Search found 19 matches

by khaleesi1
Fri Apr 27, 2018 2:36 pm
Forum: Personal Investments
Topic: Pension Rollover to Roth IRA?
Replies: 8
Views: 1188

Re: Pension Rollover to Roth IRA?

Spirit Rider wrote: Tue Apr 24, 2018 7:35 pm
brother7 wrote: Tue Apr 24, 2018 7:31 pm "Pension" isn't the proper word. I believe you mean "employer-sponsored retirement plan" which is usually a 401k, 403b or 457.
You are making an assumption not in evidence. From the OP's description one should assume it really is a pension.

Rollovers never have any impact on contribution limits in any retirement plan.

A 401k has better asset protection. An IRA interferes with a Backdoor Roth, but has more flexibility.
I'm confused. My IRA is a Backdoor Roth IRA.
by khaleesi1
Fri Apr 27, 2018 2:20 pm
Forum: Personal Investments
Topic: Pension Rollover to Roth IRA?
Replies: 8
Views: 1188

Re: Pension Rollover to Roth IRA?

Silk McCue wrote: Tue Apr 24, 2018 8:19 pm You ask about a rollover to a Roth. Is your pension made up of after tax dollars. If.not then you would owe income tax on the conversion to Roth. This is unclear to me from your post.

Cheers.
It's made up of pre-tax dollars. I didn't know the conversion could be taxed. Sounds like rolling it to my new 401K is the best options. Thanks.
by khaleesi1
Thu Apr 26, 2018 7:36 pm
Forum: Personal Investments
Topic: Pension Rollover to Roth IRA?
Replies: 8
Views: 1188

Re: Pension Rollover to Roth IRA?

"Pension" isn't the proper word. I believe you mean "employer-sponsored retirement plan" which is usually a 401k, 403b or 457. 95% of the time, a "rollover" from your former employer's retirement plan to a Rollover IRA (another name for a Traditional IRA funded with money from an employer-sponsored plan) is the best option. A rollover into the current employer's plan is best when either: the investment options and fees of the current employer's plan are really good, or the account owner intends to do a Traditional to Roth IRA conversion in the future, in which case you want to keep the amount in Traditional and Rollover IRAs to a minimum. You assumed incorrectly. :) It is an actual pension (rare these days, ri...
by khaleesi1
Tue Apr 24, 2018 7:20 pm
Forum: Personal Investments
Topic: Pension Rollover to Roth IRA?
Replies: 8
Views: 1188

Pension Rollover to Roth IRA?

Hi, people. I've already contributed the maximum into my IRA for this year. I will be switching jobs pretty soon and need to take the meager contents of my pension with me (about $7K, I think). Am I allowed to roll it over into my IRA if I've already contributed the max in 2018? Would you advise I place it in the IRA as opposed to the new 401K that I will have?

Thanks.
by khaleesi1
Fri Apr 20, 2018 8:05 pm
Forum: Investing - Theory, News & General
Topic: NYT article: Everyone should hire a financial planner
Replies: 103
Views: 17658

Re: NYT article: Everyone should hire a financial planner

Everyone that I know that utilizes financial planners has a worse financial outlook than I do. They all have whole life insurance, underwater mortgages, big auto loans, investing in start-ups, etc.

Most people do not need to have complicated portfolios.
by khaleesi1
Fri Apr 20, 2018 3:34 pm
Forum: Personal Investments
Topic: Pay for medical school or Roth conversion
Replies: 15
Views: 1570

Re: Pay for medical school or Roth conversion

Pay for medical school 100%.
by khaleesi1
Fri Apr 20, 2018 3:11 pm
Forum: Personal Finance (Not Investing)
Topic: How old are you and how much do you save for retirement a year
Replies: 244
Views: 42783

Re: How old are you and how much do you save for retirement a year

I'm in my early 30s, and I save $49K per year utilizing 401(K), Backdoor Roth, company match, and taxable investment vehicles.
by khaleesi1
Tue Feb 13, 2018 1:27 am
Forum: Personal Investments
Topic: Why paying off loans would be better than fully funding 401k?
Replies: 97
Views: 10410

Re: pay off loan debt, fund 401k. Where to put $s once EF funded?

What do you mean by "fully funding the 401k? Do you just mean the $18.5k? Or are you also including the employer portion? Is there only 1 401k or do each of you have one? I can't help much with what your priorities should be, but I'd suggest you concentrate on the $18.5 and maybe not worry about the other $30k till you are in better shape. Something still worries me. You said income was $28k to $34k a month. And expenses are $10k a month. I know you pay a lot in taxes and are putting money into 401k, but isn't there some money not accounted for? Or maybe I'm overlooking something. Fully fund Employer. Already maxing out employee portion. I have a 401k, but not able to contribute as I am unemployed at the moment . The $10k is the minim...
by khaleesi1
Thu Nov 30, 2017 9:24 pm
Forum: Personal Finance (Not Investing)
Topic: Discovered debt
Replies: 63
Views: 10057

Re: Discovered debt

chevca wrote: Fri Nov 24, 2017 11:00 am I'd say your advice to the friend is about as good as it's gonna get. That sounds like a reasonable plan to handle taxes while paying it down.

