Search found 514 matches

by KATNYC
Tue Mar 19, 2024 11:07 am
Forum: Personal Finance (Not Investing)
Topic: Roth IRA recharacterization and tax
Replies: 22
Views: 1074

Re: Roth IRA recharacterization and tax

I had this same issue for a couple of years. Vanguard returned the funds for those years where our income was too high and recharacterized the contributions for 2023. Our tax preparer/CPA handled it with form 8606.
by KATNYC
Tue Jan 02, 2024 7:41 am
Forum: Personal Finance (Not Investing)
Topic: Non-resident state taxes for a few days of business travel
Replies: 56
Views: 6326

Re: Non-resident state taxes for a few days of business travel

This is exactly what I was looking for after having to verify my recent work trip with an external auditor at my new job. Apparently, the booking system is used to track travel for state tax purposes. A coworker confirmed having to file taxes in California because of a short work trip.

I now realize my prior company wasn't following the law for employees who travel. Friends still there mentioned a tax change for 2024 and fines.
by KATNYC
Fri Nov 17, 2023 11:51 am
Forum: Personal Finance (Not Investing)
Topic: Gave Up Company Car: Do I Buy or Lease?
Replies: 15
Views: 2118

Re: Gave Up Company Car: Do I Buy or Lease?

I was in a similar situation when I changed jobs and had to turn in my 2020 company car.
The new company paid for taxi's, car rentals, flights etc.

We have an older vehicle that doesn't see more than 10,000 miles per year. Paid cash.
by KATNYC
Wed Nov 15, 2023 10:52 am
Forum: Personal Investments
Topic: I’ve been over-contributing to Roth IRAs — for years
Replies: 32
Views: 6921

Re: I’ve been over-contributing to Roth IRAs — for years

The way to recharacterize 2022 excess ROTH contributions due to income limits would be through a private letter ruling (PLR) from the IRS. PLRs are time-consuming and cost $10,000, plus professional fees. We withdrew the funds for 2023 and 2022. A 2019 article we received for more information: https://www.financial-planning.com/news/correct-ineligible-or-unwanted-contributions-to-roth-iras-or-traditional-iras The fix for a frequent client mistake: Ineligible IRA contributions By Ed Slott November 21, 2019, 4:13 p.m. EST Two mistakes financial advisors see far too frequently are clients making ineligible or unwanted IRA contributions. These mishaps occur in both traditional and Roth IRAs. In the wake of tax law changes of 2017, recharacteriz...
by KATNYC
Mon Nov 13, 2023 4:52 pm
Forum: Personal Investments
Topic: Traditional IRA conversion to Roth IRA
Replies: 2
Views: 626

Re: Traditional IRA conversion to Roth IRA

We were able to recharacterize 2023 contributions from ROTH to tIRA by calling Vanguard.
by KATNYC
Mon Nov 13, 2023 4:05 pm
Forum: Personal Investments
Topic: I’ve been over-contributing to Roth IRAs — for years
Replies: 32
Views: 6921

Re: I’ve been over-contributing to Roth IRAs — for years

tibbitts wrote: Mon Nov 13, 2023 3:57 pm
KATNYC wrote: Mon Nov 13, 2023 3:49 pm You would think the IRS would alert people.
Maybe the IRS would alert you eventually... many years from now. I had an obvious (unintentional though) state income tax error that the state notified me about almost 3 years after I'd filed - and accumulated more penalties, of course.
A good friend had something similar happen, the IRS alerted them years later with penalties. Turned out the IRS was wrong though. But the IRS said it was too late to refund the overpayment. :annoyed
by KATNYC
Mon Nov 13, 2023 3:53 pm
Forum: Personal Investments
Topic: I’ve been over-contributing to Roth IRAs — for years
Replies: 32
Views: 6921

Re: I’ve been over-contributing to Roth IRAs — for years

I just realized we have done the same, for 2022 and 2023. I withdrew the 2023 ROTH IRA contributions today and will use the backdoor method to contribute to the IRAs and then convert them to ROTH. I alerted our new CPA about the 2022 excess contribution to the ROTH IRAs. It's apparently too late to recharacterize them although maybe we can get an extension from the October 15 date? We had so many issues with our 2022 tax preparer that I am not surprised this wasn't caught at the time despite the lengthy questionnaire. The deadline to do a recharacterization was October 16. The next date to be concerned with is December 31. You should withdraw the 2022 contribution before that date in order to avoid another 6% excise tax. Note that withdraw...
by KATNYC
Mon Nov 13, 2023 3:49 pm
Forum: Personal Investments
Topic: I’ve been over-contributing to Roth IRAs — for years
Replies: 32
Views: 6921

Re: I’ve been over-contributing to Roth IRAs — for years

rob wrote: Mon Nov 13, 2023 3:25 pm If you didn't tell them - ok it's on you mostly although I would still hassle them as to how come they didn't ask. The cheap software asks.

