Search found 43 matches

by stevew7
Wed Jul 11, 2018 6:26 am
Forum: Personal Finance (Not Investing)
Topic: Northwestern Mutual (65 Life) Whole Life Insurance Question
Replies: 25
Views: 5897

Re: Northwestern Mutual (65 Life) Whole Life Insurance Question

It says for year 20 – when I am 68, end of year non-guaranteed insurance would be $143,ooo. End of year guaranteed cash surrender value is $52,000 (about $3,500 less than what I put in) My end of year non-guaranteed cash surrender value is $74,000. At age 78 the cash surrender value is $66,000 and ...
by stevew7
Thu Jun 14, 2018 7:05 am
Forum: Personal Finance (Not Investing)
Topic: recommendations for HELOC? does it matter to pick the cheapest rate?
Replies: 11
Views: 1363

Re: recommendations for HELOC? does it matter to pick the cheapest rate?

all of the above have no closing fees nor have yearly fees. i have a banking relationship with BoA, but even with all possible discounts, the rate is greater than the others. Double check that there are no annual fees. An annual fee is more common now than in the past. For example: Alliant Credit U...
by stevew7
Sat Jun 09, 2018 7:50 pm
Forum: Personal Consumer Issues
Topic: Insurance when renting car with CSR card
Replies: 6
Views: 989

Re: Insurance when renting car with CSR card

I would be careful if you think Hertz is providing you "free" state minimum insurance. There is nothing in the agreement that waives their right to subrogate against you. In fact, there are several cases on flyertalk of someone who assumed a car rental company provided some minimum liability coverag...
by stevew7
Sat Jun 09, 2018 10:49 am
Forum: Personal Consumer Issues
Topic: Insurance when renting car with CSR card
Replies: 6
Views: 989

Re: Insurance when renting car with CSR card

Chase Sapphire Reserve benefits are covered on their website: https://www.chase.com/card-benefits/sapphirereserve/travel The coverage provided is primary but only for physical damage to the rental car up to 75k. If you have no other car insurance, you have a lot of uncovered liability, for example, ...
by stevew7
Tue Mar 27, 2018 7:44 pm
Forum: Investing - Help with Personal Investments
Topic: Max-funding an Index Universal Life policy to the IRS limit??
Replies: 108
Views: 7468

Re: Max-funding an Index Universal Life policy to the IRS limit??

Not sure about an “escape period” for these policies. I have to read the small print and see. Once again, call this strategy and IUL junk all you want but please back that with credible data that I can use to debate this with my advisor. It would be of tremendous value to me. You haven't provided e...
by stevew7
Tue Mar 13, 2018 7:29 pm
Forum: Investing - Help with Personal Investments
Topic: Vanguard 1099 Roth Conversion Error in Statement?
Replies: 7
Views: 665

Re: Vanguard 1099 Roth Conversion Error in Statement?

It is checked as taxable amount not determined, but box 2a has the full amount as taxable in Vanguard's form. When you make a non-deductible contribution to an IRA, the recordkeeping is your responsibility. You have to fill out the 8606 to establish the non-deductible contribution. Vanguard has no ...
by stevew7
Tue Mar 13, 2018 7:20 pm
Forum: Investing - Help with Personal Investments
Topic: Vanguard 1099 Roth Conversion Error in Statement?
Replies: 7
Views: 665

Re: Vanguard 1099 Roth Conversion Error in Statement?

Box 2b should be checked as taxable amount not determined.

Then you will fill out irs form 8606 with your tax return to establish the non deductible contribution in the traditional ira.
by stevew7
Tue Mar 13, 2018 7:26 am
Forum: Investing - Help with Personal Investments
Topic: Can I take an 85+% pay cut for fun?
Replies: 80
Views: 10225

Re: Can I take an 85+% pay cut for fun?

How many flight hours and what ratings do you have? In order to be considered for a regional airline, you need ATP minimums: - Commercial Certificate - 14 CFR 61.160 = 1500 hours with 500 cross country, 100 night, 75 instrument, and 25 multi If you happen to have a part 135/charter operation nearby,...
by stevew7
Sun Feb 04, 2018 4:09 pm
Forum: Personal Consumer Issues
Topic: T-Mobile Coverage in Rural Areas
Replies: 31
Views: 1984

Re: T-Mobile Coverage in Rural Areas

Tmobile a few years ago acquired a lot of band 12 (700 mhz) lte spectrum. However, a lot of low end and older phones dont have support for this band, so if you are trying to reuse an older phone or cheap out and get an older phone, tmobile might actually have coverage but your phone won't pick up th...
by stevew7
Fri Sep 29, 2017 6:44 pm
Forum: Investing - Help with Personal Investments
Topic: 31yo should I consider a VAC annuity?
Replies: 7
Views: 1668

Re: 31yo should I consider a VAC annuity?

