1846k and I picked it up in September of 99. A Cobra is the simplest to build and I'd say that if you've got tools and a floor jack, you can probably build one. I have a lift in my garage and a stupid amount of tools. The manual alone ...
by smitcat
Tue May 22, 2018 3:35 pm
Forum: Personal Consumer Issues
Topic: Florida Living
Replies: 19
Views: 1166

Re: Florida Living

the "...long evening walk to a beach" could be the deal breaker in most of Florida. Such housing begins in the seven figures in this part of the state. Gill There are a number of places that are a short walk to the beach much less than 7 figure.... "But we also would love to be able to access water...
by smitcat
Tue May 22, 2018 1:45 pm
Forum: Investing - Theory, News & General
Topic: "Why 97% of People Don't Use 529 College Savings Plans."
Replies: 262
Views: 46772

Re: "Why 97% of People Don't Use 529 College Savings Plans."

Realistically though just how many people make enough to fund one? I just see very very little use in doing one. You are talking about needing a minimum saving amount of 48,000 before it makes sense to save in one. On top of that many people who are able to save 48,000 per year may have after tax 4...
by smitcat
Tue May 22, 2018 1:35 pm
Forum: Personal Consumer Issues
Topic: Factory Five build cars
Replies: 16
Views: 1232

Re: Factory Five build cars

I'll give you a hint. Look at my screen name. My kit number was 1846k and I picked it up in September of 99. A Cobra is the simplest to build and I'd say that if you've got tools and a floor jack, you can probably build one. The manual alone is all I had when I started building. Now, you've got bot...
by smitcat
Tue May 22, 2018 12:06 pm
Forum: Personal Consumer Issues
Topic: Factory Five build cars
Replies: 16
Views: 1232

Re: Factory Five build cars

Being a corvette enthusiast as well I have been in a few GTM's and here are some thoughts.... - if you are at or over 6'2" it will be very tight - if you atre of generous proportions it will be too tight I was afraid of that. The web says 6'3 (I am 6'4). I am not overly generously proportioned but,...
by smitcat
Tue May 22, 2018 11:35 am
Forum: Personal Consumer Issues
Topic: Factory Five build cars
Replies: 16
Views: 1232

Re: Factory Five build cars

Do you want to build one? Have the mechanical skill to do so? The space? The time? If you’re simply trying to save my money, this is the wrong approach. You can buy an assembled FF car for far less than the time/money you’ll spend on building yourself. You do it yourself because that’s your passion...
by smitcat
Tue May 22, 2018 11:24 am
Forum: Personal Finance (Not Investing)
Topic: How do I tell if Roth conversions are worth the trouble?
Replies: 39
Views: 2497

Re: How do I tell if Roth conversions are worth the trouble?

"It told me that generally No Conversion and Conversion to top of 22% are a wash. It told me that Conersions to the top of the 24% bracket is best by about 3%-6% in nearly all cases." I would propose that you make sure that your set earnings in each fund type ( taxable, Roth, tax deferred) is equal...
by smitcat
Tue May 22, 2018 10:09 am
Forum: Personal Finance (Not Investing)
Topic: How do I tell if Roth conversions are worth the trouble?
Replies: 39
Views: 2497

Re: How do I tell if Roth conversions are worth the trouble?

Recently I spent 45 minutes running a big handful of I-ORP scenarios. I found it directionally helpful. I found it fast and easy. 80% of our assets are tax deferred so it’s quite relevant to answer this question. Here is how I used I-ORP. I made a “base case” scenario with no conversions. I-ORP spi...
by smitcat
Tue May 22, 2018 10:05 am
Forum: Personal Finance (Not Investing)
Topic: How do I tell if Roth conversions are worth the trouble?
Replies: 39
Views: 2497

Re: How do I tell if Roth conversions are worth the trouble?

The RPM calculator was developed by a member here named "Bigfoot'" - a great tool and we owe him ever increasing thanks for the advantages that it gives us. FWIW - in our personal scenario the Roth conversion strategy that we work with the RPM delivers significant after tax spendable funds and that...
by smitcat
Tue May 22, 2018 8:13 am
Forum: Personal Consumer Issues
Topic: Is there a boglehead muscle car?
Replies: 138
Views: 7019

Re: Is there a boglehead muscle car?

As a 79+ year older, I enjoy watching muscle cars only. My sore back prevents me from another Corvette so I can only remember the good old days. A couple of years ago I tried to buy a new Corvette, however, DW refused to serve my meals in the garage where I would be confined to if I bought the car....
by smitcat
Tue May 22, 2018 7:59 am
Forum: Personal Finance (Not Investing)
Topic: How do I tell if Roth conversions are worth the trouble?
Replies: 39
Views: 2497

Re: How do I tell if Roth conversions are worth the trouble?