If you did give them that factoid, then get them to fix for free and see what they will do to make it right - Then fire them and get another one that has a clue about the tax code.... It's a simple catch...
That whole situation was a disaster. They did tax prep for a well-known company as a day job.
I already fired them and the Enrolled agent who recommended them helped fix another issue based on a letter from the IRS.
Somehow the IRS didn't catch it either although they know our AGI and have the 5498. You would think the IRS would alert people.
by KATNYC
Mon Nov 13, 2023 3:14 pm
Forum: Personal Investments
Topic: I’ve been over-contributing to Roth IRAs — for years
Replies: 32
Views: 6921

Re: I’ve been over-contributing to Roth IRAs — for years

I just realized we have done the same, for 2022 and 2023. I withdrew the 2023 ROTH IRA contributions today and will use the backdoor method to contribute to the IRAs and then convert them to ROTH. I alerted our new CPA about the 2022 excess contribution to the ROTH IRAs. It's apparently too late to recharacterize them although maybe we can get an extension from the October 15 date? We had so many issues with our 2022 tax preparer that I am not surprised this wasn't caught at the time despite the lengthy questionnaire.
by KATNYC
Mon Nov 13, 2023 12:59 pm
Forum: Personal Investments
Topic: Changed jobs - Please evaluate my 4 fund portfolio for 401K
Replies: 9
Views: 2014

Re: Changed jobs - Please evaluate my 4 fund portfolio for 401K

I was also unaware of "front-running" being an issue (I guess particularly for Russell 2000?), but Morningstar has a 2015 article on it. Ideally you want a total US stock market exposure, but the S&P-500 is 80% of that target market. Personally I'd still want a small-cap fund to complement the VANG S&P500 IDX you have an as an option, but none of your small cap options look good (ER>0.2%). You might also want to allocate your total international stock exposure outside your 401K, since INTL GROWTH and VALUE options are costly (ER>0.4%). Ideally you want a total US bond market exposure, but it looks like your only reasonable choice in the 401K is VANG ST BD IDX (0.04%). BTC looks like it is BLACKROCK SHORT-TERM INVESTMENT F...
by KATNYC
Sat Nov 11, 2023 8:22 am
Forum: Personal Investments
Topic: Changed jobs - Please evaluate my 4 fund portfolio for 401K
Replies: 9
Views: 2014

Re: Changed jobs - Please evaluate my 4 fund portfolio for 401K

Overall, looks good. Thoughts? I agree you should consider reducing your EF. IRAs. I'm assuming you will be performing backdoor Roth IRA contributions next year? You should also consider a Mega Backdoor Roth maneuver too, if available. https://www.nerdwallet.com/article/investing/mega-backdoor-roths-work The new company has a Mega Backdoor Roth 401k option. However, I cannot dump the signing bonus into that account. Hopefully, my contribution changes will be effective on the first paycheck. If not, I will dump as much as possible into the Mega Backdoor 401K in the remaining 2023 paychecks. I retained a tax advisor a few weeks ago to navigate this new process. We maxed out the ROTH IRAs in May so probably have to withdraw those funds due to...
by KATNYC
Fri Nov 10, 2023 4:54 pm
Forum: Personal Investments
Topic: Changed jobs - Please evaluate my 4 fund portfolio for 401K
Replies: 9
Views: 2014

Re: Changed jobs - Please evaluate my 4 fund portfolio for 401K

Your employer's 401k plan offers some excellent, very diversified index funds with low expense ratios. You are fortunate. . . . . . I am leaning toward these Vanguard funds: VAN IS S&P500 IDX TR Large Cap 0.0104% VANG RUS 2000 GR TR Small Cap 0.02% VANG ST BD IDX IS PL (VBIPX) Bond Investments Income 0.04% I have also added BrokerageLink which will give me access to more options for International exposure without such a high expense ratio as the options in their plan. I suggest omitting the Russell 2000 small-cap index fund. In my opinion an S&P 500 index fund is good enough by itself for investing in U.S. stocks. "In a 401(k) plan with limited choices you might very well opt for an S&P 500 index fund to serve as the domes...
by KATNYC
Fri Nov 10, 2023 4:51 pm
Forum: Personal Investments
Topic: Changed jobs - Please evaluate my 4 fund portfolio for 401K
Replies: 9
Views: 2014