Finally, my question was not to rely on the imrf pension and vac to fund my retirement. I am obligated to contribute 4.5% of my pay to my pension (matched by 10% employeer) this is a requirement of my job and non negotiable. I am limited to 10% of my pay into the 7.5% VAC program. My IRA and 457 ar...
by stevew7
Fri Sep 29, 2017 6:25 pm
Forum: Personal Finance (Not Investing)
Topic: Think I Should Dump this Whole Life Policy
Replies: 13
Views: 1923

Re: Think I Should Dump this Whole Life Policy

Good idea getting term in place before you cancel this policy. In year 11, you will have paid 11 x 6k = 66k and your guaranteed value is 61.7k and non guaranteed value is 66.3k. So if mass mutual doesn't cut its dividend in the next 5 years, that's your break even year, 5 years away. Put another way...
by stevew7
Sun Sep 24, 2017 7:21 pm
Forum: Investing - Help with Personal Investments
Topic: 31yo should I consider a VAC annuity?
Replies: 7
Views: 1668

Re: 31yo should I consider a VAC annuity?

I agree at first glance the VAC option looks very promising. If it were me, I would NOT participate for three reasons. 1. Concentration risk. You are already counting on IMRF for your pension when you retire. You don't have social security (federal) like most others. So, you are at risk of some Illi...
by stevew7
Fri Sep 22, 2017 9:16 am
Forum: Personal Finance (Not Investing)
Topic: Help me calculate returns on Whole Life Policy - Keep it or cancel it?
Replies: 19
Views: 1984

Re: Help me calculate returns on Whole Life Policy - Keep it or cancel it?

Each year, we max out 401Ks, Backdoor Roths, and HSA. Our AGI is in the 39.6%. She has a term policy of $1m. Policy 1 - Issue 9/9/2008, Annual Premium $1,394, Cash Value in Year 9 of $8929; Year 10 $9938. I calculated an annual return of -28% return in year 1. Pay $1394 and return $1009 ($9938 - $8...
by stevew7
Fri Sep 22, 2017 8:48 am
Forum: Personal Finance (Not Investing)
Topic: Northwestern Mutual Term 80+ Life Insurance
Replies: 9
Views: 10101

Re: Northwestern Mutual Term 80+ Life Insurance

I am currently 25 year old and have a wife. No kids, but probably some in the next 4-5 years . I am slightly overweight (5 feet 6 inches, 170lb) but have no health concerns. I was quoted for 500,000$ in coverage for ~$240/yr ($20/month) for the first five years. The guaranteed maximums get absurdly...
by stevew7
Fri Sep 22, 2017 8:23 am
Forum: Personal Finance (Not Investing)
Topic: Please help with evaluation of whole life and term from Northwest mutual.
Replies: 18
Views: 2094

Re: Please help with evaluation of whole life and term from Northwest mutual.

at 32 was sold (by a friend) a 65 whole life and term 80 insurance. Policy was bought Oct 2014. 65 life- Net death benefit $715705; Annualized premium $11321 to which have been paying 940$ a mth. Net cash value- $18890 Term 80- Net death benefit- 1.3M; Annualized premium 725$ with a monthly payment...
by stevew7
Tue Aug 01, 2017 6:26 am
Forum: Investing - Help with Personal Investments
Topic: What should I do with existing VUL?
Replies: 15
Views: 2287

Re: What should I do with existing VUL?

I paid about $101,000 as premiums into this VUL policy since 2004 I have a surrender value of $30,000 I have outstanding Loan of $7,000 I have been taking VUL Loans of $4,000 every year to fund my Children's 529 College Saving Plan. I suspect that is one reason my cash value is this low. I estimate...
by stevew7
Tue Jun 27, 2017 5:39 am
Forum: Personal Finance (Not Investing)
Topic: Variable Universal Life - how long to stay?
Replies: 24
Views: 3687

Re: Variable Universal Life - how long to stay?

