Search found 513 matches

by MikeG62
Wed Nov 22, 2017 11:51 am
Forum: Personal Finance (Not Investing)
Topic: Retention Bonus
Replies: 7
Views: 963

Re: Retention Bonus

Actually, I believe they can reverse the full amount on the W2 and reverse the tax withholding with the IRS and state if it is in the same year. You still have to give them back the after-tax amount but if this was a direct deposit and the account is still open, they might even be able to debit you...
by MikeG62
Tue Nov 21, 2017 3:25 pm
Forum: Personal Finance (Not Investing)
Topic: Car Lease Gotchas
Replies: 33
Views: 2524

Re: Car Lease Gotchas

Jason, I have historically been a buyer of cars - believing it to be a lower cost way of getting into a car, assuming the car is well bought (price negotiated) and kept in very good condition (for re-sale purposes). Having said this, I retired two years ago and have decided that going forward my DW ...
by MikeG62
Tue Nov 21, 2017 2:57 pm
Forum: Personal Finance (Not Investing)
Topic: At what age to drop term life insurance?
Replies: 21
Views: 4413

Re: At what age to drop term life insurance?

I would love to get opinions on my situation. I have the assets to cover my eight year younger wife. I am 66 and my 20 year term life policy runs out or should I say increases astronomically in August 2020 and I have no plans to keep beyond 08/2020. I pay $1248.00 a year ($104 a month) for $500K of...
by MikeG62
Tue Nov 21, 2017 1:36 pm
Forum: Personal Finance (Not Investing)
Topic: Discover Card Change in Terms
Replies: 25
Views: 2141

Re: Discover Card Change in Terms

...This offer is by invitation only for existing customers. My wife and I both have our own Discover cards (not just authorized users). We typically use one of the cards for years at a time. It seems that after some long period of inactive time, Discover makes some special offer. This has happened ...
by MikeG62
Tue Nov 21, 2017 12:18 pm
Forum: Personal Finance (Not Investing)
Topic: Discover Card Change in Terms
Replies: 25
Views: 2141

Re: Discover Card Change in Terms

...Looking at my Discover Card, it shows I have also held my account since 1986 (Discover was founded in 1985, so this is back to the very beginning). Discover recently made us an offer where, after a one year period of charging, they will double any rewards we earn during that period. So the 1% ca...
by MikeG62
Sun Nov 19, 2017 3:14 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Returns - How Long Do you Keep?
Replies: 38
Views: 2534

Re: Tax Returns - How Long Do you Keep?

I have hard copies of everything (return and all backup) for 6 full years. Once older than 6 years I shred all backup information, but keep the return itself. I have hard copy returns going back for 20 years (no idea what happened to the ones older than that). I must have shredded them long ago (for...
by MikeG62
Sun Nov 19, 2017 12:45 pm
Forum: Investing - Theory, News & General
Topic: College 529 Analysis
Replies: 15
Views: 1009

Re: College 529 Analysis

I do not do any tracking other than checking the balance and transactions a few times a year. Given my investing approach (choose a fund(s) and set it and forget it) and the fact that the investment horizon is relatively short-term in nature, I do not see upside in any sort of analysis or tracking....
by MikeG62
Sun Nov 19, 2017 12:42 pm
Forum: Investing - Help with Personal Investments
Topic: Capital gains timing
Replies: 11
Views: 955

Re: Capital gains timing

OP, selling it is fine if you want out of the position. However, if your main gripe is having too many different investment accounts, why can't you just move the stock position itself into your main taxable investment account, close the account where the stock is currently held and carry on?
by MikeG62
Sun Nov 19, 2017 11:09 am
Forum: Investing - Theory, News & General
Topic: Investment Portfolio Tracking & Spreadsheets
Replies: 22
Views: 1432

Re: Investment Portfolio Tracking & Spreadsheets

I use an asset aggregator (Fidelity's FullView) to consolidate and track all of my investment accounts and a custom designed multi-tabbed excel spreadsheet to track my spending. Early retired two years ago. These work just fine for my purposes. I do not include assets in this analysis that are used ...
by MikeG62
Sat Nov 18, 2017 9:13 am
Forum: Investing - Theory, News & General
Topic: Retirees: I got this!!
Replies: 82
Views: 9670

Re: Retirees: I got this!!

