Search found 641 matches

by MikeG62
Wed Feb 21, 2018 8:37 am
Forum: Investing - Help with Personal Investments
Topic: Thinking about selling GE to invest in an index fund
Replies: 24
Views: 2300

Re: Thinking about selling GE to invest in an index fund

GE currently makes up about 2% of my portfolio. It has been a bit painful to watch it plummet recently. I am thinking about selling it and reinvesting the money in VTI. Most of my portfolio is made up of broad based index funds. My question is, am I falling for a common investor mistake by wanting ...
by MikeG62
Wed Feb 21, 2018 8:24 am
Forum: Personal Finance (Not Investing)
Topic: Horrible Experience with Ally New Account Opening Process
Replies: 21
Views: 1758

Re: Horrible Experience with Ally New Account Opening Process

Long time Ally customer, but I admit their customer service skills are severely lacking. Once in though, their rates are very good and very few problems surface. Key is to avoid contacting customer service unless absolutely necessary - for the most part that should not be necessary. Unfortunately, p...
by MikeG62
Wed Feb 21, 2018 7:11 am
Forum: Investing - Help with Personal Investments
Topic: Asset Allocation
Replies: 12
Views: 801

Re: Asset Allocation

I am 20 years old and am starting to invest. I am looking at building an aggressive portfolio, as I do not currently have any expenses and will not need to pull the money out in the foreseeable future. Given your age and that you are at the very beginning of your career, I think is quite possible y...
by MikeG62
Mon Feb 19, 2018 9:48 am
Forum: Investing - Theory, News & General
Topic: How many of you use the "4% rule" during retirement?
Replies: 68
Views: 8192

Re: How many of you use the "4% rule" during retirement?

Early retired two years ago (at 53). I am following a modified version of Guyton and Klinger’s withdrawal decision rules, but at a much lower initial annual withdrawal rate than their modeling suggests. We have set our initial annual WD rate at 3.25%, but have not spent up to the level in either of ...
by MikeG62
Mon Feb 19, 2018 9:32 am
Forum: Investing - Help with Personal Investments
Topic: Question regarding tax rate in retirement
Replies: 11
Views: 1140

Re: Question regarding tax rate in retirement

Although you did not provide a lot of specific details on your financial assets (low 7 figures can be a big range and it’s not clear if that is what you project when you retire or where you are now), you will most likely be better off not allowing yourself to be in the 0% tax bracket in the years be...
by MikeG62
Mon Feb 19, 2018 9:19 am
Forum: Investing - Help with Personal Investments
Topic: For munis: state specific or non-state specific funds best?
Replies: 14
Views: 1209

Re: For munis: state specific or non-state specific funds best?

When I began building my muni bond portfolio and during most of my working career, I purchased only muni bonds issued in my home state (NJ). I was a high wage earner and I wanted the state tax benefit (i.e., wanted to avoid paying state income tax on the interest income). In the last several years o...
by MikeG62
Sun Feb 18, 2018 11:25 am
Forum: Personal Finance (Not Investing)
Topic: Pre- vs post-tax saving: Am I thinking it wrong?
Replies: 25
Views: 1675

Re: Pre- vs post-tax saving: Am I thinking it wrong?

OP, this may be helpful additional perspective as you think this through.

In this article, Bruce Steiner did an excellent job of laying out the benefits of converting to a Roth (even when future tax rates are the same as current tax rates):

http://kkwc.com/wp-content/uploads/2015 ... r_ATRA.pdf
by MikeG62
Fri Feb 16, 2018 2:06 pm
Forum: Personal Finance (Not Investing)
Topic: I'm Cancelling My Home Insurance
Replies: 156
Views: 10759

Re: I'm Cancelling My Home Insurance

AntsOnTheMarch wrote:
Fri Feb 16, 2018 1:57 pm
essbeer wrote:
Fri Feb 16, 2018 1:51 pm
I though homeowners insurance was usually required for umbrella insurance, car insurance too.
I think this is correct.