Fantastic news! Glad you were able to do the 1035 exchange to preserve your loss. Vanguard's fund choices in their variable annuity are pretty good (especially the index funds), and you are light-years ahead compared to the funds and fees you were paying in your Hancock vul. Good decision in taking ...
by stevew7
Tue May 09, 2017 7:27 pm
Forum: Personal Finance (Not Investing)
Topic: How to get out of Variable Universal Life Insurance (8 months in)
Replies: 19
Views: 2085

Re: How to get out of Variable Universal Life Insurance (8 months in)

Thanks for all of the responses. I looked him up on Broker Check, and he is Series 7 and 66 licensed, and told me over the phone that he was acting in a fiduciary capacity (I suppose anyone can say that!) Anyway, although it's annoying to lose some money, I'm glad I'm realizing this now rather than...
by stevew7
Tue May 09, 2017 5:16 pm
Forum: Personal Finance (Not Investing)
Topic: How to get out of Variable Universal Life Insurance (8 months in)
Replies: 19
Views: 2085

Re: How to get out of Variable Universal Life Insurance (8 months in)

I was sold a Variable Universal Life Insurance policy by an investment adviser (fiduciary). Are you sure your insurance salesman is acting as a fiduciary? That requires him to put your interests above his which is challenging as he receives a hefty commission from selling you a policy. Is the exten...
by stevew7
Thu May 04, 2017 9:44 am
Forum: Personal Finance (Not Investing)
Topic: Help with insurance decision!
Replies: 16
Views: 1835

Re: whole life insurance question

I am 44 years old and have had a 1M whole life policy with NML since 2003, with an annual premium of $13,180. I have been of the mindset to terminate the policy at this point and cash out the policy. I have paid 13 years of premiums thus far with a cost basis of approx. $184,000 and a cash value of...
by stevew7
Tue May 02, 2017 12:18 pm
Forum: Personal Finance (Not Investing)
Topic: Suspending Social Security Benefits- Will be 66 in June
Replies: 12
Views: 1948

Re: Suspending Social Security Benefits- Will be 66 in June

Hello fellow Bogleheads, I will turn 66 in June and want to call SS tomorrow to voluntarily suspend my benefits at FRA (06/17) and earn DRC's (delayed retirement credits until age 70). This social security loophole was closed in a law passed Nov 2015, effective April 30, 2016. This technique was co...
by stevew7
Tue May 02, 2017 6:17 am
Forum: Investing - Help with Personal Investments
Topic: What should I do with existing VUL?
Replies: 15
Views: 2287

Re: What should I do with existing VUL?

Thanks SteveW7. I already knew I was screwed and your post confirmed it. I have already starting the process to get a Term life insurance and then open a VA Account at my existing Fidelity Brokerage. My wife also has a similar VUL Policy with a Death Benefit of $300,00 and a PIR of $300,000 making ...
by stevew7
Tue May 02, 2017 6:09 am
Forum: Investing - Help with Personal Investments
Topic: What should I do with existing VUL?
Replies: 15
Views: 2287

Re: What should I do with existing VUL?

If you lost money, there's no need to do an exchange since you only would owe taxes on profits. I disagree. Since life insurance losses are NOT tax deductible, by doing a 1035 exchange, he can maintain the large loss (75k) in a low cost no load VA since the 1035 exchange maintains his basis (the to...
by stevew7
Mon May 01, 2017 7:36 pm
Forum: Investing - Help with Personal Investments
Topic: What should I do with existing VUL?
Replies: 15
Views: 2287

Re: What should I do with existing VUL?

Estimated Premium Paid Since 2004: $104,364 Net Surrender Value: $27,206 I'm very sorry your VUL has performed so poorly, and that you are still on the hook for a surrender fee even now, over 10 years later. :annoyed 2. Since there is a $74,286 loss between premiums paid ($104,364) and my current c...
by stevew7
Tue Apr 18, 2017 11:54 am
Forum: Investing - Help with Personal Investments
Topic: Wife's Money - 50K - Her Advisor vs My DIY - Help
Replies: 67
Views: 7335

Re: Wife's Money - 50K - Her Advisor vs My DIY - Help

Advisor suggested Indexed-Universal-Life Insurance (IUL) and convinced my wife that it is a better product as it will not go down if market goes down yet it will go up if market goes up , will act as LTC, death benefit etc I can't believe this "financial advisor" is charging you $250/hour and then ...
by stevew7
Wed Apr 12, 2017 10:20 am
Forum: Personal Finance (Not Investing)
Topic: MasterCard or Visa... Or One of Each?
Replies: 22
Views: 2610

Re: MasterCard or Visa... Or One of Each?