The RPM calculator was developed by a member here named "Bigfoot'" - a great tool and we owe him ever increasing thanks for the advantages that it gives us. FWIW - in our personal scenario the Roth conversion strategy that we work with the RPM delivers significant after tax spendable funds and that ...
by smitcat
Tue May 22, 2018 6:14 am
Forum: Personal Finance (Not Investing)
Topic: How do I tell if Roth conversions are worth the trouble?
Replies: 39
Views: 2497

Re: How do I tell if Roth conversions are worth the trouble?

Horsefly, the online tool ORP provides a methodology to analyze this question. Please see https://www.i-orp.com/InfezMsg/extended.html Funny, I was just trying to use iORP again today. When I put in my numbers and selected the 24% tax bracket, it errored out. The error was "model x will not solve, ...
by smitcat
Mon May 21, 2018 7:24 am
Forum: Investing - Theory, News & General
Topic: "Why 97% of People Don't Use 529 College Savings Plans."
Replies: 262
Views: 46772

Re: "Why 97% of People Don't Use 529 College Savings Plans."

i don't understand why 529 threads always end up being so long. if you can max out your 401k, that alone puts you in the top 90th percentile of americans. add in maxing the IRA, probably bumps your into 95th percentile. add in maxing a HSA (stealth IRA) and yep, you're 97th percentile now. so if yo...
by smitcat
Sun May 20, 2018 4:30 pm
Forum: Investing - Theory, News & General
Topic: Has Firecalc or I-ORP altered your retirement plans?
Replies: 35
Views: 3679

Re: Has Firecalc or I-ORP altered your retirement plans?

We have used variable amounts of fixed estate funds to simulate caps on spending with good results. I see little or no difference from the older version in that respect. I want to know what the estate result "could be" using the optimizer (how to maximize Roth conversions and SS strategies) if I li...
by smitcat
Sun May 20, 2018 4:22 pm
Forum: Personal Finance (Not Investing)
Topic: both spouses not wait for SS ?
Replies: 26
Views: 2900

Re: both spouses not wait for SS ?

The calculators mentioned can reasonably quickly allow you to compare many future possibilities and their results. The only calculator I see mentioned here is maximizemysocialsecurity ($40/yr, but well worth it if it's as good as they claim). Is there another you recommend, or does it do what sugge...
by smitcat
Sun May 20, 2018 11:43 am
Forum: Investing - Theory, News & General
Topic: Has Firecalc or I-ORP altered your retirement plans?
Replies: 35
Views: 3679

Re: Has Firecalc or I-ORP altered your retirement plans?

Bumping this thread with another question about IORP. I tried running it today and it simply returned an error. As you can see above, in the past I found it was not designed to address my situation and I was concerned that it would give a result that was wrong, but with no warning. So it is possibl...
by smitcat
Sun May 20, 2018 6:19 am
Forum: Personal Finance (Not Investing)
Topic: both spouses not wait for SS ?
Replies: 26
Views: 2900

Re: both spouses not wait for SS ?

In many cases optimizing your total spendable income will lead to a different solution that just taking into consideration SS. Why ? Other than the second-order effects of taxes ? Taxes and spendable dollars are not second order in many cases when drawing down.... - Roth conversions - one spouse ou...
by smitcat
Sat May 19, 2018 8:32 pm
Forum: Personal Finance (Not Investing)
Topic: both spouses not wait for SS ?
Replies: 26
Views: 2900

Re: both spouses not wait for SS ?

Rather than focusing only on your potential SS earnings perhaps take into consideration your entire income picture for your retirement years. You can do that with the long version of IORP as well as in greater detail with the RPM spreadsheet/calculator. In many cases optimizing your total spendable ...
by smitcat
Fri May 18, 2018 8:15 am
Forum: Investing - Help with Personal Investments
Topic: Small Business Owner - how to build retirement wealth
Replies: 28
Views: 2083

Re: Small Business Owner - how to build retirement wealth

Sure there are always risks but owners would have to dramatically change lifestyle if the sold it and lived off the proceeds for 50 years. I don’t think there is any appetite for that right now. Yes anything could happen with 2 employees. One is my wife. She isn’t going anywhere. Worst case I could...
by smitcat
Fri May 18, 2018 6:18 am
Forum: Personal Finance (Not Investing)
Topic: Surgeon salary vs owning a business salary/profit?
Replies: 47
Views: 3970

Re: Surgeon salary vs owning a business salary/profit?

