Search found 89 matches

by Retiredron
Wed Mar 03, 2021 5:38 pm
Forum: Personal Finance (Not Investing)
Topic: Any chance? IRMAA Appeal after one time capital gains
Replies: 12
Views: 781

Re: Any chance? IRMAA Appeal after one time capital gains

I don't think so. You need a life changing event to start the appeal process. A one year increase in income will impact IRMAA only for one year so things should revert back to the base medicare premium the following year. I think Social Security uses the tax return from two years back to establish I...
by Retiredron
Wed Feb 24, 2021 10:29 am
Forum: Personal Investments
Topic: Advice on how to ease the anxiety of deciding to retire.
Replies: 91
Views: 11094

Re: Advice on how to ease the anxiety of deciding to retire.

It's sounds like you are not under stress at work. Think long and hard about retiring, especially if you really enjoy your job, your work colleagues and the overall company environment and culture. I retired at 61 but missed work greatly for the first 6 months even though it was the stress and inter...
by Retiredron
Mon Feb 15, 2021 9:54 pm
Forum: Personal Finance (Not Investing)
Topic: MAGI Calculation for Roth
Replies: 3
Views: 380

Re: MAGI Calculation for Roth

Sorry I meant line 14!
by Retiredron
Mon Feb 15, 2021 9:52 pm
Forum: Personal Finance (Not Investing)
Topic: MAGI Calculation for Roth
Replies: 3
Views: 380

Re: MAGI Calculation for Roth

I believe the answer is no. Just look at Form 1040 schedule 1, line 16. 1/2 SE tax is part of the adjustment that is made to total income to get to AGI. For MAGI, you have to add in any tax exempt interest. It appears that you are self employed (maybe LLC?) or run a small business. Do you have an i4...
by Retiredron
Wed Feb 10, 2021 7:30 am
Forum: Personal Investments
Topic: Any reason not to do Roth conversions?
Replies: 14
Views: 1502

Re: Any reason not to do Roth conversions?

Jake, Here are some key questions: 1) Can you estimate your marginal tax rate once your current annual income stops at 70? Will it be lower than 24%? 2) You don't list income from other sources such as dividends, rentals, etc. Is your total income just your deferred comp. and 1099 income? 3) Have yo...
by Retiredron
Fri Jan 22, 2021 8:58 am
Forum: Personal Consumer Issues
Topic: Signature Golf Holes that are worth traveling to? . . . And. . Most Memorable Golf Experiences?
Replies: 78
Views: 4938

Re: Signature Golf Holes that are worth traveling to? . . . And. . Most Memorable Golf Experiences?

I attended the 2019 Open at Royal Port Rush in Northern Ireland. Several great holes along the wild north Atlantic coast but more importantly some amazing natural wonders and sites close by (i.e., Giant's Causeway, Carrick-a-Rede Rope Bridge), wonderful people, and great pubs!
by Retiredron
Mon Jan 11, 2021 5:38 pm
Forum: Personal Consumer Issues
Topic: Speed Queen Washer & Dryer
Replies: 24
Views: 2183

Re: Speed Queen Washer & Dryer

They are the best washer and dryer we have ever owned! Go for it.
by Retiredron
Fri Nov 27, 2020 8:47 am
Forum: Personal Consumer Issues
Topic: Tools and Products for tooth and gum hygiene
Replies: 12
Views: 800

Re: Tools and Products for tooth and gum hygiene

I brush with Listerine or equivalent every night. It has really helped.
by Retiredron
Thu Nov 12, 2020 8:44 am
Forum: Personal Finance (Not Investing)
Topic: Question on Medicare Advantage 12 Month Trial Period
Replies: 3
Views: 485

Question on Medicare Advantage 12 Month Trial Period

I'm 66 with original Medicare plus a supplement/drug plan from my last employer. My employer is dropping retiree supplement/drug coverage at the end of this year so I need to either switch to MA or buy a Medigap policy plus Part D. I'm looking at a MA plan just for 2021 but not I'm not clear on the ...
by Retiredron
Fri Oct 09, 2020 5:20 pm
Forum: Personal Investments
Topic: Roth conversions. Am I done?
Replies: 17
Views: 2160

Re: Roth conversions. Am I done?