I am approaching my 18th year of retirement and I'm actually wishing that I had opened the spigot a bit more early on. The only reason I am posting this is that a concern of running out is sort of a mirror image of a regret of having denied oneself experiences that in hind sight were affordable. Th...
by MikeG62
Fri Nov 17, 2017 4:16 pm
Forum: Investing - Help with Personal Investments
Topic: Current precarious equity environment for a retiree
Replies: 43
Views: 3203

Re: Current precarious equity environment for a retiree

Early retired two years ago. As others have said, you need to have an asset allocation that allows you to sleep at night. That does not necessarily mean significant underweight to equities (you need to find a balance). OP, if you pull money from equities, where is it going to go? If to fixed income,...
by MikeG62
Fri Nov 17, 2017 4:07 pm
Forum: Investing - Help with Personal Investments
Topic: Spending Taxable to Zero during Retirement
Replies: 32
Views: 3327

Re: Spending Taxable to Zero during Retirement

I know the general guideline is to burn down your taxable first and then tap the tax deferred and Roth last. There is no such general guideline. This quote from the article cited above is instructive... For most retirees, the tax efficient liquidation of a retirement portfolio requires coordinating...
by MikeG62
Wed Nov 15, 2017 7:45 am
Forum: Investing - Help with Personal Investments
Topic: 529 Plans - At what age do I move to conservative?
Replies: 24
Views: 1751

Re: 529 Plans - At what age do I move to conservative?

Great point about the Aged Based vehicles getting more conservative over time. They are both in the 13-14 Age Band of the Aggressive Age Fund which is roughly 50% Equity / 45% Fixed Income / 5% REIT. At the Age 18+ band, this allocation is roughly 23% Equity / 75% Fixed Income / 2% REIT. I'm leanin...
by MikeG62
Tue Nov 14, 2017 9:32 pm
Forum: Investing - Help with Personal Investments
Topic: 529 Plans - At what age do I move to conservative?
Replies: 24
Views: 1751

Re: 529 Plans - At what age do I move to conservative?

What is the current asset allocation of the age-based investment vehicles they are in? What will it be when your kid(s) enter college? Reason I ask is that age-based investment vehicles should be getting more conservative over time. Remember as well that you don’t pay the full amount for four years ...
by MikeG62
Tue Nov 14, 2017 9:19 am
Forum: Personal Finance (Not Investing)
Topic: Morningstar: Cognitive decline in aging. A strong case for portfolio simplification?
Replies: 98
Views: 7718

Re: Morningstar: Cognitive decline in aging. A strong case for portfolio simplification?

Bogleheads....Here is a related question on cognitive decline. Have you considered writing a letter to your older self, while you still have your full faculties? Or maybe making a video file? And then giving that to your child (or executor) for safe-keeping. It seems to me that as one experiences c...
by MikeG62
Mon Nov 13, 2017 8:47 am
Forum: Personal Finance (Not Investing)
Topic: Bunching Deductions property state
Replies: 5
Views: 537

Re: Bunching Deductions property state

I am not saying I would not advance pay and deduct your RE taxes, just that this strategy may not be without risk. See here: https://finance.zacks.com/tax-advantages-paying-property-taxes-before-new-year-5926.html I think it comes down to whether those prepaid taxes have been been assessed or whethe...
by MikeG62
Sun Nov 12, 2017 6:46 pm
Forum: Personal Finance (Not Investing)
Topic: HSA or Traditional Health Insurance - Need Insights
Replies: 17
Views: 1242

Re: HSA or Traditional Health Insurance - Need Insights

...Did you run the numbers with two bronze hsa plans? if the premium savings is 1968, and the deductible is 1500 higher.. that leaves almost 500 cheaper, that goes a long way on coinsurance then co-pay.... just something to think about... I did and think it makes a lot of sense to consider the bron...
by MikeG62
Sun Nov 12, 2017 10:18 am
Forum: Personal Finance (Not Investing)
Topic: Retirement Policy Statement (RPS) -- Is anyone else using one?
Replies: 12
Views: 1159

Re: Retirement Policy Statement (RPS) -- Is anyone else using one?