Canceling home insurance seems about as bad a way to save a buck as one can think of—especially for someone with a high net worth (law suits for slip and fall, etc).
+1
by MikeG62
Tue Feb 13, 2018 10:07 am
Forum: Personal Finance (Not Investing)
Topic: Credit Card Statement & Receipt Clearing - Help!
Replies: 42
Views: 2255

Re: Credit Card Statement & Receipt Clearing - Help!

I do not maintain CC receipts. I shred them usually when I get home. I review all CC statements every month. Rarely have I found anything amiss. I now have alerts on my CC’s so anything charged not authorized be me or my DW would get flagged immediately. Ticking and tying to individual receipts seem...
by MikeG62
Sat Feb 10, 2018 6:31 pm
Forum: Personal Finance (Not Investing)
Topic: Help - why do I owe so much in taxes this year
Replies: 17
Views: 3265

Re: Help - why do I owe so much in taxes this year

...Looking back at my records, it looks like between 10/20/2016 and 11/7/2016, the federal tax withholding changed from $445 to $295 or a difference of $154 per paycheck. The interesting thing is that my withholdings, gross pay, and 401k deductions did not change. Does this happen often where a pay...
by MikeG62
Fri Feb 09, 2018 8:33 am
Forum: Personal Finance (Not Investing)
Topic: How to pay college tuition from a 529?
Replies: 26
Views: 2068

Re: How to pay college tuition from a 529?

Been doing this for 7 years. I have the funds sent electronically to me (account owner) by ACH. I then pay the college by direct debit to my checking account. If you are eligible for the AOTC, you may want to pay the first $4,000 in tuition from funds outside your 529 (otherwise you will pay tax on ...
by MikeG62
Fri Feb 09, 2018 7:52 am
Forum: Investing - Theory, News & General
Topic: Ally online savings now at 1.45%
Replies: 72
Views: 8147

Re: Ally online savings now at 1.45%

I believe there is a correlation, but the two are not linked. However, over time higher rates on their online savings account should translate to higher rates on their CD's. I suspect the recent move by Ally on their online savings account is more to be competitive against other banks, such as Barcl...
by MikeG62
Tue Feb 06, 2018 7:40 am
Forum: Investing - Help with Personal Investments
Topic: Stay the course?
Replies: 65
Views: 7154

Re: Stay the course?

Would the same advice apply to a 10 year investment at the same rate? 10 years, yes. I would expect we will go through a bear market and then recover to new all time highs sometime during the the next 10 years. Even if retiring in 10 years, you wil need those funds to continue to generate growth an...
by MikeG62
Sat Feb 03, 2018 4:05 pm
Forum: Personal Finance (Not Investing)
Topic: Do you live on a budget?
Replies: 65
Views: 3404

Re: Do you live on a budget?

...I WISH we'd have a budget so we would spend more... ^This is an important reason for having a budget in retirement. FWIW, I never prepared a budget while working (we lived well below our means so it seemed unnecessary). Now in retirement (entering third full year in 2018) I prepare a budget and ...
by MikeG62
Thu Feb 01, 2018 7:47 am
Forum: Investing - Help with Personal Investments
Topic: Finally going to invest, brother is FA
Replies: 89
Views: 6593

Re: Finally going to invest, brother is FA

...My brother being an FA at EJ puts me in a bit of a predicament (emotionally and practically). ...I’ll add this food for thought..Looking at the (easily) available data, the mutual funds in our 401ks have been outperforming the index funds even after fees (3, 5, and 10 year). Also, don’t actively...
by MikeG62
Thu Feb 01, 2018 7:29 am
Forum: Personal Finance (Not Investing)
Topic: Make $90k, pay no Federal Income Tax in 2018? Check / critique this scenario.
Replies: 71
Views: 10615

Re: Make $90k, pay no Federal Income Tax in 2018? Check / critique this scenario.

haban01 wrote:
Wed Jan 31, 2018 8:34 pm
...Lets say someone would loosr out on part of a CTC couldnt they do some converting of IRA dollars to trigger a higher tax bill and tax full advantage of the CTC...?
I believe so, yes.
by MikeG62
Wed Jan 31, 2018 5:21 pm
Forum: Personal Finance (Not Investing)
Topic: Make $90k, pay no Federal Income Tax in 2018? Check / critique this scenario.
Replies: 71
Views: 10615

Re: Make $90k, pay no Federal Income Tax in 2018? Check / critique this scenario.