Have you created a simple spreadsheet estimating your taxable income and marginal tax bracket over the next 5 to 7 years? I think RPM does that but not 100% certain since it's been awhile since I've worked with that tool. If you are certain you will be in the 12% bracket when RMDs kick in I agree do...
by Retiredron
Sun Jun 14, 2020 7:03 am
Forum: Personal Finance (Not Investing)
Topic: Self Employed and IRA Contributions
Replies: 24
Views: 991

Re: Self Employed and IRA Contributions

I'm not an expert but I have a small business. I believe you should have opened either a SEP IRA or contributed the $10K to your existing i401k (you can't do both in the same year). A traditional IRA, I believe, only applies if you have W2 income which you did not.
by Retiredron
Fri Jun 05, 2020 8:55 am
Forum: Personal Investments
Topic: Retirement income tax rate
Replies: 64
Views: 4308

Re: Retirement income tax rate

Doing a large Roth conversion in one year in retirement will be taxable income that could push you into the next tax bracket vs when you were working. I continue to talk to friends and others who don't recognize this potential. If you want to consider Roth conversions you have to understand what eac...
by Retiredron
Sun May 31, 2020 5:46 pm
Forum: Personal Investments
Topic: Roth conversion calculator?
Replies: 18
Views: 1819

Re: Roth conversion calculator?

I think more info would be helpful to be able to provide you with some guidance. Are you taking your RMDs yet? If not, how many years before you have to start taking them? Are you single or married? What is your current (2020) estimated marginal tax bracket? What is your estimated marginal bracket o...
by Retiredron
Sat May 30, 2020 9:24 am
Forum: Personal Finance (Not Investing)
Topic: northern Delaware versus southern NJ for retirement
Replies: 41
Views: 3612

Re: northern Delaware versus southern NJ for retirement

I live in PA right over the DE state line. You should avoid the eastern half of northern DE and focus on the western half (towns include Greenville, Centerville, Hockessin and north Wilmington). You should also check out the southeastern corner of PA - some very nice towns with 55+ communities like ...
by Retiredron
Tue May 26, 2020 6:06 am
Forum: Personal Finance (Not Investing)
Topic: Sister died without will in NJ; trying to help nephews
Replies: 8
Views: 1786

Sister died without will in NJ; trying to help nephews

Hello everyone, My sister recently passed away in NJ and unfortunately she had no will. Her husband died years back and my two nephews are trying to figure out next steps. Her estate consists of a home, personal possessions and a small checking account. There is a home equity loan outstanding. I do ...
by Retiredron
Mon May 11, 2020 2:16 pm
Forum: Personal Finance (Not Investing)
Topic: Advice needed - sister's home in foreclosure - terminal cancer
Replies: 26
Views: 2943

Re: Advice needed - sister's home in foreclosure - terminal cancer

Thank you all again for the kind words and advice. One question - do I need my lawyer to prepare a lien or is that something I can do on my own? I have no experience with liens. Thanks to an earlier post I confirmed that the NJ governor has signed legislation preventing any foreclosures during the C...
by Retiredron
Mon May 11, 2020 8:58 am
Forum: Personal Finance (Not Investing)
Topic: Advice needed - sister's home in foreclosure - terminal cancer
Replies: 26
Views: 2943

Re: Advice needed - sister's home in foreclosure - terminal cancer

Thank you all so much for the quick replies. Yes, my sister is confused and not is a good state of mind so I don't see her executing any documents but I will urge my nephews to consider options. They have been caring for her in the home the last few weeks and are exhausted and totally focused on her...
by Retiredron
Mon May 11, 2020 8:31 am
Forum: Personal Finance (Not Investing)
Topic: Advice needed - sister's home in foreclosure - terminal cancer
Replies: 26
Views: 2943

Advice needed - sister's home in foreclosure - terminal cancer

Thank you for any advice you can offer in this complex situation. My sister (77) has terminal cancer and will be moving into hospice care and I just learned from her two sons (one lives with her and one is married; her husband passed) that she is 12K behind on her New Jersey home equity loan and the...
by Retiredron
Tue Apr 28, 2020 4:09 pm
Forum: Personal Investments
Topic: Parents cash at Vanguard
Replies: 29
Views: 2930

Re: Parents cash at Vanguard

It is very easy to open an online saving account at Ally. You can then link the Vanguard MMF account to the Ally savings account and transfer the money directly in one day. This is the way I would go.
by Retiredron
Fri Apr 24, 2020 12:52 pm
Forum: Personal Investments
Topic: Thinking of Consolidating Bond Funds in tIRA
Replies: 2
Views: 172