WoodSpinner, I developed a detailed Withdrawal Policy Statement after reading this post by Kitces: https://www.kitces.com/blog/crafting-a-withdrawal-policy-statement-for-retirement-income-distributions-guyton/ I started with Guyton's template (which can be accessed in that post) and then enhanced it...
by MikeG62
Sun Nov 12, 2017 10:01 am
Forum: Personal Finance (Not Investing)
Topic: HSA or Traditional Health Insurance - Need Insights
Replies: 17
Views: 1242

Re: HSA or Traditional Health Insurance - Need Insights

I just checked on two individual plans and the combined monthly premium would be about $75 per month more than the premium under the family plan. Need to think this through more. in my reply i kept forgetting that your expenses are really lopsided. It might make sense with the lopsided expenses to ...
by MikeG62
Fri Nov 10, 2017 6:22 am
Forum: Investing - Theory, News & General
Topic: Investment Books & Your Library
Replies: 36
Views: 2555

Re: Investment Books & Your Library

PFInterest wrote:
Sun Nov 05, 2017 2:11 pm
yes.
also yes.

its been a long time since a finance book added a light-bulb type moment.
+1
by MikeG62
Fri Nov 10, 2017 5:56 am
Forum: Personal Finance (Not Investing)
Topic: PayPal alternative?
Replies: 47
Views: 2408

Re: PayPal alternative?

I use my bank's (Ally) person-to-person payment service, Zelle. Seems to work well for simple payments. BofA has the same service (Zelle). We use it to transfer $ to one of my daughter's college housemates for rent. Works very well. Funds generally transfer in one business day. I have used Paypal i...
by MikeG62
Thu Nov 09, 2017 3:22 pm
Forum: Personal Finance (Not Investing)
Topic: Liability insurance for college students in dorms ?
Replies: 13
Views: 1019

Re: Liability insurance for college students in dorms ?

Hard to imagine what liability a parent would be exposed to relating to their kid in a dorm. My daughter lives off campus, and I bought renters insurance which covers not only damage to the property but also provides some liability cover for things which happen on that property. Given I did not sign...
by MikeG62
Thu Nov 09, 2017 8:53 am
Forum: Investing - Theory, News & General
Topic: When is a good time to rebalance?
Replies: 30
Views: 2278

Re: When is a good time to rebalance?

Some good food for thought here...

https://www.kitces.com/blog/best-opport ... hresholds/

FWIW, I am using tolerance bands.
by MikeG62
Thu Nov 09, 2017 8:33 am
Forum: Personal Finance (Not Investing)
Topic: What's the most "interesting" job in corporate finance?
Replies: 20
Views: 1915

Re: What's the most "interesting" job in corporate finance?

Last point, the importance of high moral character cannot be overstated. This is another area where some ambitious people fall short. Not to mention one of the most distressing areas in which to be at odds with your employer from a values standpoint. Our CEO had a clear and easy litmus test for thi...
by MikeG62
Thu Nov 09, 2017 8:26 am
Forum: Personal Finance (Not Investing)
Topic: Lending Money to Business Acquaintance
Replies: 17
Views: 1257

Re: Lending Money to Business Acquaintance

I would absolutely not do this. There is a reason he has run out of money and that reason is why you are not likely to ever get your money back. The fact that he wants some of the money to pay back other investors just adds insult to injury. Thank him for thinking of you, but respectfully pass on th...
by MikeG62
Wed Nov 08, 2017 8:48 am
Forum: Personal Finance (Not Investing)
Topic: When did you start investing in taxable accounts?
Replies: 23
Views: 2504

Re: When did you start investing in taxable accounts?

I started saving money in a taxable account when I got my first job. Not sure I'd call it investing, but I was socking money away. Now this was in the mid 1980's and things like Roth IRA's did not exist. I did sign up for a 401K my first day at my first employer. I think you are on the right path. J...
by MikeG62
Wed Nov 08, 2017 8:31 am
Forum: Personal Finance (Not Investing)
Topic: What's the most "interesting" job in corporate finance?
Replies: 20
Views: 1915

Re: What's the most "interesting" job in corporate finance?

...Do you see people doing Exec MBAs (accountants that is) to credentialize themselves into more senior management roles? Worth doing? What steps would you recommend to a young accountant to make this sort of career track happen? Yes, getting an MBA definitely helps, but it's not absolutely necessa...
by MikeG62
Tue Nov 07, 2017 10:16 pm
Forum: Personal Finance (Not Investing)
Topic: Auto Insruance Payment
Replies: 29
Views: 1515

Re: Auto Insruance Payment

My former auto insurer (Travelers) offered a discount for prepaying in full, so I did that, even though it was a rather large ($4,000) payment. My current insurer (NJ Manufacturers) charges me monthly. There is no fee and they allow me to pay by CC (on which I get 2% cash back). So I do that. Will y...
by MikeG62
Tue Nov 07, 2017 10:08 pm
Forum: Personal Finance (Not Investing)
Topic: What's the most "interesting" job in corporate finance?
Replies: 20
Views: 1915

Re: What's the most "interesting" job in corporate finance?