Re: Changed jobs - Please evaluate my 4 fund portfolio for 401K

I was also unaware of "front-running" being an issue (I guess particularly for Russell 2000?), but Morningstar has a 2015 article on it. Ideally you want a total US stock market exposure, but the S&P-500 is 80% of that target market. Personally I'd still want a small-cap fund to complement the VANG S&P500 IDX you have an as an option, but none of your small cap options look good (ER>0.2%). You might also want to allocate your total international stock exposure outside your 401K, since INTL GROWTH and VALUE options are costly (ER>0.4%). Ideally you want a total US bond market exposure, but it looks like your only reasonable choice in the 401K is VANG ST BD IDX (0.04%). BTC looks like it is BLACKROCK SHORT-TERM INVESTMENT F...
by KATNYC
Fri Nov 10, 2023 8:03 am
Forum: Personal Investments
Topic: Changed jobs - Please evaluate my 4 fund portfolio for 401K
Replies: 9
Views: 2014

Re: Changed jobs - Please evaluate my 4 fund portfolio for 401K

Beensabu wrote: Thu Nov 09, 2023 9:42 pm
KATNYC wrote: Thu Nov 09, 2023 6:22 pm VAN IS S&P500 IDX TR Large Cap 0.0104%
VANG RUS 2000 GR TR Small Cap 0.02%
VANG ST BD IDX IS PL (VBIPX) Bond Investments Income 0.04%
I have also added BrokerageLink which will give me access to more options for International exposure without such a high expense ratio as the options in their plan.
Russell 2000 index front-running (known issue) costs ~1% in annual returns.

Use the brokerage link to find a different small and/or mid cap index fund that follows a different index if you want a small/mid allocation that costs less than this: SMID CAP VALUE ACC Small Cap 0.2404%
Thank you! I was not aware of that issue.
by KATNYC
Thu Nov 09, 2023 6:22 pm
Forum: Personal Investments
Topic: Changed jobs - Please evaluate my 4 fund portfolio for 401K
Replies: 9
Views: 2014

Changed jobs - Please evaluate my 4 fund portfolio for 401K

It is amazing to look back at this old post to see how much things changed two jobs later. https://www.bogleheads.org/forum/viewtopic.php?p=3317998#p3317998 I started a new job, again, and am looking at the 401K options to try to create a 4 fund portfolio. The best part is I can roll my other two 401K's ($512K and $33K) into one place with a 50% day 1 vested match AND I can roll my Lively/Charles Schwab HSA ($62K) into the company HSA and the new employer contributes $2,000 to the HSA each year. Emergency funds: 22 months at 5.25% - probably too much cash but I didn't want to invest while job searching in 2021 and just left it. ROTH IRAs: $67K and $57K Debt: $153K mortgage (gut renovations) at 2.75% fixed. Approximately $600K in equity. No ...
by KATNYC
Fri Apr 15, 2022 1:28 pm
Forum: Personal Investments
Topic: Maximize 401K match when changing jobs mid-year
Replies: 5
Views: 757

Re: Maximize 401K match when changing jobs mid-year

I just went through this and my last check at company A is today. They only allowed me to contribute 75% of my salary so I was not able to max out for 2022 with Company A since the job offer happened faster than expected. Company B does not match for 1 year. I was actually waiting for my last paystub to calculate the remaining 2022 401K contribution with Company B.
by KATNYC
Tue Oct 05, 2021 10:09 am
Forum: Personal Finance (Not Investing)
Topic: Buying options - neighbors house is going up for sale
Replies: 12
Views: 2936

Re: Buying options - neighbors house is going up for sale

Update in case anyone cares: They still have not listed the apartment. The current comps are as low as $750,000 based on the condition. Move-in condition comps are $910,000 - $999,000 with one outlier at $1,125,000 that is a custom gut renovation. I suspect they decided to renovate before listing it to get a higher price.

We lined up a bridge loan if we decide to put in an offer, and our coop Board will let us carry both apartments for 6 months.
The site manager said no owner has had to carry two apartments for more than 5 months. People in this complex regularly trade up to larger apartments. Our valuation came in at $725K for our current apartment and there are recent comps closed in October that sold for more.
by KATNYC
Fri Sep 17, 2021 1:27 pm
Forum: Personal Investments
Topic: Investing my new inheritance.
Replies: 12
Views: 2540

Re: Investing my new inheritance.

