Search found 85 matches

by Megamill
Tue May 19, 2020 10:15 pm
Forum: Personal Finance (Not Investing)
Topic: SS claiming strategy when younger spouse is higher earner
Replies: 12
Views: 746

Re: SS claiming strategy when younger spouse is higher earner

celia wrote:
Tue May 19, 2020 6:08 pm
I think a "SS claiming strategy" is secondary to a "Roth conversion strategy".

Are you planning on having both people do Roth conversions during early retirement?
Yes for sure will wanna do Roth conversions.
by Megamill
Tue May 19, 2020 10:14 pm
Forum: Personal Finance (Not Investing)
Topic: SS claiming strategy when younger spouse is higher earner
Replies: 12
Views: 746

Re: SS claiming strategy when younger spouse is higher earner

Any bh's care to advise on when best to claim ss when the younger spouse is the higher earner? So let's say DH is 5 years older than DW and she is the higher earner and these are the estimates from SSA: DH: @62 yo: 1,600 @FRA 2,400 @70 yo: 2,900 DW: @62yo: 2,200 @FRA 2,900 @70 yo: 3,700 Estimated t...
by Megamill
Tue May 19, 2020 10:10 pm
Forum: Personal Finance (Not Investing)
Topic: SS claiming strategy when younger spouse is higher earner
Replies: 12
Views: 746

Re: SS claiming strategy when younger spouse is higher earner

Megamill, We are in a similar position to you. Given that we don't project to need social and possibility of long life, we are both planning to claim at 70 (even though opensocialsecurity and other tools advise me, the relatively low-earning elder male, to claim somewhat earlier). Basically, we loo...
by Megamill
Tue May 19, 2020 10:07 pm
Forum: Personal Finance (Not Investing)
Topic: SS claiming strategy when younger spouse is higher earner
Replies: 12
Views: 746

Re: SS claiming strategy when younger spouse is higher earner

Why did you have the word “retire” in quotes in the initial post? Will DH actually stop working or not? Because if not, that might change the recommendations. Our situation was somewhat similar to the one you described, except there also were pensions to consider. Given the numbers in terms of asse...
by Megamill
Tue May 19, 2020 3:07 pm
Forum: Personal Finance (Not Investing)
Topic: SS claiming strategy when younger spouse is higher earner
Replies: 12
Views: 746

Re: SS claiming strategy when younger spouse is higher earner

good point, Watty. And thanks to the other posters for the links.
by Megamill
Tue May 19, 2020 2:06 pm
Forum: Personal Finance (Not Investing)
Topic: SS claiming strategy when younger spouse is higher earner
Replies: 12
Views: 746

SS claiming strategy when younger spouse is higher earner

Any bh's care to advise on when best to claim ss when the younger spouse is the higher earner? So let's say DH is 5 years older than DW and she is the higher earner and these are the estimates from SSA: DH: @62 yo: 1,600 @FRA 2,400 @70 yo: 2,900 DW: @62yo: 2,200 @FRA 2,900 @70 yo: 3,700 Estimated to...
by Megamill
Sun Apr 26, 2020 11:42 am
Forum: Investing - Theory, News & General
Topic: So bottom is probably behind us....right?
Replies: 709
Views: 64037

Re: So bottom is probably behind us....right?

TP, paper towels, and liquid soap are FINALLY on the shelves at my grocery store. I'll take that as a positive indicator!
by Megamill
Thu Apr 02, 2020 2:15 pm
Forum: Personal Finance (Not Investing)
Topic: CARES Act & Long Term Unemployed...
Replies: 5
Views: 436

Re: CARES Act & Long Term Unemployed...

For clarification, this person's unemployment benefits ended a few months ago--way before COVID19. She's not sure if she can reapply because her job didn't end because of the pandemic.
by Megamill
Thu Apr 02, 2020 12:50 pm
Forum: Personal Finance (Not Investing)
Topic: CARES Act & Long Term Unemployed...
Replies: 5
Views: 436

CARES Act & Long Term Unemployed...