Which one is higher on average? Surgeon salary vs owning a business salary/profit? I am wondering if a surgeon salary + benefits almost always comes out ahead of starting your own business. I am ~25y/o and am pursuing the medical school/surgeon track but am just wondering who produces more money an...
by smitcat
Fri May 18, 2018 6:06 am
Forum: Investing - Help with Personal Investments
Topic: Small Business Owner - how to build retirement wealth
Replies: 28
Views: 2083

Re: Small Business Owner - how to build retirement wealth

Why would owner sell for a multiple of 5 when he can hold on to it for 20 more years with little Involvement? Are you talking about a bonus/ps plan inside of a qualified retirement plan or just straight up Additional compensation? How does a bonus plan that pays out now incent an employee to stick ...
by smitcat
Thu May 17, 2018 6:59 pm
Forum: Investing - Help with Personal Investments
Topic: Small Business Owner - how to build retirement wealth
Replies: 28
Views: 2083

Re: Small Business Owner - how to build retirement wealth

Why would owner sell for a multiple of 5 when he can hold on to it for 20 more years with little Involvement? Are you talking about a bonus/ps plan inside of a qualified retirement plan or just straight up Additional compensation? How does a bonus plan that pays out now incent an employee to stick ...
by smitcat
Mon May 07, 2018 1:34 pm
Forum: Personal Finance (Not Investing)
Topic: What career for smartest kid in the class?
Replies: 132
Views: 7873

Re: What career for smartest kid in the class?

Good grades (smartest kid in class), IQ (straight up smart/intelligent) and success don't correlate. Do they? They correlate, but the correlation is not 100%. Once you get to some threshold, you are smart enough to have good grades, if that interests you, or to make piles of money, if that interest...
by smitcat
Mon May 07, 2018 8:34 am
Forum: Investing - Help with Personal Investments
Topic: Factors Suggesting One Should Buy SPIA
Replies: 90
Views: 6466

Re: Factors Suggesting One Should Buy SPIA

"So , if a person believes they would have enough for a 30 year retirement by withdrawing from their 401ks, IRA , etc. what should they consider in deciding if they should annuitize some of their assets?" - Have you considered Roth conversions first? - Will you have sufficient flexible funds left? -...
by smitcat
Sun May 06, 2018 2:43 pm
Forum: Personal Finance (Not Investing)
Topic: What career for smartest kid in the class?
Replies: 132
Views: 7873

Re: What career for smartest kid in the class?

I would agree that an MBA is not a career - I would do what you are passionate about.
Are you passionate about your current business?

http://www.thephysicianinvestor.com/aboutme
by smitcat
Sun May 06, 2018 12:06 pm
Forum: Personal Consumer Issues
Topic: Buying a Boat
Replies: 47
Views: 4716

Re: Buying a Boat

I wouldn't buy a Boston Whaler. Although they hold their value, they are rough riding and very expensive for what you get. All recent boats are standardized to come with foam flotation as a USCG rule. Never buy a boat until you test drive it ON THE WATER. It may not have the steering you like, it m...
by smitcat
Sun May 06, 2018 11:58 am
Forum: Personal Consumer Issues
Topic: Buying a Boat
Replies: 47
Views: 4716

Re: Buying a Boat

First looking at the headline I was going to give the standard dismissive quotations of boat stands for Break Out Another Thousand, and "How do you make $1,000,000 in the boating industry? Start with $10,000,000". But, you aren't buying some $150,000 show-off boat, you're buying a reasonable piece ...
by smitcat
Sun May 06, 2018 9:23 am
Forum: Personal Finance (Not Investing)
Topic: multiplier for budget number to gross income amount
Replies: 8
Views: 1004

Re: multiplier for budget number to gross income amount

I am trying to figure what a basic multiplier should be for net income needed if you annual budget is 65k. I am doing some retirement planning. Husband and wife filing jointly and living in NJ. Thanks, JH Your multiplier would depend on the drag coming from taxes Federal , state and local if any an...
by smitcat
Sun May 06, 2018 6:22 am
Forum: Personal Consumer Issues
Topic: Buying a Boat
Replies: 47
Views: 4716

Re: Buying a Boat

First looking at the headline I was going to give the standard dismissive quotations of boat stands for Break Out Another Thousand, and "How do you make $1,000,000 in the boating industry? Start with $10,000,000". But, you aren't buying some $150,000 show-off boat, you're buying a reasonable piece ...
by smitcat
Sat May 05, 2018 7:54 am
Forum: Personal Consumer Issues
Topic: Buying a Boat
Replies: 47
Views: 4716