Re: Thinking of Consolidating Bond Funds in tIRA

Thanks. I meant to say "US government bonds"!
by Retiredron
Fri Apr 24, 2020 11:51 am
Forum: Personal Investments
Topic: Thinking of Consolidating Bond Funds in tIRA
Replies: 2
Views: 172

Thinking of Consolidating Bond Funds in tIRA

Hi all, Looking for input on simplifying the bond funds in my tIRA. Based on Vanguard input several years back (when I rolled my 401k into my IRA) the bond allocation of my tIRA is: 25% in Intermediate Term Investment Grade, 25% in Short Term Investment Grade and 50% in Total Bond. I've been thinkin...
by Retiredron
Mon Apr 13, 2020 4:22 pm
Forum: Personal Finance (Not Investing)
Topic: Can I fund Ally CDs directly from Vanguard brokerage Money market
Replies: 17
Views: 1464

Re: Can I fund Ally CDs directly from Vanguard brokerage Money market

No it has to be from a bank. You can send money from your Vanguard settlement account to your bank and then to Ally once you have your bank linked to the Vanguard and Ally accounts.
by Retiredron
Sat Apr 04, 2020 9:15 am
Forum: Personal Investments
Topic: time to convert TIRA to Roth
Replies: 5
Views: 383

Re: time to convert TIRA to Roth

Yes I agree with your plan. However, it's best to pay the tax from funds in your taxable account, not from the tIRA being converted.
by Retiredron
Thu Apr 02, 2020 7:09 pm
Forum: Personal Consumer Issues
Topic: Wine Club Recommendations?
Replies: 15
Views: 1360

Re: Wine Club Recommendations?

Thanks for all the great suggestions.
by Retiredron
Wed Apr 01, 2020 12:14 pm
Forum: Investing - Theory, News & General
Topic: Retired - 2020 Estimated tax, Market volatility, IRA Conversions?
Replies: 6
Views: 470

Re: Retired - 2020 Estimated tax, Market volatility, IRA Conversions?

I'm not a fan of Barrons but they have an article on-line estimating that the S&P 500 dividend payout will drop by 25% this year. That seems reasonable to me given that some firms have already announced cuts or suspensions.
by Retiredron
Tue Mar 31, 2020 6:45 pm
Forum: Investing - Theory, News & General
Topic: Investments you wouldn't touch with a 10 foot pole
Replies: 110
Views: 9682

Re: Investments you wouldn't touch with a 10 foot pole

Most "investments" that are advertised on CNBC, Fox Business or radio talk shows - things like " physical gold in your IRA", "14-21% return on commercial real estate", etc. I know it's buyer beware but these channels should really do a much better job screening most of ...
by Retiredron
Tue Mar 31, 2020 3:41 pm
Forum: Personal Consumer Issues
Topic: Wine Club Recommendations?
Replies: 15
Views: 1360

Wine Club Recommendations?

Given the current Covid 19 stay at home order in PA I want to join a wine club for the first time. I would value any recommendations for wine clubs that have reasonably priced ($25 or less) CA, OR, and/or WA state reds. Thanks so much.
by Retiredron
Wed Mar 25, 2020 12:04 pm
Forum: Personal Investments
Topic: roth conversion
Replies: 13
Views: 1218

Re: roth conversion

I recommend you create a simple spreadsheet looking at your estimated taxable income now through your mid 70s to understand where your tax rates will be. Also note that if you can't pay the conversion tax from your taxable assets Roth conversions probably don't make sense for most. You also have to ...
by Retiredron
Tue Mar 17, 2020 7:02 am
Forum: Personal Finance (Not Investing)
Topic: Roth IRA conversion time?
Replies: 2
Views: 276

Re: Roth IRA conversion time?

Yes I agree with you. My plan had me doing some conversions this year so this is one of the silver linings of the current market decline. No one knows the low this year but clearly you can convert more shares now for the same tax bill.
by Retiredron
Thu Mar 05, 2020 11:45 am
Forum: Personal Finance (Not Investing)
Topic: Purchasing Ally CD: Is this smart?
Replies: 36
Views: 3340

Re: Purchasing Ally CD: Is this smart?