Bruce Steiner did an excellent job of laying out the benefits of converting to a Roth (even when future tax rates are the same as current tax rates). See article here: http://kkwc.com/wp-content/uploads/2015/04/uf_Roth_Conversions_Are_More_Attractive_Under_ATRA.pdf Kitces has written on this too: h...
by MikeG62
Wed Jan 31, 2018 4:05 pm
Forum: Personal Finance (Not Investing)
Topic: Best place to park cash
Replies: 32
Views: 2513

Re: Best place to park cash

That's nice. Does Ally has any local branches or is it just online banking ? Do we need to open a savings/checking account first with Ally before opening a CD ? Ally is online - no local branches AFAIK. I don’t think you need to open an online savings or checking account, but they are free so why n...
by MikeG62
Wed Jan 31, 2018 3:56 pm
Forum: Personal Finance (Not Investing)
Topic: Best place to park cash
Replies: 32
Views: 2513

Re: Best place to park cash

Ally no penalty 11-Month CD currently at 1.50%. It was temporarily at 1.75% for roughly 30 days (early Dec - early Jan). Still about the best you can get at the moment. So its a CD for 11 month ? No penalty if we withdraw early ? Correct. Only limitation is cannot be canceled in the first 6 days (a...
by MikeG62
Wed Jan 31, 2018 3:37 pm
Forum: Personal Finance (Not Investing)
Topic: Best place to park cash
Replies: 32
Views: 2513

Re: Best place to park cash

Ally no penalty 11-Month CD currently at 1.50%. It was temporarily at 1.75% for roughly 30 days (early Dec - early Jan). Still about the best you can get at the moment.
by MikeG62
Wed Jan 31, 2018 3:28 pm
Forum: Personal Finance (Not Investing)
Topic: Make $90k, pay no Federal Income Tax in 2018? Check / critique this scenario.
Replies: 71
Views: 10615

Re: Make $90k, pay no Federal Income Tax in 2018? Check / critique this scenario.

ivk5 wrote:
Wed Jan 31, 2018 2:34 pm
MikeG62 wrote:
Wed Jan 31, 2018 1:00 pm
Kitces has written on this too:

https://www.kitces.com/blog/using-syste ... t-buckets/
Though note that the recharacterization aspect is no longer permitted.
Of course.
by MikeG62
Wed Jan 31, 2018 1:09 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella Policy - Is it worth it.
Replies: 43
Views: 2971

Re: Umbrella Policy - Is it worth it.

We are currently paying about $400/year for a $1M Umbrella Policy. Two things to know. One - we do have a low/mid seven figure stock portfolio that would - I guess - serve as a target for potential litigant. Two - I do have a teen driver - with another on the way. I guess I am convincing myself I s...
by MikeG62
Wed Jan 31, 2018 1:00 pm
Forum: Personal Finance (Not Investing)
Topic: Make $90k, pay no Federal Income Tax in 2018? Check / critique this scenario.
Replies: 71
Views: 10615

Re: Make $90k, pay no Federal Income Tax in 2018? Check / critique this scenario.

Even assuming the tax brackets remain the same, there is value in having decades of tax free growth in Roth accounts. If tax brackets are the same, Roth and Traditional have the same result, because you can put more into the Traditional account for the same out-of-pocket cost due to the tax deducti...
by MikeG62
Wed Jan 31, 2018 6:58 am
Forum: Personal Finance (Not Investing)
Topic: Make $90k, pay no Federal Income Tax in 2018? Check / critique this scenario.
Replies: 71
Views: 10615

Re: Make $90k, pay no Federal Income Tax in 2018? Check / critique this scenario.

Married filing Jointly 2 children under 12 Single income household $90,000. Salary $24,000. Standard deduction $18,500. Traditional §401(k) contribution $11,000. Traditional IRA contributions (self & spousal) $ 6,900. HSA contributions via cafeteria plan —————————————— $29,600 taxable income $19,05...
by MikeG62
Sun Jan 21, 2018 10:56 am
Forum: Personal Finance (Not Investing)
Topic: Excel for Personal Finance Accounting ?
Replies: 42
Views: 3458

Re: Excel for Personal Finance Accounting ?