Anyone know if someone who has been unemployed long before the plague hit can reapply for unemployment benefits under the CARES Act? I haven't seen any language addressing that specific scenario. Surely if the previously unemployed had a hard time finding work, they are dead in the water now.
by Megamill
Tue Mar 31, 2020 2:05 pm
Forum: Personal Finance (Not Investing)
Topic: College in fall
Replies: 475
Views: 42070

Re: College in fall

Just wondering if the financial crisis caused by this pandemic will negatively impact scholarships and other awards...I don't have any experience with this during the '08-'09 economic downturn, except that i recall college enrollments shot up along with tuition because demand was so huge from all th...
by Megamill
Tue Mar 31, 2020 12:27 pm
Forum: Personal Finance (Not Investing)
Topic: College in fall
Replies: 475
Views: 42070

Re: College in fall

What about renewable scholarships that have been awarded for Fall 2020 incoming freshmen? Anyone worried that they will remain?
by Megamill
Sun Mar 29, 2020 9:14 am
Forum: Personal Finance (Not Investing)
Topic: College in fall
Replies: 475
Views: 42070

Re: College in fall

DS was awarded significant merit scholarships to a small, private college and I'm wondering if the scholarships will still be there with all this talk about projected enrollments to decline, endowments to drop, etc. Any other parents of HS seniors concerned about this?
by Megamill
Sat Mar 28, 2020 10:35 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 33842

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Can a self-employed, "one man shop" (so no other employees but himself, being a W2 employee) apply for the loan to pay himself his lost wages and rent, utilities and then have that all forgiven? If yes, does he simply go to his bank where his business account is to apply? Basically the answer is YE...
by Megamill
Sat Mar 28, 2020 10:20 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 33842

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Can a self-employed, "one man shop" (so no other employees but himself, being a W2 employee) apply for the loan to pay himself his lost wages and rent, utilities and then have that all forgiven? If yes, does he simply go to his bank where his business account is to apply?
by Megamill
Fri Mar 27, 2020 10:48 am
Forum: Personal Investments
Topic: Time capsule
Replies: 13
Views: 896

Re: Time capsule

Did you actually mean today's date for your note datestamp (instead of 2/27/20)?
by Megamill
Thu Mar 26, 2020 9:40 am
Forum: Investing - Theory, News & General
Topic: My experience with timing the market
Replies: 4
Views: 605

Re: My experience with timing the market

fwiw, I swing traded itot so far for one "cycle". After a a few huge down days, bought 1,000 shares (cash i had in ira) then waited until yesterday to sell into the rally. Goal is to make a few k per week to make up the huge losses in my other holdings (which i will not sell), taking advantage of th...
by Megamill
Tue Jan 28, 2020 9:01 am
Forum: Personal Finance (Not Investing)
Topic: Anyone here paid college tuition w/ i Bonds AND still claim AOTC?
Replies: 10
Views: 856

Re: Anyone here paid college tuition w/ i Bonds AND still claim AOTC?

There is no proof needed that you used the $7K of I-bond for college tuition (QHEE), but you should have the 1098-T from the college for the tuition and fees which should be good enough. I keep the 1098-T and print out statements from the college business office showing that the bill was paid. good...
by Megamill
Tue Jan 28, 2020 8:40 am
Forum: Personal Finance (Not Investing)
Topic: Anyone here paid college tuition w/ i Bonds AND still claim AOTC?
Replies: 10
Views: 856

Re: Anyone here paid college tuition w/ i Bonds AND still claim AOTC?

If you get a 529 deduction in your state (that you aren't otherwise using), it might make more sense to launder the I Bond money through a 529 plan and immediately withdraw it to pay for college expenses. How would this work? Would you first have to redeem the iBond and then deposit the proceeds in...
by Megamill
Sat Jan 25, 2020 10:10 am
Forum: Personal Finance (Not Investing)
Topic: Anyone here paid college tuition w/ i Bonds AND still claim AOTC?
Replies: 10
Views: 856

Anyone here paid college tuition w/ i Bonds AND still claim AOTC?