So, she saved over a million dollars over that time and he created $200k in debt... wow, something to be said for keeping all finances together as a married couple, IMO.
If their finances were together then the wife would probably be penniless.
by khaleesi1
Sat Oct 07, 2017 8:56 am
Forum: Personal Finance (Not Investing)
Topic: Growing old without kids or younger caring relatives
Replies: 123
Views: 30602

Re: Growing old without kids or younger caring relatives

This is one sad thread. I'm going to put more effort into dating ASAP.
by khaleesi1
Mon Aug 21, 2017 8:12 pm
Forum: Personal Investments
Topic: Lost $7000 today in ONE DAY!
Replies: 183
Views: 24154

Re: Lost $7000 today in ONE DAY!

I lost like $600. :-(

I know just to ride it out, but it still hurts.
by khaleesi1
Thu Aug 17, 2017 8:07 am
Forum: Personal Consumer Issues
Topic: Anyone have a personal chef?
Replies: 48
Views: 7074

Re: Anyone have a personal chef?

That seems so strange to me, and I work extremely long hours. What is your and your spouse's work schedule like?

I eat extremely clean/organic/healthy, and I get my groceries delivered each week. Then I meal prep for the entire week and refrigerate/freeze the meals. It saves quite a bit of time.

Going to the grocery store prior to each meal is counterintuitive to saving time. You can use paper plates if dishwashing is really that cumbersome for you or your kids can start helping to wash the dishes as well.
by khaleesi1
Fri Jul 28, 2017 7:07 pm
Forum: Personal Finance (Not Investing)
Topic: What's your personal savings rate?
Replies: 135
Views: 18264

Re: What's your personal savings rate?

My personal savings rate is 30%. It would be more, but I live in an HCOL area, have substantial student loans, and pay a lot of income tax. I increase the rate annually. Next year, I anticipate saving 45-50% in 2018.
by khaleesi1
Sun Jul 23, 2017 2:30 pm
Forum: Investing - Theory, News & General
Topic: % bogleheads of overall population
Replies: 82
Views: 15459

Re: % bogleheads of overall population

I was stunned to read that 10% put in $16,200 in their 401k. I figured it was more like 2-3%, so I guess that's good news. This is a figure from Vanguard, so I wonder whether this is representative of all 401K plans or just the Vanguard plan. I've had access to payroll records from a variety of employers in my career and I can say that 10% seems high based on my observation. From what I've noticed, those that are maxing out their plans are typically older (>50) and higher earners. Very few people in their 20's and 30's come close to maxing out and quite a bit don't even contribute at all. This shouldn't really be much of a surprise to anyone who talks finances with other people (outside of this site). I second this. I'm in that age demogra...
by khaleesi1
Tue Jun 06, 2017 5:50 pm
Forum: Personal Investments
Topic: Fidelity 529 - Where's the Love?
Replies: 29
Views: 9604

Re: Fidelity 529 - Where's the Love?

I'm a Fidelity loyalist (pun intended), and the only reason I don't have a Fidelity 529 is because I can't get the state income tax deduction using one so I have an NY 529. I don't have children yet so I use this primarily to reduce tax liability while earning a bit of interest.
by khaleesi1
Sun May 14, 2017 7:32 pm
Forum: Personal Finance (Not Investing)
Topic: Help with wife's student loans
Replies: 26
Views: 4265

Re: Help with wife's student loans

I realize this is an older thread, but I think it would've been optimal for his wife to attempt to enroll in nursing school. It's easier to get into than PA school, and it's much cheaper. The schedule is flexible, and she could make a bigger impact on her debt. RN and PA are unrelated fields with different earning potential. I'm not sure anyone has ever debated "Do I want to be a RN, or a PA". If you meant nurse practitioner, then that requires a RN degree, then a few thousand work hours, then applying for the NP program. I'm aware of the difference in the fields as I am a physician. The earning potential of a PA is balanced by the cost of the education needed to obtain that job. Nursing school is (relatively) cheap and presents ...
by khaleesi1
Sun May 14, 2017 6:32 am
Forum: Personal Finance (Not Investing)
Topic: Help with wife's student loans
Replies: 26
Views: 4265

Re: Help with wife's student loans

I realize this is an older thread, but I think it would've been optimal for his wife to attempt to enroll in nursing school. It's easier to get into than PA school, and it's much cheaper. The schedule is flexible, and she could make a bigger impact on her debt.
by khaleesi1
Mon May 08, 2017 5:56 pm
Forum: US Chapters
Topic: New York City Local Chapter established
Replies: 294
Views: 163887

Re: New York City Local Chapter established

Hi, I'm interested!
by khaleesi1
Mon May 08, 2017 5:44 pm
Forum: Personal Finance (Not Investing)
Topic: Stay home with kids?
Replies: 103
Views: 12159

Re: Stay home with kids?

I just don't see the purpose or utility in being a stay-at-home parent when your children are of an age to attend school. It makes no sense to me.