Re: Buying a Boat

First looking at the headline I was going to give the standard dismissive quotations of boat stands for Break Out Another Thousand, and "How do you make $1,000,000 in the boating industry? Start with $10,000,000". But, you aren't buying some $150,000 show-off boat, you're buying a reasonable piece ...
by smitcat
Fri May 04, 2018 11:58 am
Forum: Personal Consumer Issues
Topic: Buying a Boat
Replies: 47
Views: 4716

Re: Buying a Boat

If you must have a BW check these sites out and do research on the make/model/ and power so you know ahead what to expect. I had owned a Whaler a while back and while your statement about holding value is absolutely true I felt they were overrated and had limited choice in outboard power. Depending ...
by smitcat
Fri May 04, 2018 10:28 am
Forum: Personal Consumer Issues
Topic: Buying a Boat
Replies: 47
Views: 4716

Re: Buying a Boat

I assume you're going to be in the ocean, because that's where Whalers live. You'd want a marina to thoroughly inspect it. Salt water does horrible things to boats. Constant maintenance can mitigate some and slow down the damage, but you want to know if you've got a $10k bill to re-engine a "new" b...
by smitcat
Fri May 04, 2018 10:23 am
Forum: Personal Consumer Issues
Topic: Buying a Boat
Replies: 47
Views: 4716

Re: Buying a Boat

I actually have an initial set of boat questions for when I call a boat for sale myself. YMMV but these have worked well for me to sift out the ones I was more interested in pursuing before I spent any time or money visiting them... - Are all those pictures of your boat? - Are the machinery hours TT...
by smitcat
Thu May 03, 2018 10:40 am
Forum: Investing - Theory, News & General
Topic: KF's simple rules to achieve FI [Financial Independence]
Replies: 451
Views: 30682

Re: KF's simple rules to achieve FI [Financial Independence]

It's easy to say that a family with $500k of annual income and a 7% savings rate is irresponsible, but there are those out there that would say that a similar savings rate for those with $50k of annual income is too. Come on willthrill, really? The $50k annual income people are going to have a huge...
by smitcat
Thu May 03, 2018 9:52 am
Forum: Investing - Theory, News & General
Topic: KF's simple rules to achieve FI [Financial Independence]
Replies: 451
Views: 30682

Re: KF's simple rules to achieve FI [Financial Independence]

It's easy to say that a family with $500k of annual income and a 7% savings rate is irresponsible, but there are those out there that would say that a similar savings rate for those with $50k of annual income is too. Come on willthrill, really? The $50k annual income people are going to have a huge...
by smitcat
Thu May 03, 2018 7:29 am
Forum: Investing - Theory, News & General
Topic: KF's simple rules to achieve FI [Financial Independence]
Replies: 451
Views: 30682

Re: KF's simple rules to achieve FI [Financial Independence]

Is a person who has a $100k income rich, then poor when they're unemployed, then rich again when they become reemployed at the same level, all in less than a year? I'd say yes. Yeah, yyou've got to be rich in order to max out retirement accounts. I mean, I'd love for someone to show me how my wife ...
by smitcat
Thu May 03, 2018 7:26 am
Forum: Investing - Theory, News & General
Topic: KF's simple rules to achieve FI [Financial Independence]
Replies: 451
Views: 30682

Re: KF's simple rules to achieve FI [Financial Independence]

This is getting ridiculous. If people want a semantic debate on to define the word rich, start a new thread. golfCaddy, I believe that it is a useful debate. Many folks mistakenly believe that higher income folks are rich. That is a very common myth. KlangFool Except high income people are rich, if...
by smitcat
Wed May 02, 2018 11:03 am
Forum: Investing - Theory, News & General
Topic: Kiplinger article "..Guaranteed Inheritance for Kids"
Replies: 53
Views: 5365

Re: Kiplinger article "..Guaranteed Inheritance for Kids"

And no a TIPS ladder doesn't remotely work either. I expect a 20 year old to live 60-70 years. But that is enough time for who knows what to happen. Todays 20 year old could easily end up with 80-100 years of life expectancy. FWIW, I'm currently 37 and have used several longevity calculators, and m...
by smitcat
Wed May 02, 2018 10:48 am
Forum: Investing - Theory, News & General
Topic: KF's simple rules to achieve FI [Financial Independence]
Replies: 451
Views: 30682

Re: KF's simple rules to achieve FI [Financial Independence]