I have been a Quicken user since the old MS-DOS days but now that Quicken has gone to a annual fee based upgrade model (which I refuse to upgrade to) I would like to find a replacement to reconcile and maintain our deposit and credit card accounts that is Excel based. The simpler the better. Any su...
by MikeG62
Tue Jan 16, 2018 8:37 am
Forum: Personal Finance (Not Investing)
Topic: Stats on When People Take Social Security
Replies: 197
Views: 14374

Re: Stats on When People Take Social Security

I view it as longevity insurance.

No plans to begin taking it until I turn 70.
by MikeG62
Tue Jan 16, 2018 8:20 am
Forum: Personal Finance (Not Investing)
Topic: Insurance: Who do you use? (Auto/Home)
Replies: 32
Views: 1854

Re: Insurance: Who do you use? (Auto/Home)

New Jersey Manufacturers for both.

Although not asked, CNA for umbrella.
by MikeG62
Sun Jan 14, 2018 4:10 pm
Forum: Personal Finance (Not Investing)
Topic: Uber experience as worker?
Replies: 16
Views: 1659

Re: Uber experience as worker?

MMM wrote a pretty detailed review of his experiment driving for Uber: http://www.mrmoneymustache.com/2017/11/22/mr-money-mustache-uber-driver/ FWIW, most drivers in my town drive for both Uber and Lyft and most report that they like Lyft better. They say Lyft treats their drivers in a more upfront...
by MikeG62
Sun Jan 14, 2018 11:33 am
Forum: Personal Finance (Not Investing)
Topic: Budgeting Vs Savings Rate
Replies: 65
Views: 4556

Re: Budgeting Vs Savings Rate

Never had a budget for spending while I was working. Much like the OP, we saved a sizable portion of my annual take home pay and felt like our spending was what it was (and was not going to change based upon a "budget compare to" exercise, as we were living significantly below our means already - al...
by MikeG62
Sat Jan 13, 2018 9:36 am
Forum: Personal Finance (Not Investing)
Topic: Getting your spouse on the same page
Replies: 53
Views: 5154

Re: Getting your spouse on the same page

Ditto! Even though we share the savings goals, can't get her to even look at anything related to "growing the money". She thinks money should just sit in a bank account, and used as needed (luckily she is not a lavish spender, and likes to save money in the bank account). It's just difficult to tea...
by MikeG62
Sat Jan 13, 2018 9:08 am
Forum: Personal Finance (Not Investing)
Topic: Account Fraud
Replies: 20
Views: 2866

Re: Account Fraud

Reading through that link has not assuaged my fears. This line about only refunding if the loss isn't in some way my fault is particularly concerning. "This protection does not apply to unauthorized activity caused in whole or in part by your fraudulent, intentional, or negligent acts or omissions,...
by MikeG62
Fri Jan 12, 2018 7:38 am
Forum: Personal Finance (Not Investing)
Topic: why do banks bother offering lousy CD rates?
Replies: 49
Views: 4838

Re: why do banks bother offering lousy CD rates?

I know people who...are afraid of sending money to a place that they cannot walk into within 5 miles of their home. This is applies to both my parents and my in-laws. I've been trying to educate them on internet bank for years - they'll have none of it (for the reason livesoft mentioned). At least ...
by MikeG62
Fri Jan 12, 2018 7:32 am
Forum: Investing - Help with Personal Investments
Topic: Question regarding after tax funds - need help
Replies: 6
Views: 488

Re: Question regarding after tax funds - need help

I would like to use it to create additional income every year to supplement my W-2 income . I don't plan on spending the principle now or in the future. As noted above my 401k savings are minimal, however I have no debt and have paid off my house. Just having additional fixed income would allow me ...
by MikeG62
Fri Jan 12, 2018 7:11 am
Forum: Personal Finance (Not Investing)
Topic: why do banks bother offering lousy CD rates?
Replies: 49
Views: 4838

Re: why do banks bother offering lousy CD rates?