homebuyer6426 wrote: Fri Sep 17, 2021 8:23 am
slickracer wrote: Fri Sep 17, 2021 5:13 am
anon_investor wrote: Thu Sep 16, 2021 8:36 pm
nix4me wrote: Thu Sep 16, 2021 8:14 pm VTI is where i would put it.
+1.
+2
+3
+4 I just bought more VTI today
by KATNYC
Mon Aug 09, 2021 9:44 pm
Forum: Personal Finance (Not Investing)
Topic: Pulling permit history on home as a prospective homebuyer
Replies: 34
Views: 3873

Re: Pulling permit history on home as a prospective homebuyer

Hi all, I'm in the housing market, and am wondering if people pay attention to the permit history of a home. It's public record, and it could reveal work done on the home and whether the home seller was willing to do things which were proven up to code. Do people think this is worth doing? If no, why not? If yes, before or after submitting an offer? Thanks, -b4xt3r I think it's worth doing but not every upgrade requires a permit. I checked the NYC DOB files this weekend for a property we are considering and found nothing. Our renovation a few years ago did require a permit and an architectural filing. I was able to confirm with the site manager (NYC apartment) that our neighbor has never renovated which requires a formal request and notifi...
by KATNYC
Mon Aug 09, 2021 7:49 am
Forum: Personal Finance (Not Investing)
Topic: Buying options - neighbors house is going up for sale
Replies: 12
Views: 2936

Re: Buying options - neighbors house is going up for sale

neednewcar wrote: Sun Aug 08, 2021 8:17 pm I do not consider "Within 6 months" a hot housing market. Most places around here selling within a week for 20k over asking.
6 months is the outside timeframe. I doubt it would take that long. Families set alerts for listings in this complex, including current residents.
by KATNYC
Mon Aug 09, 2021 7:46 am
Forum: Personal Finance (Not Investing)
Topic: Buying options - neighbors house is going up for sale
Replies: 12
Views: 2936

Re: Buying options - neighbors house is going up for sale

soxfan10 wrote: Sun Aug 08, 2021 10:49 pm
neednewcar wrote: Sun Aug 08, 2021 8:17 pm I do not consider "Within 6 months" a hot housing market. Most places around here selling within a week for 20k over asking.

They're closing in a week? I had an accepted offer on the house my wife and I purchased three days after it listed (list Friday; open house Sunday; initial offers Sunday; final offers and acceptance Monday) - it still was close to two months between list date and close.
90 days is the general time to settlement here. I think they mean competing offers within a week.
by KATNYC
Mon Aug 09, 2021 7:45 am
Forum: Personal Finance (Not Investing)
Topic: Buying options - neighbors house is going up for sale
Replies: 12
Views: 2936

Re: Buying options - neighbors house is going up for sale

60B4E24B wrote: Sun Aug 08, 2021 10:33 pm Are you in a co-op? That will make things more complicated. I'd double your renovation cost estimates.
Yes, a coop. I am talking to the mortgage broker today.
Renovations won't be an issue. That's my day job. I work with GCs, architects, and engineers regularly.
by KATNYC
Sun Aug 08, 2021 11:17 am
Forum: Personal Finance (Not Investing)
Topic: Buying options - neighbors house is going up for sale
Replies: 12
Views: 2936

Re: Buying options - neighbors house is going up for sale

Call Third Federal and ask about a HELOC. You use your existing house equity to get a loan for the down payment and renovations to the new places. And then you pay off when renovations are completed with the proceeds from your existing house. between this and your cash you should have enough. As long as the housing market is hot and you can sell your place quick once listed this is low risk. it is in NYC in your circumstance yes? 1) scenario one risks rates going up. My option above locks in low rates now. 2) bad idea 3) don't see how you have enough cash for this. I had not even thought about a HELOC although we used a HELOC for renovations a few years ago. Yes, all homes listed in this NYC neighborhood have sold within 6 months in the la...
by KATNYC
Sun Aug 08, 2021 11:08 am
Forum: Personal Finance (Not Investing)
Topic: Buying options - neighbors house is going up for sale
Replies: 12
Views: 2936

Re: Buying options - neighbors house is going up for sale

veindoc wrote: Sun Aug 08, 2021 6:13 am Can you get a mortgage with less than 20% down? Perhaps not with the best rate. How will you pay for the Reno if you don’t have enough for a full down payment. I would choose the route with the best interest rate you could get. With regard to renting, do you really want to live so close to potential tenant?
Yes, our building only requires 10% down.
The renovation would be cash, $75K after putting $100K down on the property.