Hi All, I'm currently studying for my Master's in Accounting/plan on being a CPA. I have an audit internship lined up for this coming winter. I'm currently interning in corporate finance (FP&A). I was just wondering if there's an area of corporate finance that tends to be more interesting? FP&A see...
by MikeG62
Tue Nov 07, 2017 8:53 am
Forum: Personal Finance (Not Investing)
Topic: all bronze and silver plans have deductibles?
Replies: 15
Views: 1340

Re: all bronze and silver plans have deductibles?

Something very important for un-subsidized buyers to know in NJ: NJ is a "silver loading" state. Basically, insurance companies have, for years, banked on Cost Sharing Reduction (CSR) payments. These were based on silver plans on the exchange. The government has now cut those off, and did so late e...
by MikeG62
Mon Nov 06, 2017 10:07 pm
Forum: Personal Finance (Not Investing)
Topic: all bronze and silver plans have deductibles?
Replies: 15
Views: 1340

Re: all bronze and silver plans have deductibles?

I am just taking a long look at my choices on the exchange for insurance for 2018. This year my deductible is $0. Using the same income for 2018 as 2017, I am seeing deductibles of $900+. For the plan I am on now, the deductible jumps from $0 to $2200. I am in NJ. I had expected premium increases b...
by MikeG62
Mon Nov 06, 2017 8:57 am
Forum: Personal Finance (Not Investing)
Topic: Trade QUICKEN for Spreadsheet
Replies: 28
Views: 1873

Re: Trade QUICKEN for Spreadsheet

you might find that you don't need to roll your own. https://www.vertex42.com/ExcelTemplates/excel-checkbook.html I developed my own spreadsheet several years ago which looks eerily similar to this free one. Interesting... FWIW, a spreadsheet works great as an e-checkbook register, I can reconcile ...
by MikeG62
Mon Nov 06, 2017 8:10 am
Forum: Personal Finance (Not Investing)
Topic: HSA or Traditional Health Insurance - Need Insights
Replies: 17
Views: 1242

Re: HSA or Traditional Health Insurance - Need Insights

Monthly Premium : HSA = $1,500/mo Traditional Health Insurance = $1,600/mo. You live in NJ, which does not recognize HSAs. Thus your only tax savings will be on the federal tax. Assuming a 25% bracket, the $6900 HSA contribution will save you $1725 in tax, and the $100 monthly premium difference wi...
by MikeG62
Sun Nov 05, 2017 9:31 am
Forum: Personal Finance (Not Investing)
Topic: HSA or Traditional Health Insurance - Need Insights
Replies: 17
Views: 1242

Re: HSA or Traditional Health Insurance - Need Insights

Another factor that I don't think has been mentioned is the tax deduction for HSA contributions. Even if you're not using it as a long-term savings vehicle as many do here (my family included), you can contribute enough to the HSA so that your current health care costs are tax-deductible. Too bad t...
by MikeG62
Sun Nov 05, 2017 9:27 am
Forum: Personal Finance (Not Investing)
Topic: HSA or Traditional Health Insurance - Need Insights
Replies: 17
Views: 1242

Re: HSA or Traditional Health Insurance - Need Insights

Thanks for the quick and informative reply. I will try and answer your questions and/or provide some comments below. I think you need to reconsider.. the HSA is actually pretty decent.. its 1200 cheaper out of the gate. Best Case: never go to the doctor you are 1200 ahead In my case you are right - ...
by MikeG62
Sun Nov 05, 2017 8:23 am
Forum: Personal Finance (Not Investing)
Topic: HSA or Traditional Health Insurance - Need Insights
Replies: 17
Views: 1242

HSA or Traditional Health Insurance - Need Insights

Hello, Looking for opinions/perspective: It is open enrollment time again and I am looking at health insurance options for my DW and I. Have never really considered HSA plans before, but doing more homework this year following a 25% increase in premiums by existing insurer (BSCBS of NJ). Here are so...
by MikeG62
Fri Nov 03, 2017 6:36 pm
Forum: Personal Finance (Not Investing)
Topic: Does Retirement Make You Lazier?
Replies: 87
Views: 7589

Re: Does Retirement Make You Lazier?

Not lazier but we're in no rush to do anything, except to go on the next vacation! +1 I’m not sure why, but perhaps when working you know you have limited time to get things done around the house. So whenever home, you make sure you tend to those things. When retired, you have unlimited time to get...
by MikeG62
Fri Nov 03, 2017 8:10 am
Forum: Personal Finance (Not Investing)
Topic: Should I decline Grand Prize trip because of taxes on winnings?
Replies: 93
Views: 8347

Re: Should I decline Grand Prize trip because of taxes on winnings?