I know people who...are afraid of sending money to a place that they cannot walk into within 5 miles of their home. This is applies to both my parents and my in-laws. I've been trying to educate them on internet bank for years - they'll have none of it (for the reason livesoft mentioned). At least ...
by MikeG62
Thu Jan 11, 2018 5:40 pm
Forum: Personal Finance (Not Investing)
Topic: Trusts for adult Children
Replies: 203
Views: 10584

Re: Trusts for adults Children

I think I'm in the minority here (pretty sure actually), but I will never be comfortable approaching end of life thinking, "once I'm gone, I won't care anymore so none of this matters any more." +1. We seem to go through endless machinations on this forum about how best to prepare spouse for our ev...
by MikeG62
Tue Jan 09, 2018 12:27 pm
Forum: Personal Finance (Not Investing)
Topic: Stand Alone Umbrella Insurance
Replies: 43
Views: 3265

Re: Stand Alone Umbrella Insurance

..."quite wealthy" = at least $5 million umbrella policy, assuming their accountant/lawyer were competent advisors. ...it also implies the owner's wealth was reachable by creditors... My assumption as well. Still, I keep an umbrella policy after seeing a friend have their vehicle borrowed by someon...
by MikeG62
Mon Jan 08, 2018 4:01 pm
Forum: Personal Finance (Not Investing)
Topic: Stand Alone Umbrella Insurance
Replies: 43
Views: 3265

Re: Stand Alone Umbrella Insurance

> Aunt of my brother-in-law (retired college professor, married with one grown adult son) was killed in an automobile accident. The family sued the driver of the SUV who hit them. Case was settled for $5M Interesting, that's the largest settlement I've heard of. It's likely they would've settled fo...
by MikeG62
Mon Jan 08, 2018 9:29 am
Forum: Investing - Theory, News & General
Topic: Best online calculator(s) for state income taxes?
Replies: 9
Views: 1165

Re: Best online calculator(s) for state income taxes?

I don’t know of any (although there may well be). However, state income taxes usually much simpler than Federal income taxes. You could easily build a simple model in excel which does this for you. I’ve built one that does both Federal and state persoanlize to my situation. It was not hard. Just use...
by MikeG62
Mon Jan 08, 2018 9:26 am
Forum: Investing - Theory, News & General
Topic: Early Retirement Planning Strategy
Replies: 16
Views: 2351

Re: Early Retirement Planning Strategy

Did it. Never considered an annuity. What did work was investing by maxing tax-advantaged accounts each year and also investing at least as much in a taxable account every year. So I think a regular taxable account invested tax-efficiently is much better than an annuity. +1. Invested significantly ...
by MikeG62
Mon Jan 08, 2018 8:31 am
Forum: Personal Finance (Not Investing)
Topic: Can you ever win the game?
Replies: 50
Views: 5274

Re: Can you ever win the game?

iammoe wrote:
Sun Jan 07, 2018 5:32 pm
Can an investor (not a famously rich person) ever reasonably say, I have won the game and have saved enough money to support myself in retirement for the rest of my life? Moe
Reasonably say, yes.

With 100% certainty, no.

FWIW, early retired at 53 and am in the first camp.
by MikeG62
Mon Jan 08, 2018 8:29 am
Forum: Personal Finance (Not Investing)
Topic: ID theft and check cashing fraud
Replies: 97
Views: 5995

Re: ID theft and check cashing fraud

...I rekeyed our 22 locks at home (glad I have smartkey locks!) since home keys were stolen too. OP, sorry you had to go through all this. It's an incredible pain when some low life does what was done to your husband. Been a gym goer for 30 years myself (every morning before work - while I was work...
by MikeG62
Mon Jan 08, 2018 8:14 am
Forum: Personal Finance (Not Investing)
Topic: Early Retirement Math - What I am not thinking of?
Replies: 26
Views: 4186

Re: Early Retirement Math - What I am not thinking of?