I doubt renting would be an option but living close does not bother me at all. We owned a duplex in the past, renting out the second unit.
Every sale in this neighborhood has closed within 6 months of listing in the last few years. Some listings were up for less than a month before going into contract.
by KATNYC
Sun Aug 08, 2021 2:17 am
Forum: Personal Finance (Not Investing)
Topic: Buying options - neighbors house is going up for sale
Replies: 12
Views: 2936

Buying options - neighbors house is going up for sale

We're in NYC. Our neighbor is moving out of state after 50 years and has a huge apartment that probably needs a gut renovation. We are hoping for a private sale since we've known them for many years and we seem to be the first to learn that they plan to sell. We owe about $165,000 on our home and the value came in at $640K during our December refinance. I am wondering what would be the best way to buy the new home while keeping our current home until renovations are completed which could take a few months. Our gut renovation took about 3 months a few years ago. We have $175K for a down payment and renovations via cash and ROTH accounts and would likely put down $100K. I would at minimum want to renovate the kitchen, upgrade the electric (I ...
by KATNYC
Sun Aug 08, 2021 12:31 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1276570

Re: Refinance Mega Thread

Just got an email from the broker that we were not locked in at 2.375% with 1 point for 30 year fixed, $3,500 closing costs Now the rate is 2.375% - 1.8pts fee which includes the 0.5pt hit from Fannie Mae that I told the broker about - https://guide.freddiemac.com/app/guide/bulletin/2020-32 Fannie Mae and Freddie Mac will add a 0.5 percentage point fee on most refinance loans to compensate for Covid related economic and market uncertainty effective Sept. 1. or 30 fixed - 2.5% - 1pt fee $3,500 estimated closing costs NYC apartment $169,000 loan Value $600,000 10/1 ARM 3.375% I can float the rate but am disappointed since I sent everything required to lock the 2.375% rate. I never did update this. We closed in December at 2.75% and .10 pt fe...
by KATNYC
Mon Jun 21, 2021 7:55 pm
Forum: Personal Finance (Not Investing)
Topic: Golden Handcuffs
Replies: 104
Views: 18695

Re: Golden Handcuffs

I have $7,000,000 in Vanguard Index, 80% in Total Stock Market and 20% of that in Vanguard Total International Stock Index. I have another $4,000,000 in paid off real estate, for a total of $11M. I am 54 years old, and my company is thriving. I am burned out beyond belief, but I am so young to walk away from such a lucrative business. I have read plenty on this forum about "winning the game." I can walk away now, but will I lose my identity in the process? I'd love to hear comments from you on walking away and never looking back. I haven't commented in a long time, but I'd love to hear from the "winners." Congratulations! If we had $11 million in assets, game over. My company offers a sabbatical every 10 years and I thi...
by KATNYC
Sun Aug 16, 2020 12:23 pm
Forum: Personal Finance (Not Investing)
Topic: Desperately need advice regarding my business lease.
Replies: 35
Views: 3428

Re: Desperately need advice regarding my business lease.

Have your lawyer check your lease. A lot of insurance companies tightened up their language after SARS so business interruption is probably not an option. Check your force majeure clause. The only events I've seen taking place have been at venues with outdoor spaces. I just saw photos from an outdoor wedding of maybe 75 people with an indoor buffet reception. Not sure what state you are in though or if you have outdoor options.

Digging deeper is the wrong move once you are in a hole. Do not make any renovations.
by KATNYC
Sat Aug 15, 2020 6:51 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1276570

Re: Refinance Mega Thread

Just got an email from the broker that we were not locked in at 2.375% with 1 point for 30 year fixed, $3,500 closing costs

Now the rate is 2.375% - 1.8pts fee which includes the 0.5pt hit from Fannie Mae that I told the broker about - https://guide.freddiemac.com/app/guide/bulletin/2020-32
Fannie Mae and Freddie Mac will add a 0.5 percentage point fee on most refinance loans to compensate for Covid related economic and market uncertainty effective Sept. 1.

or 30 fixed - 2.5% - 1pt fee
$3,500 estimated closing costs

NYC apartment
$169,000 loan
Value $600,000
10/1 ARM 3.375%

I can float the rate but am disappointed since I sent everything required to lock the 2.375% rate.
by KATNYC
Tue Aug 11, 2020 7:44 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1276570

Re: Refinance Mega Thread

This has been an interesting process. I contacted multiple brokers and it's been like pulling teeth to get some of them to share the lowest rates. I was clear about the refinance for $169K, value $600K, and credit score >800, 30 year fixed in NYC. One came back with 2.875% and when I reminded him about the 2.5% rate on his website (after I entered my information for customized rates) he said the 2.5% rate was available. Then, when I said I was going with a different company who found a 2.375% rate (with 1 point), he suddenly had that rate available too with a point. I'm glad to know this upfront though since it helped with the decision on who to use. One broker told me they hadn't seen a 2.375% rate without 1.5 - 2 points and they are "...
by KATNYC
Mon Aug 10, 2020 8:09 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1276570