... Like my husband said, “if you were going to spend $4000 on a trip, would this be it?” And the answer is no, this is not my “dream trip”. However it is an unusual opportunity that will never happen again, and I’m sure I would enjoy it. Is that enough reason to do it??????? I would say no, this i...
by MikeG62
Thu Nov 02, 2017 8:52 am
Forum: Personal Finance (Not Investing)
Topic: Unable to Escape from Quicken Island ...
Replies: 66
Views: 6045

Re: Unable to Escape from Quicken Island ...

I abandoned Quicken over 15 years ago and have not looked back since. Use Fidelity Full View to aggregate all our financial accounts (assets side) and Excel to track and analyze our spending. While Excel may require a bit more effort, I know it works and is customer designed to exactly meet my needs.
by MikeG62
Thu Nov 02, 2017 7:04 am
Forum: Personal Finance (Not Investing)
Topic: Tax efficiency query- Stock losses
Replies: 14
Views: 950

Re: Tax efficiency query- Stock losses

Simply put, stock losses can only be used to offset stock gains, with the following exception. To the extent that stock losses exceed stock gains, you may use only $3,000 in excess stock losses against your ordinary income each year. So if you want to harvest all of the losses, you could either sell...
by MikeG62
Wed Nov 01, 2017 8:41 am
Forum: Personal Finance (Not Investing)
Topic: Pet insurance?
Replies: 48
Views: 4412

Re: Pet insurance?

Our second dog died this past year at 14. When he was around 8-9 I looked into and purchased pet insurance. Annual cost was around $200 for a policy with a $1,000 deductible, 20% co-pay and $15,000 cap on insurance. When he was 11, he developed cancer and needed an operation which cost around $4,00...
by MikeG62
Tue Oct 31, 2017 6:18 pm
Forum: Personal Finance (Not Investing)
Topic: Pet insurance?
Replies: 48
Views: 4412

Re: Pet insurance?

My wife and I have owned two dogs since we were married. In the case of the first dog, we did not have pet issuance and it got pretty costly toward the end of his life once he became sick. He developed cancer and lived only 9 years. Our second dog died this past year at 14. When he was around 8-9 I ...
by MikeG62
Sun Oct 29, 2017 8:42 am
Forum: Personal Finance (Not Investing)
Topic: Fidelity Rewards Visa Card
Replies: 17
Views: 1588

Re: Fidelity Rewards Visa Card

I’ve been using this card since it was first introduced well over a decade ago. We use it as our basic cash back card, where/when our many other cards don’t offer a better/larger benefit. I think the switch to Elan was not great either, but once I got used to their site all has been fine. The 2% is ...
by MikeG62
Sat Oct 28, 2017 9:27 am
Forum: Investing - Help with Personal Investments
Topic: Early-retired 35 year old with $1 million
Replies: 198
Views: 18617

Re: Early-retired 35 year old with $1 million

I don't have an issue with your portfolio or it's composition. My worry is you do not have enough money to be retired at 35 (as your remaining lifespan could be another 60 years). Plus, you have some major variables too - girlfriend you may marry and possibly have kids. That would ramp your expenses...
by MikeG62
Thu Oct 26, 2017 6:45 am
Forum: Personal Finance (Not Investing)
Topic: Financial Critical Mass
Replies: 13
Views: 2243

Re: Financial Critical Mass

jmndu99 wrote:
Wed Oct 25, 2017 8:17 pm
...He also calls it "The land with no alarm clocks"
When people ask me about what it is like to be retired, this is one of the first benefits I mention (on a very long list).
by MikeG62
Tue Oct 24, 2017 7:14 am
Forum: Investing - Theory, News & General
Topic: Building very high net worth
Replies: 81
Views: 8294

Re: Building very high net worth

C-suite executives at larger corporations certainly can get to 8 figures, and look how many of them there are. That's working at a salaried job, but on a fast track to incentive comp and perqs. And When it comes to career advice, I would agree with Warren Buffett. Choose as a career what you would ...
by MikeG62
Mon Oct 23, 2017 7:29 am
Forum: Personal Finance (Not Investing)
Topic: Avoiding Transfer Fee---Will this work?
Replies: 15
Views: 1453

Re: Avoiding Transfer Fee---Will this work?

BofA charges to do a transfer out to another bank but they don't have a charge for "bill pay". Bill directly to yourself at the alley account. I do it every month for the same reason as you. Interesting (smart) workaround :D. FWIW, I have accounts with both banks and always initiate the transfer at...