Assuming you're within the income limits, let's say after all scholarships are awarded, you have a total tuition + fees bill of $11k for one year and you have an electronic $5k i bond (face value) now worth $7k. Could you use the i bond and then cash flow the remaining $4k and still get the AOTC of ...
by Megamill
Wed Jan 01, 2020 2:42 pm
Forum: Personal Finance (Not Investing)
Topic: Questions about DS (minor) filing his own tax return
Replies: 11
Views: 716

Re: Questions about DS (minor) filing his own tax return

We’ve paid someone to do our taxes for decades. The last time I did it myself was on the short (paper) form I think it was the 1040EZ—I’ve never used turbo tax or any other tax prep software. I thought about just having our tax guy do DS’s tax return but he (DS) wants to do it. So thanks to all who ...
by Megamill
Tue Dec 31, 2019 11:24 pm
Forum: Personal Finance (Not Investing)
Topic: Questions about DS (minor) filing his own tax return
Replies: 11
Views: 716

Re: Questions about DS (minor) filing his own tax return

Do you mean he shouldn’t claim himself for the std deduction?
by Megamill
Tue Dec 31, 2019 11:02 am
Forum: Personal Finance (Not Investing)
Topic: Questions about DS (minor) filing his own tax return
Replies: 11
Views: 716

Re: Questions about DS (minor) filing his own tax return

Good point about the learning opp! DS was a bit shocked when he saw how much was withheld from those first couple paychecks even though it's pretty minimal (now).
by Megamill
Tue Dec 31, 2019 10:21 am
Forum: Personal Finance (Not Investing)
Topic: Questions about DS (minor) filing his own tax return
Replies: 11
Views: 716

Re: Questions about DS (minor) filing his own tax return

Yes, we have been including the UTMA accounts on our tax returns. So just want to make sure who reports what now that he wants to start filing his own.
by Megamill
Tue Dec 31, 2019 10:09 am
Forum: Personal Finance (Not Investing)
Topic: Questions about DS (minor) filing his own tax return
Replies: 11
Views: 716

Questions about DS (minor) filing his own tax return

DS would like to get a tax refund of all fed taxes he paid from his PT job (which will only amount to a few hundred $). So I told him he has to file his own tax return and he said he learned how to do that in one of his classes so he's ready. Questions: Will he be responsible for reporting the inter...
by Megamill
Wed Nov 27, 2019 11:05 am
Forum: Personal Finance (Not Investing)
Topic: Anyone consider financial health of college in decision?
Replies: 17
Views: 1506

Anyone consider financial health of college in decision?

Forbes put out an article today "Dawn Of The Dead: For Hundreds Of The Nation’s Private Colleges, It’s Merge Or Perish". I was surprised at some of the names that are ranked "C" and below on the list. Question to BH parents of college (or soon to be) kids: Do you try to find out the financial health...
by Megamill
Wed Nov 27, 2019 10:55 am
Forum: Personal Investments
Topic: What's Your Opinion on a Custodial Brokerage Account?
Replies: 12
Views: 1300

Re: What's Your Opinion on a Custodial Brokerage Account?

If the kids don't know the UTMA accounts exist, they won't be able to blow it foolishly at age majority, right?
by Megamill
Thu Oct 24, 2019 9:49 am
Forum: Personal Finance (Not Investing)
Topic: Question About Academic Scholarships
Replies: 11
Views: 595

Re: Question About Academic Scholarships

I asked this question because in our case, I was blown away at how much DS will be awarded from a particular small private university close to home. Additionally, there is another award (renewable each year) that he can apply for and if he receives that, we would end up potentially paying only about...
by Megamill
Thu Oct 24, 2019 9:18 am
Forum: Personal Finance (Not Investing)
Topic: Question About Academic Scholarships
Replies: 11
Views: 595

Re: Question About Academic Scholarships

Thank you both for the info and the link to that NYT article: "What College Admissions Offices Really Want Elite schools say they’re looking for academic excellence and diversity. But their thirst for tuition revenue means that wealth trumps all." This is what I suspected but must have not used good...
by Megamill
Thu Oct 24, 2019 8:34 am
Forum: Personal Finance (Not Investing)
Topic: Question About Academic Scholarships
Replies: 11
Views: 595

Question About Academic Scholarships

Probably a dumb question, but when an incoming freshman is awarded a generous scholarship based on ACT score and HS GPA, does the university actually get that scholarship money or is it a "discount"? So does the school make more $ off the kids who are paying full tuition than the kids that are award...
by Megamill
Wed Oct 09, 2019 7:56 am
Forum: Personal Finance (Not Investing)
Topic: Finance or Accounting Degree?
Replies: 81
Views: 6468

Re: Finance or Accounting Degree?