Yes it is smart given the current bond yields. I just opened an 11 month CD (1.9%) and a 13 month CD (2.1%) at Ally.
by Retiredron
Tue Feb 18, 2020 8:18 pm
Forum: Personal Finance (Not Investing)
Topic: First solo 401k contribution—employer/employee splits
Replies: 8
Views: 659

Re: First solo 401k contribution—employer/employee splits

You must also consider if the employee contribution will be Roth or pre tax. The employer contribution must be pre tax.
by Retiredron
Thu Feb 13, 2020 9:10 am
Forum: Personal Investments
Topic: Funding a down payment with investments
Replies: 12
Views: 1347

Re: Funding a down payment with investments

It would be good if you could provide a bit more information such as the price range of the homes you might be considering and the estimated down payment percentage you are considering (15%, 20%, etc.). I would not sell any stocks at this time (remember you will have to pay capital gains tax) until ...
by Retiredron
Tue Feb 11, 2020 5:57 pm
Forum: Personal Finance (Not Investing)
Topic: Having a baby in April 2020 - Whats your best financial advice for a new parent
Replies: 102
Views: 8969

Re: Having a baby in April 2020 - Whats your best financial advice for a new parent

Open a Uniformed Gifts to Minor account at Vanguard and put money into S+P 500 fund. Add funds when you can and just leave it alone.
by Retiredron
Tue Feb 11, 2020 9:25 am
Forum: Personal Consumer Issues
Topic: How often do you need new car tires?
Replies: 50
Views: 4194

Re: How often do you need new car tires?

Just ordered news tires for the original Bridgestones on my 2016 Subaru Outback. 41K and I could probably get another 5K on them but, for me, I never push tires to the limit. Much better to replace a bit early and avoid the safety risk of driving on older tires.
by Retiredron
Thu Feb 06, 2020 3:55 pm
Forum: Personal Consumer Issues
Topic: Philly with Kids
Replies: 25
Views: 1879

Re: Philly with Kids

Historical sites are fantastic but your kids are too young I think. Save those for when they are 10 or older. Check out the Please Touch Museum. They will love that. Aquarium in Camden is also great for the kids but don't stray too far from there. Many fabulous art museums in Philly but again I thin...
by Retiredron
Wed Feb 05, 2020 8:58 am
Forum: Personal Finance (Not Investing)
Topic: Lump Sum Payment for SS/Medicare Tax on Non-Qualified Income
Replies: 2
Views: 220

Re: Lump Sum Payment for SS/Medicare Tax on Non-Qualified Income

For clarity, I also received a separate W2 from Fidelity showing the total non-qualified benefit payments received in 2019 with zero SS and Medicare tax being W/H.
by Retiredron
Wed Feb 05, 2020 8:22 am
Forum: Personal Finance (Not Investing)
Topic: Lump Sum Payment for SS/Medicare Tax on Non-Qualified Income
Replies: 2
Views: 220

Lump Sum Payment for SS/Medicare Tax on Non-Qualified Income

I have an interesting situation for the tax experts on this site. In 2019 I started receiving my monthly pension from an ex-employer. While working I was considered "highly compensated" so there was a another benefit called a "benefit equalization plan" that put non-qualified emp...
by Retiredron
Mon Jan 27, 2020 3:48 pm
Forum: Personal Consumer Issues
Topic: First Visit to Keys and Marathon, FL
Replies: 25
Views: 2504

Re: First Visit to Keys and Marathon, FL

Thanks so much for all the great advice so far. Really appreciate all of it.
by Retiredron
Sun Jan 26, 2020 8:40 am
Forum: Personal Consumer Issues
Topic: First Visit to Keys and Marathon, FL
Replies: 25
Views: 2504

First Visit to Keys and Marathon, FL

DW and I are taking our first trip to the Keys in late February. Both in mid 60s so just looking to have some great seafood meals, see some interesting sites, and enjoy the weather. We will be staying at Tranquility Bay in Marathon for 5 nights after landing in Miami and renting a car for the drive ...
by Retiredron
Tue Dec 03, 2019 9:17 am
Forum: Personal Investments
Topic: Should I do a Roth conversion in 2019?
Replies: 16
Views: 1564

Re: Should I do a Roth conversion in 2019?