Just an anecdote: Recently my BOA Travel Rewards Visa (my primary credit card) was compromised and BOA issued me a new card automatically. BOA even permitted the old number continue to work for about a week. No problems right? Problem was we were on vacation when the new card was shipped, and the ol...
by stevew7
Wed Apr 12, 2017 10:08 am
Forum: Personal Finance (Not Investing)
Topic: Northwestern Mutual (65 Life) Whole Life Insurance Question
Replies: 25
Views: 5897

Re: Northwestern Mutual (65 Life) Whole Life Insurance Question

Hi everyone, I'm currently 26 years old and I started a Whole Life (65 Life) Insurance policy with Northwestern Mutual in October 2015. I was sold this policy and told to view it as in investment. I was told, "it's great to get in on something like this while you're young because you'll have so muc...
by stevew7
Tue Apr 11, 2017 2:55 pm
Forum: Personal Finance (Not Investing)
Topic: Asking employer benefits while leaving after an extended FMLA leave
Replies: 17
Views: 2257

Re: Asking employer benefits while leaving after an extended FMLA leave

Hi, Would there be any difference in getting benefits from employer while separating after on a extended unpaid leave compared to regular one. Is the employer still obligated to give unused vacation, holiday pay and bonus calculated prorata upto the leave start period, and usual severance pay such ...
by stevew7
Mon Apr 10, 2017 9:48 am
Forum: Personal Finance (Not Investing)
Topic: MasterCard or Visa... Or One of Each?
Replies: 22
Views: 2610

Re: MasterCard or Visa... Or One of Each?

For example, Sam's Club doesn't take Visa credit cards (but will accept Visa debit). But in my case, my Visa is the better card (like the Quicksilver card's benefits but issued by a local credit union). Sam's club takes Visa. I used a Visa credit card this weekend with no problems. https://help.sam...
by stevew7
Fri Apr 07, 2017 9:52 am
Forum: Investing - Help with Personal Investments
Topic: Stay with 401K or go to IRA
Replies: 5
Views: 681

Re: Stay with 401K or go to IRA

The bogleheads wiki has a good summary of what to do in your situation: https://www.bogleheads.org/wiki/401(k)#Expensive_or_mediocre_choices What is your base salary? 14% of 30,000 is very different than 14% of 150,000. Does your 401k offer a brokerage option where you can buy/sell etfs/funds outsid...
by stevew7
Fri Apr 07, 2017 8:57 am
Forum: Investing - Help with Personal Investments
Topic: US Savings Bonds vs Vanguard intermediate-term tax-exempt fund
Replies: 8
Views: 1340

Re: US Savings Bonds vs Vanguard intermediate-term tax-exempt fund

I hold $10,000 in I Bonds purchased in 2003, which currently yield between 3.88% and 4.38%. Should I sell the I Bonds and put them into the Vanguard intermediate-term tax-exempt fund? Pros? Cons? Your ibonds from 2003 are great and I certainly wish I had purchased them back in 2003 when the fixed r...
by stevew7
Thu Apr 06, 2017 3:08 pm
Forum: Personal Finance (Not Investing)
Topic: How to get out of whole life policy?
Replies: 13
Views: 1691

Re: How to get out of whole life policy?

Thanks all. It really does help to see others agree with my perspective. It is hard to tell her to walk away from $10k without that confirmation. And it sounds like cashing out after she gets her term policy in place is the way to go. Now to tell her... Just make sure that she gets the term policy ...
by stevew7
Wed Apr 05, 2017 3:20 pm
Forum: Personal Finance (Not Investing)
Topic: Variable Universal Life - how long to stay?
Replies: 24
Views: 3687

Re: Variable Universal Life - how long to stay?

If we just cashed out and put it in a taxable account, we would owe taxes on the growth from 113K on - however; if we do the 1035 exchange the 113K can grow back into the 168K we had put in without being taxed. Exactly! I actually asked John Hancock about stoping paying premiums and how long the po...
by stevew7
Tue Apr 04, 2017 9:41 pm
Forum: Personal Finance (Not Investing)
Topic: Variable Universal Life - how long to stay?
Replies: 24
Views: 3687

Re: Variable Universal Life - how long to stay?

Stevew7 - thanks so much! I have already started the term process. Unfortunately I either am too inept to locate the prospectus online or it's not published. But for those who are curious, it's a John Hancock VUL, 09A I believe from what is listed on the in force illustration. Now your #2&3 are whe...
by stevew7
Mon Apr 03, 2017 4:23 pm
Forum: Personal Finance (Not Investing)
Topic: Variable Universal Life - how long to stay?
Replies: 24
Views: 3687

Re: Variable Universal Life - how long to stay?