I would be wary of any finance degree that didn't involve a lot of math. Look at the pre-requisites for the courses. Some finance degrees are very serious. Others are glorified undergraduate business management degrees with just a smidgen more math (of course the best undergraduate business degrees...
by Megamill
Tue Oct 08, 2019 12:27 pm
Forum: Personal Finance (Not Investing)
Topic: Finance or Accounting Degree?
Replies: 81
Views: 6468

Re: Finance or Accounting Degree?

I'm a finance/accounting double major with a CPA. I work for a Fortune 500 company in corporate finance. I started in the accounting department and moved into finance. Similar career path for many of my finance co-workers. Seems like it is easier to move from accounting into finance. Suggest lookin...
by Megamill
Tue Oct 08, 2019 11:25 am
Forum: Personal Finance (Not Investing)
Topic: Finance or Accounting Degree?
Replies: 81
Views: 6468

Re: Finance or Accounting Degree?

FrugalConservative wrote:
Tue Oct 08, 2019 11:04 am
Accounting major with a finance minor.
After reading through all the great responses, I agree with this and then top it off with CPA...
by Megamill
Sun Oct 06, 2019 10:37 am
Forum: Personal Finance (Not Investing)
Topic: Finance or Accounting Degree?
Replies: 81
Views: 6468

Re: Finance or Accounting Degree?

It really depends what he wants to do. The pros are finance is it’s much easier to get into specialized fields like trading, commercial/investment banking, etc. but the downside is only the very best get into those so it’s much harder for the average student to get a good paying job with just a gen...
by Megamill
Sun Oct 06, 2019 10:25 am
Forum: Personal Finance (Not Investing)
Topic: Finance or Accounting Degree?
Replies: 81
Views: 6468

Re: Finance or Accounting Degree?

From the perspective of HR in a Fortune 10, the most critical part is being a properly certified CPA that can sign off company accounts, e.g. of subsidiaries or even medium sized individual companies. How he gets there, or whether he loves or hates accounting is irrelevant. I have a daughter with a...
by Megamill
Sun Oct 06, 2019 10:21 am
Forum: Personal Finance (Not Investing)
Topic: Finance or Accounting Degree?
Replies: 81
Views: 6468

Re: Finance or Accounting Degree?

willthrill81, actually I'm thinking we revert back to plan A completely, which is first 2 years at the (public) cc, which when he starts out, his advisor will help him to select the right courses to ensure that all credits will x-fer over to the 4 year U. (This state U program allows students to att...
by Megamill
Sun Oct 06, 2019 9:59 am
Forum: Personal Finance (Not Investing)
Topic: Finance or Accounting Degree?
Replies: 81
Views: 6468

Re: Finance or Accounting Degree?

The other option (which was "plan A") is for DS to attend one of our state's (public) cc (also small and close to home--he wants to save $ by commuting rather than live on campus) for the first 2 years which he can then guarantee transfer to the local "parent" state (public) 4 year U to finish off t...
by Megamill
Sun Oct 06, 2019 8:33 am
Forum: Personal Finance (Not Investing)
Topic: Finance or Accounting Degree?
Replies: 81
Views: 6468

Re: Finance or Accounting Degree?

Lots of really good info from all your posts. Thank you all--it means a lot coming from you all. Consensus appears to be Accounting degree, which is what he had thought to pursue on his own. I thought maybe Finance would be the better route, so I'm glad I asked the question here. I do see him also t...
by Megamill
Sat Oct 05, 2019 10:46 am
Forum: Personal Finance (Not Investing)
Topic: Finance or Accounting Degree?
Replies: 81
Views: 6468

Finance or Accounting Degree?