Financial Situation: - Family: Me - 37, Wife - 36, Kid - 14 months - Net Worth: $5.4M - Allocation: 85% Stocks, 10% Bonds, 5% - cash + real estate - Portfolio: VFWAX, VBTLX, VTSAX, VGWAX as per the allocation above. 6% of net worth invested in Indian mutual funds because that's where we live now, a...
by MikeG62
Sun Jan 07, 2018 10:47 am
Forum: Investing - Help with Personal Investments
Topic: Mid Cap Index / Small Cap Index in Taxable
Replies: 9
Views: 894

Re: Mid Cap Index / Small Cap Index in Taxable

I invest in LC, MC and SC index ETF’s all using ishares products (and been doing so for well over a decade). I can’t remember the last time there was a distribution other than dividends. Here is the ratio of qualified dividends to total dividends for 2016: IVV (S&P 500) 100% IWR (Russell MC) 80% IWM...
by MikeG62
Sun Jan 07, 2018 9:28 am
Forum: Personal Finance (Not Investing)
Topic: Stand Alone Umbrella Insurance
Replies: 43
Views: 3265

Re: Stand Alone Umbrella Insurance

AAA will get you a stand alone policy if you are a AAA member. I have a stand alone policy with CNA, initially purchased some two decades ago when I was a member of a professional association (AIPCA). So maybe you belong to something similar based upon your profession? I pay $1,250 for a $5M policy ...
by MikeG62
Sun Jan 07, 2018 9:15 am
Forum: Personal Finance (Not Investing)
Topic: Downsizing to one car in retirement...
Replies: 68
Views: 4160

Re: Downsizing to one car in retirement...

Shortly after my Dad retired (this was ~30 years ago), my parents went from two cars to one car (lived in the suburbs). To this day they still only own one car. My in-laws have been retired for two decades and both still have their own car (also live in the sububs). I early retired two years ago at ...
by MikeG62
Sun Jan 07, 2018 9:07 am
Forum: Personal Finance (Not Investing)
Topic: How much are you putting in a 529?
Replies: 111
Views: 7805

Re: How much are you putting in a 529?

OP, our initial plan was to fund enough in the 529 to cover the full cost of a public university for both of my daughters. However, once attaining that level, we continued funding each of their 529’s up to roughly the cost of a 4 year private university. Funding was done over many years (>decade) th...
by MikeG62
Sun Jan 07, 2018 8:49 am
Forum: Personal Finance (Not Investing)
Topic: Overpayment on W2. Please help.
Replies: 13
Views: 1071

Re: Overpayment on W2. Please help.

You might be one of the lucky ones where your employer decided to save THEMSELVES taxes by paying you a bonus in 2017. This just got me wondering whether what your employer was trying to do was move some of the company’s payroll expense for income tax purposes from 2018 (lower tax rate year) to 201...
by MikeG62
Sun Jan 07, 2018 8:05 am
Forum: Personal Finance (Not Investing)
Topic: Overpayment on W2. Please help.
Replies: 13
Views: 1071

Re: Overpayment on W2. Please help.

OP, maybe I am missing something, but since W2’s are typically sent out at the end of January, how would you know there is an overpayment reflected in your W2? Do you mean as reflected in your final pay stub for December? I see no issue with your employer correcting this. There is plenty of time for...
by MikeG62
Fri Jan 05, 2018 5:04 pm
Forum: Personal Finance (Not Investing)
Topic: Accounting question - "Cash Equivalents" for organization
Replies: 30
Views: 1052

Re: Accounting question - "Cash Equivalents" for organization

I would double check the accounting standard. There should be some documentation on why that standard is that standard. From my experience, cash equivalents are bonds with maturities under a year. This better reflects economic reality. However, this is more complex than bonds issued with less than ...
by MikeG62
Wed Jan 03, 2018 9:38 am
Forum: Personal Finance (Not Investing)
Topic: Ally Bank 11 month [No-Penalty CD]
Replies: 382
Views: 31768

Re: Ally Bank 11 month [No-Penalty CD]

Note that 1.75% promotional rate is no longer available on the 11 month no penalty CD. It is now 1.60%.

Same for the 2% 12 month CD. That promotion expired and the new rate is no 1.75%.

Sorry if this is not new information, but did not see this clearly mentioned in the posts above.