Some background - I'm 36 and have been contributing to my VUL for a complete 4 years. I'm a physician who was sold this policy by my financial advisor after finishing residency. Annual premium is $42,000, current account value is $131,000, net surrender value $113,000, death benefit is $2,250,000 (...
by stevew7
Wed Mar 15, 2017 10:14 am
Forum: Personal Consumer Issues
Topic: Ins. Company recommendations (any to avoid?)
Replies: 8
Views: 1257

Re: Ins. Company recommendations (any to avoid?)

Have you tried one of the online term life brokers? quickquote.com and selectquote.com and intelliquote.com come up somewhat often. For simple cases (ie, you are healthy, clean driving record, boring job, etc), the online brokers will all generate the same quotes and really just act as a middleman t...
by stevew7
Wed Mar 15, 2017 8:28 am
Forum: Investing - Help with Personal Investments
Topic: Question on my Portfolio Review - Northwestern Mutual Account
Replies: 7
Views: 1179

Re: Question on my Portfolio Review - Northwestern Mutual Account

Hey you have positive cash value, even after the surrender fee! You are in a better situation than a lot of people with these type of policies. If it were me, I'd cash it out immediately and eat the surrender fee to get a clean break. Just be aware you'll owe taxes on 31,505.84 - 26,520.26 = 4985.58...
by stevew7
Tue Mar 14, 2017 9:28 am
Forum: Investing - Help with Personal Investments
Topic: Question on my Portfolio Review - Northwestern Mutual Account
Replies: 7
Views: 1179

Re: Question on my Portfolio Review - Northwestern Mutual Account

My wife has a Northwestern Mutual Account (Variable CompLife) I'm going to eventually cancel this policy. But still have to pay surrender policy. It is over 10 years old now. Do you recommend that I list this as Cash ? If not, how would you list it? I don't see an expense ratio cost per fund. Here ...
by stevew7
Mon Mar 13, 2017 2:35 pm
Forum: Personal Finance (Not Investing)
Topic: household budget trim: car insurance
Replies: 24
Views: 1983

Re: household budget trim: car insurance

The CSR Roadside Assistance is rather pointless: $50/incident up to 4 times a year. If you think you need it, just get AAA and be done with it - it applies to the person, not the vehicle. I disagree as AAA is generally quite a bit more expensive (my basic level renewal was $75/year for 2 people) wh...
by stevew7
Mon Mar 13, 2017 2:25 pm
Forum: Personal Finance (Not Investing)
Topic: household budget trim: car insurance
Replies: 24
Views: 1983

Re: household budget trim: car insurance

Wow. Thanks for all the replies! I do have a chase sapphire reserve. So that means I can drop towing coverage? If I need to be towed all I would need to do is use my Sapphire? Same goes for getting a rental car if I need one due to an accident? I have a lot of research I need to do. Thanks again!! ...
by stevew7
Mon Mar 13, 2017 12:54 pm
Forum: Personal Finance (Not Investing)
Topic: household budget trim: car insurance
Replies: 24
Views: 1983

Re: household budget trim: car insurance

A 2003 Honda Civic LX with 140k miles is worth about $1300 if you trade it in according to KBB and around $2500 to sell to a private party. Based on that, I agree drop collision and comprehensive coverage all together on the older car. If the Civic gets in an accident, just know you'll be on your ow...
by stevew7
Fri Mar 10, 2017 1:30 pm
Forum: Investing - Help with Personal Investments
Topic: y 401k plan was completely overhauled - and I don't like it
Replies: 18
Views: 2483

Re: y 401k plan was completely overhauled - and I don't like it

Do you have any more details on the ssga funds?

Sometimes really large companies contract with ssga to provide institutional index funds with even lower expense ratios than Vanguard's funds. So without more details on the ssga funds, it is hard to provide good suggestions.
by stevew7
Fri Jan 09, 2009 10:46 am
Forum: Personal Finance (Not Investing)
Topic: Managing (Banking) Checking Accounts, Cash Flow & Expens
Replies: 49
Views: 43804

Fidelity to Vanguard ACH?

Is it possible to initiate an ACH from Fidelity to Vanguard (prime money market)? I just got off an online chat session with Vanguard and they said to ACH to my local bank first, which I would prefer not to do. This doesn't seem to jive with what a few of you have setup. What routing/account informa...