Really? MMM people look to save a minimum of 50% of their gross income which is more than 1 year expenses. They also think retiring is getting $600k, quitting their job, and getting side gigs. All under the watchful eye of someone who says "yes you should be able to live on $600k!"...meanwhile he h...
by smitcat
Wed May 02, 2018 10:47 am
Forum: Investing - Theory, News & General
Topic: Kiplinger article "..Guaranteed Inheritance for Kids"
Replies: 53
Views: 5365

Re: Kiplinger article "..Guaranteed Inheritance for Kids"

And no a TIPS ladder doesn't remotely work either. I expect a 20 year old to live 60-70 years. But that is enough time for who knows what to happen. Todays 20 year old could easily end up with 80-100 years of life expectancy. FWIW, I'm currently 37 and have used several longevity calculators, and m...
by smitcat
Wed May 02, 2018 10:22 am
Forum: Investing - Theory, News & General
Topic: KF's simple rules to achieve FI [Financial Independence]
Replies: 451
Views: 30682

Re: KF's simple rules to achieve FI [Financial Independence]

... Rule #1 Save 1 year of your current annual expense every year. Then, you could be FI in about 25 years even with 0% real growth. ... This is why Mustachian folks laugh at over-conservatism of Bogleheads folks. Note: not having job security is not the same thing as not having any human capital. ...
by smitcat
Wed May 02, 2018 10:18 am
Forum: Personal Consumer Issues
Topic: Are bonus and equity pro-rated at lay off?
Replies: 16
Views: 1559

Re: Are bonus and equity pro-rated at lay off?

Where I worked you needed to be fully employed on the date the bonus was issued otherwise you were not paid a bonus. It was clearly written in the employee handbook.
by smitcat
Tue May 01, 2018 7:50 am
Forum: Personal Finance (Not Investing)
Topic: What is the maximum social security benefit?
Replies: 32
Views: 4451

Re: What is the maximum social security benefit?

Since most people do not achieve the compensation ceiling for max benefit during at least their first several years, one is faced with 40 years or more of work to get max SS benefits. Seems like a long time to work! This is a 4 year old post.... Fortuenatly you do not need to work near 40 years to ...
by smitcat
Mon Apr 30, 2018 10:51 am
Forum: Personal Finance (Not Investing)
Topic: Can I afford it: Retiring
Replies: 9
Views: 1207

Re: Can I afford it: Retiring

I figure my budget for the 10 years until wife will be 65 for Medicare is $86K per year, ... Do you have social security or a pension to support some of this amount? I didn't see any mention of these possible sources of income in your post. My thought was not to get bogged down in details of income...
by smitcat
Mon Apr 30, 2018 8:47 am
Forum: Investing - Help with Personal Investments
Topic: Would Roth Conversions be worthwhile for me?
Replies: 18
Views: 1621

Re: Would Roth Conversions be worthwhile for me?

bumping with the additional information provided, thank you. PS - Dan - what calculator are you referring to? Thanks all again. MaxiFi Planner, $99 https://maxifiplanner.com You can create a base plan without the conversion and then compare available spending with an alternative plan that models th...
by smitcat
Fri Apr 27, 2018 7:54 am
Forum: Personal Finance (Not Investing)
Topic: Can I retire at age 40?
Replies: 158
Views: 16671

Re: Can I retire at age 40?

In my model, you'd be borrowing constrained assuming you make smooth withdraws of $67,000 / year for the next 60 years from the retirement account. So you'd have a household discretionary spending--i.e. after taxes and housing--of $99K but much of that pays for children and scaled is $55,000 for th...
by smitcat
Wed Apr 25, 2018 7:00 pm
Forum: Investing - Help with Personal Investments
Topic: Making the decision to do a Roth Conversion
Replies: 46
Views: 3081

Re: Making the decision to do a Roth Conversion

If I understand what you mean, you can't do that, there is a 5 yr waiting period to withdraw Roth conversions. Otherwise you incur a 10% penalty, no taxes but a 10% penalty. "If you take a distribution from the conversion money in your Roth IRA within five years after the conversion, the early dist...
by smitcat
Wed Apr 25, 2018 8:55 am
Forum: Personal Consumer Issues
Topic: Do you have a car w/o ABS?
Replies: 53
Views: 2187

Re: Do you have a car w/o ABS?

Thanks for input. yeah, learning the limitations is important, but one instance for example I had a car start to get in my lane so out of reaction I hit the brakes and locked them up. I was fine, however, still not a good feeling. I can only be so defensive when I barely trust other drivers these d...