Newlearner19, Putting together an Excel spreadsheet of my projected income over the next 15 years or so and then modeling various partial Roth conversions options helped me tremendously understand future RMDs, tax impact and total assets with each option evaluated. I would strongly recommend you do ...
by Retiredron
Mon Aug 19, 2019 6:40 pm
Forum: Personal Finance (Not Investing)
Topic: IRMAA 3 years after life changing event
Replies: 6
Views: 1083

Re: IRMAA 3 years after life changing event

Here is my recent story with my IRMAA appeal which might be helpful to you. I am married so my IRMAA levels are different. I retired in late 2015 but had additional deferred comp payouts that just ended in 2019. I turn 65 this Sept so Medicare starts Sept 1. Since my 2017 tax return showed an income...
by Retiredron
Sun Aug 18, 2019 8:57 am
Forum: Personal Finance (Not Investing)
Topic: IRMAA Appeal
Replies: 37
Views: 3756

Re: IRMAA Appeal

I just had a great experience with my local SS local. They walked me through the appeal process and my appeal was approved in less than 2 weeks. The rep also called me to tell me my appeal was approved before I received the official letter in the mail. He explained that if my actual 2019 MAGI exceed...
by Retiredron
Sun Aug 11, 2019 5:38 pm
Forum: Personal Finance (Not Investing)
Topic: Pensions bought by Metlife
Replies: 4
Views: 542

Re: Pensions bought by Metlife

My pension from a large US pharma firm was recently transferred to a large insurance company. Companies want to exit the administration of pension benefits and life insurance companies due this as part of their core business. My company engaged an independent fiduciary to review and oversee the tran...
by Retiredron
Sat Aug 10, 2019 7:45 am
Forum: Personal Finance (Not Investing)
Topic: Deferred Comp Impact - Part B Premium Appeal Question
Replies: 4
Views: 426

Re: Deferred Comp Impact - Part B Premium Appeal Question

Just closing the loop here. I had a great experience with my local SS office. Called and set up a phone interview. The SS rep was great and suggested that I complete SSA-44 with a short explanation letter indicating that my deferred comp has now ended. He explained that my 2015 retirement did count ...
by Retiredron
Sun Jul 28, 2019 8:11 pm
Forum: Personal Consumer Issues
Topic: Cape Cod in September - Recommendations Please!
Replies: 6
Views: 1060

Re: Cape Cod in September - Recommendations Please!

Thanks all for the great tips.
by Retiredron
Sat Jul 27, 2019 11:31 am
Forum: Personal Consumer Issues
Topic: Cape Cod in September - Recommendations Please!
Replies: 6
Views: 1060

Cape Cod in September - Recommendations Please!

Our son lives in Boston and we want to combine a visit with several days in Cape Cod (maybe even a week rental). We are planning a mid Sept visit but we have never been to the Cape. We would prefer staying on the Ocean side and just want to relax, drive around a bit, and stroll the small towns. I un...
by Retiredron
Wed Jul 24, 2019 7:41 am
Forum: Investing - Theory, News & General
Topic: Optimized Roth Conversion Model
Replies: 45
Views: 8769

Re: Optimized Roth Conversion Model

I've actually spent many an hour working with RPM and have exchanged numerous emails with the model developer. This model is valuable but not complete. For example, it does not have the ability to account for after tax money in a tIRA as you evaluate a Roth conversion.
by Retiredron
Wed Jul 24, 2019 7:36 am
Forum: Personal Finance (Not Investing)
Topic: Deferred Comp Impact - Part B Premium Appeal Question
Replies: 4
Views: 426

Deferred Comp Impact - Part B Premium Appeal Question

Hi, Looking for help with appealing my Medicare Part B premium. Background - Medicare starts 9/1. I retired in late 2015 but had a deferred comp plan that paid out from 5/16 until 5/19. These payments moved my 2017 MAGI above 320K (MAGI income level for a premium jump for MFJ), primarily due to a lu...
by Retiredron
Wed Jul 24, 2019 6:41 am
Forum: Investing - Theory, News & General
Topic: Optimized Roth Conversion Model
Replies: 45
Views: 8769

Re: Optimized Roth Conversion Model

Indyhou, Thanks for your post and work on the Roth conversion model. I have been struggling to find a financial advisor or CPA with such a model and every time I make a call I get the same reply - "I don't have any specific models or tools I use to optimize Roth conversions"! I've read alm...