Re: Refinance Mega Thread

I suspect rates will start to go up soon. It is true that the rates will eventually go up. But how quickly? Several weeks ago, Feds chair said that "We’re not thinking about raising rates, we’re not even thinking about thinking about raising rates." Even a mortgage company like Better sent out this yesterday: "Rates expected to stay near record lows, but can’t fall much further. The Federal Reserve’s renewed commitment to support lending will likely keep rates low, but new records may be hard to break as lenders struggle to handle the influx of new applications." Rates arent going up. They'll be below 2% soon. I got a 1.99% 15 yr fixed quote today NYC 2.875% 30 year fixed no points, $4,300 closing costs 2.375% 30 year f...
by KATNYC
Fri Aug 07, 2020 8:14 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1276570

Re: Refinance Mega Thread

I suspect rates will start to go up soon. It is true that the rates will eventually go up. But how quickly? Several weeks ago, Feds chair said that "We’re not thinking about raising rates, we’re not even thinking about thinking about raising rates." Even a mortgage company like Better sent out this yesterday: "Rates expected to stay near record lows, but can’t fall much further. The Federal Reserve’s renewed commitment to support lending will likely keep rates low, but new records may be hard to break as lenders struggle to handle the influx of new applications." Rates arent going up. They'll be below 2% soon. I got a 1.99% 15 yr fixed quote today NYC 2.875% 30 year fixed no points, $4,300 closing costs 2.375% 30 year f...
by KATNYC
Fri Aug 07, 2020 2:12 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance...any reason NOT to?
Replies: 17
Views: 1698

Re: Refinance...any reason NOT to?

anon_investor wrote: Fri Aug 07, 2020 12:12 pm
KATNYC wrote: Fri Aug 07, 2020 10:56 am Is LenderFi taking new applications? The website says they are not.
We are going through this right now. Rates came in for 30 year fixed at 2.875% with no points and 2.375% with a rate buydown.
We have a 10/1 ARM with 7 years left at 3.375% so there is no rush.
We owe $169K and the last appraisal a few years ago came in at 600k.
There is a backdoor way to apply to LenderFi:
https://app.lenderfi.com/

I closed with LenderFi last week on a 2.75% 30 yr fixed at no costs.
Thanks. They don't work in NY unfortunately.
by KATNYC
Fri Aug 07, 2020 12:09 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1276570

Re: Refinance Mega Thread

anon_investor wrote: Wed Jul 29, 2020 8:32 pm
NoGambleNoFuture wrote: Wed Jul 29, 2020 8:28 pm Can someone please repost the backdoor lenderfi link?
https://app.lenderfi.com/
This was helpful to learn they don't do loans in NY.
Log Cabin also doesn't do loan in NY.
by KATNYC
Fri Aug 07, 2020 10:56 am
Forum: Personal Finance (Not Investing)
Topic: Refinance...any reason NOT to?
Replies: 17
Views: 1698

Re: Refinance...any reason NOT to?

Is LenderFi taking new applications? The website says they are not.
We are going through this right now. Rates came in for 30 year fixed at 2.875% with no points and 2.375% with a rate buydown.
We have a 10/1 ARM with 7 years left at 3.375% so there is no rush.
We owe $169K and the last appraisal a few years ago came in at 600k.
by KATNYC
Fri Aug 07, 2020 10:49 am
Forum: Personal Finance (Not Investing)
Topic: To refi my 3.865 mortgage or not
Replies: 8
Views: 1015

Re: To refi my 3.865 mortgage or not

We are going through this right now. Rates came in for 30 year fixed at 2.875% with no points and 2.375% with a rate buydown.
We have a 10/1 ARM with 7 years left at 3.375% so there is no rush.
by KATNYC
Sat Jul 04, 2020 3:49 pm
Forum: Personal Consumer Issues
Topic: What happens to all my digitized photos when I die?
Replies: 68
Views: 7034

Re: What happens to all my digitized photos when I die?

We just went through this when my brother passed a few weeks ago. Luckily, my sister was able to get control of his Facebook account so I've saved all of those digital photos to an external hard drive with no password. I also shared them with his children via Dropbox. It prompted me to sort through my printed photos (decades of photos) and put them in a storage box.
by KATNYC
Wed Jan 22, 2020 9:31 am
Forum: Personal Investments
Topic: Downside to ETFs?
Replies: 19
Views: 2421

Re: Downside to ETFs?

unclescrooge wrote: Mon Jan 20, 2020 9:06 pm
KATNYC wrote: Mon Jan 20, 2020 8:49 pm
unclescrooge wrote: Mon Jan 20, 2020 8:47 pm
KATNYC wrote: Mon Jan 20, 2020 8:29 pm We have ETFs in the HSA account (VOO) but only because TD Ameritrade charges a fee for Vanguard funds.
I'd prefer automated investing but Lively only offers TD for the HSA account.
TD Ameritrade no longer charges a fee for ETFs. You must have missed all the excitement last year when every one and their mother made ETFs and stock trades free.
I am pretty sure that is what I typed. There are no fees for ETFs, which is why we buy them at TD.
We would prefer to buy VFIAX
Ah, your use of the word "funds" was ambiguous.
What do you think the F in ETF stands for? 😁
Which is why I typed VOO which is distinctly different from VFIAX
by KATNYC
Mon Jan 20, 2020 8:49 pm
Forum: Personal Investments
Topic: Downside to ETFs?
Replies: 19
Views: 2421

Re: Downside to ETFs?

unclescrooge wrote: Mon Jan 20, 2020 8:47 pm
KATNYC wrote: Mon Jan 20, 2020 8:29 pm We have ETFs in the HSA account (VOO) but only because TD Ameritrade charges a fee for Vanguard funds.
I'd prefer automated investing but Lively only offers TD for the HSA account.
TD Ameritrade no longer charges a fee for ETFs. You must have missed all the excitement last year when every one and their mother made ETFs and stock trades free.
I am pretty sure that is what I typed. There are no fees for ETFs, which is why we buy them at TD.
We would prefer to buy VFIAX
by KATNYC
Mon Jan 20, 2020 8:29 pm
Forum: Personal Investments
Topic: Downside to ETFs?
Replies: 19
Views: 2421

Re: Downside to ETFs?

We have ETFs in the HSA account (VOO) but only because TD Ameritrade charges a fee for Vanguard funds.
I'd prefer automated investing but Lively only offers TD for the HSA account.
by KATNYC
Mon Jan 20, 2020 4:25 pm
Forum: Personal Consumer Issues
Topic: Purchase & Sale of House/Condo Timing
Replies: 7
Views: 618

Re: Purchase & Sale of House/Condo Timing

Sell first. Friends recently went through this and ended up paying two mortgages in two states (with a period of rent/mortgage). Their old house was an albatross. They had to reduce the price several times and it took at least a year to sell using multiple different brokers. At one point they considered making it an AirBnB. They were in the position to afford both mortgages with no hardship but it was still a headache.
by KATNYC
Mon Jan 20, 2020 3:10 pm
Forum: Personal Investments
Topic: invest in the traditional TSP or the ROTH TSP?
Replies: 8
Views: 1022

Re: invest in the traditional TSP or the ROTH TSP?

Glad to know that we are on the right track with the traditional TSP. We learned about the $20K/year exemption from NY state taxes only this week when talking to my dad about social security and paying taxes on that income (he is 70 but not drawing SS). That $20k state exemption is for each of you. So he gets $20k exemption per year, and she gets $20k exemption per year. However, it's not combineable - if only one of you has taxable retirement income, you don't get $40k exemption on one person's account withdrawals. So shoot for balance between you. It's an issue for us - until this year, only my DH had access to a 401k, and we do both IRAs Roth, so all trad is in his name. At retirement, we'd only have $20k exemption if everything remains...
by KATNYC
Mon Jan 20, 2020 3:08 pm
Forum: Personal Investments
Topic: Scared Stiff to retire
Replies: 91
Views: 15028

Re: Scared Stiff to retire

My dad is 70 and has not retired or taken his social security. He said taking SS will put him in another tax bracket and he doesn't need to take it. :confused Uhm, are you sure? There is no case where it ever makes sense not to start collecting at 70. That is the age where the benefits can no longer grow by delaying. He is just throwing money away. If your dad wants to give the money away, he can. I'll volunteer to take it if you don't want it. I like to be helpful that way. :wink: Positive. I asked multiple times. It makes no sense to me either but he said his wife, who is 57, can take it when she qualifies. I have no idea who he's been talking to but it sounds a lot like people who don't like to work overtime because they pay more taxes ...
by KATNYC
Mon Jan 20, 2020 7:28 am
Forum: Personal Investments
Topic: Scared Stiff to retire
Replies: 91
Views: 15028

Re: Scared Stiff to retire

My dad is 70 and has not retired or taken his social security. He said taking SS will put him in another tax bracket and he doesn't need to take it. :confused Uhm, are you sure? There is no case where it ever makes sense not to start collecting at 70. That is the age where the benefits can no longer grow by delaying. He is just throwing money away. If your dad wants to give the money away, he can. I'll volunteer to take it if you don't want it. I like to be helpful that way. :wink: Positive. I asked multiple times. It makes no sense to me either but he said his wife, who is 57, can take it when she qualifies. I have no idea who he's been talking to but it sounds a lot like people who don't like to work overtime because they pay more taxes ...
by KATNYC
Mon Jan 20, 2020 7:25 am
Forum: Personal Investments
Topic: invest in the traditional TSP or the ROTH TSP?
Replies: 8
Views: 1022

Re: invest in the traditional TSP or the ROTH TSP?

Glad to know that we are on the right track with the traditional TSP.
We learned about the $20K/year exemption from NY state taxes only this week when talking to my dad about social security and paying taxes on that income (he is 70 but not drawing SS).
by KATNYC
Sun Jan 19, 2020 2:34 pm
Forum: Personal Investments
Topic: Scared Stiff to retire
Replies: 91
Views: 15028

Re: Scared Stiff to retire

Grt2bOutdoors wrote: Sun Jan 19, 2020 1:51 pm
The law has changed - RMD's are extended to age 72 from 70 1/2. The SECURE Act changed that requirement but only applies to folks who turn 70.5 years of age after 2019.
Good to know. My dad is 70 and has not retired or taken his social security. He said taking SS will put him in another tax bracket and he doesn't need to take it. His wife is 57. I guess he is just going to work until he dies. We have people in our family who lived to over 100 years old.
by KATNYC
Sun Jan 19, 2020 1:16 pm
Forum: Personal Investments
Topic: Scared Stiff to retire
Replies: 91
Views: 15028

Re: Scared Stiff to retire

If you accumulated that without a planner, you do not need one now. A colleague was supposed to retire in September 2019 but didn't, took a promotion instead. The spouse did retire though and they moved to their small vacation home while building a new house a few miles away. I have no idea what they have saved but the big issue that came up was medical insurance, which is far cheaper through a job for them than Cobra or other options. So long as you can draw down to cover your monthly expenses, plus medical, until social security kicks in (Medicare?) then I believe you can do it without a planner. IRA's have a required minimum distribution at age [edited to 72] so getting an IRA now is not something I'd do. Figuring out the saving and inve...
by KATNYC
Sun Jan 19, 2020 12:56 pm
Forum: Personal Investments
Topic: invest in the traditional TSP or the ROTH TSP?
Replies: 8
Views: 1022

invest in the traditional TSP or the ROTH TSP?

Saving and investing is much easier than figuring out the logistics of retirement buckets of money to pull from at age 67 or sooner. We now have access to TSP (new job) which also includes a pension. We are leaning toward the traditional TSP instead of the ROTH TSP and started contributing 5% to the traditional to get the match. They only match 5% of base salary, not 5% of total pay with overtime. Matching funds go into the traditional TSP so even if we go with 100% ROTH TSP, there would still be a traditional TSP account filled only with matching funds. About us: Ages: 35, 31 Tax Filing Status: Married Filing Jointly No kids State of Residence: NY (NYC) Tax Rate: 22% Federal NYS tax rate: 6.33% NYC tax rate: 3.876% Assets: $52,500 cash - e...
by KATNYC
Sat Jan 18, 2020 6:14 pm
Forum: Personal Finance (Not Investing)
Topic: Why retire?
Replies: 267
Views: 21198

Re: Why retire?

nydoc wrote: Sat Jan 18, 2020 5:23 pm Hi everyone,
This forum is primarily focused on a comfortable secure retirement and many members look forward to early retirement. At my age of 38, I do not see why should I aim for a retirement at 50, 55 or 60. I feel good at my work and life seems comfortable.
My question is- what changes happen with age or career that make retirement an attractive goal?
Answers will help me plan more critically for the retirement.
Thank you.
My dad is 70 & still hasn't retired. He loves his job.
That is not the case for many people.

A good friend put in 2 weeks yesterday after 20 years at a law firm.
It all depends on if you like your job (boss/colleagues/commute) or hate going to work every day.
by KATNYC
Fri Jan 17, 2020 4:07 pm
Forum: Personal Finance (Not Investing)
Topic: What is a reasonable estimate for annual expenses in early retirement in a HCOL area for one person?
Replies: 50
Views: 4695

Re: What is a reasonable estimate for annual expenses in early retirement in a HCOL area for one person?

Family of 2 in NYC and expenses average $5,300 per month which includes at least 1 international vacation per year. This does not include mortgage which would be paid off prior to retirement.