Math has always come very easily for DS and he has no interest whatsoever in anything STEM. Anyone have any input on which degree (Finance or Accounting) would offer better future opportunities?
by Megamill
Thu Oct 03, 2019 3:14 pm
Forum: Personal Investments
Topic: Kids Investment Account
Replies: 30
Views: 2325

Re: Kids Investment Account

fwiw...My DS at 17 is a little older than your DD, but he has a PT job and is averaging about $150 - $200 per week in earnings. I talked to him about a Roth IRA and that if he wanted me to open one for him, I would match all of his contributions (up to his total gross income or the $6k limit). He ag...
by Megamill
Wed Sep 25, 2019 7:24 pm
Forum: Personal Investments
Topic: Starting a Custodial Roth IRA
Replies: 4
Views: 491

Re: Starting a Custodial Roth IRA

Thanks mhalley and Duckie. So rather than wait until the end of the calendar year, the parent could just match the kid's gross paycheck (from W2 job) every pay day. So if kid is averaging $400 every biweekly paycheck, then parent could deposit $400 into the Roth IRA every other week as long as the c...
by Megamill
Wed Sep 25, 2019 10:40 am
Forum: Personal Investments
Topic: Starting a Custodial Roth IRA
Replies: 4
Views: 491

Starting a Custodial Roth IRA

I have a few questions regarding Roth IRA for a minor. I know that as long as the kid has earned income s/he can contribute to the Roth IRA up to the total earned income. I've also read about how some parents match the kid's contributions. Questions: 1. Is the contribution to the kid's Roth IRA limi...
by Megamill
Sun Sep 22, 2019 9:06 am
Forum: Personal Finance (Not Investing)
Topic: Health ins ?s for younger spouse
Replies: 3
Views: 445

Re: Health ins ?s for younger spouse

Also mhalley, thanks very much for that link. Very helpful.
by Megamill
Sun Sep 22, 2019 9:02 am
Forum: Personal Finance (Not Investing)
Topic: Health ins ?s for younger spouse
Replies: 3
Views: 445

Re: Health ins ?s for younger spouse

By "future ss", I mean DF's DH has not yet claimed. Also, his retiree health plan stops (for both of them) when he turns 65 but DF is younger so won't be Medicare eligible for a few more years.
by Megamill
Sat Sep 21, 2019 12:13 pm
Forum: Personal Finance (Not Investing)
Topic: Health ins ?s for younger spouse
Replies: 3
Views: 445

Health ins ?s for younger spouse

Asking on behalf of a Dear Friend (DF) whose retired DH has health ins (for both) through his former employer until 65. I know that DF can look for her own insurance on the ACA exchange and in doing so, also possibly qualify for a subsidy. Three questions: 1. Assuming they file MFJ, the subsidy is b...
by Megamill
Mon Sep 09, 2019 9:21 am
Forum: Personal Finance (Not Investing)
Topic: Equifax breach settlement update?
Replies: 49
Views: 4743

Re: Equifax breach settlement update?

I had not responded previously on the Equifax situation, but got an email over the weekend soliciting my participation. The current status seems to be either (1) “up to” $125 cash, or (2) four years of free credit monitoring, followed by six more years of Equifax-only monitoring. We opted for door ...
by Megamill
Mon Sep 09, 2019 7:45 am
Forum: Personal Finance (Not Investing)
Topic: Equifax breach settlement update?
Replies: 49
Views: 4743

Re: Equifax breach settlement update?

What about those who opt for the free credit monitoring? Does it just automatically kick in?
by Megamill
Sun Sep 08, 2019 10:21 am
Forum: Personal Finance (Not Investing)
Topic: Equifax settlement: how to file claim?
Replies: 156
Views: 15598

Re: Equifax settlement: how to file claim?

DH and me were supposedly affected (after I entered the last 6 of our SS a couple weeks ago) so we both opted for the free monitoring service, but I just realized that we never received any follow up e-mail with next steps, etc. I did save a copy of the pdf summary for both of us, but still, shouldn...
by Megamill
Wed Aug 28, 2019 5:05 pm
Forum: Personal Finance (Not Investing)
Topic: What makes your dream house so special?
Replies: 41
Views: 3406

Re: What makes your dream house so special?

Own outright (no mortgage) Walk-in closet in master Dual vanity, walk-in shower master bath First floor laundry Good size flat lot in SAFE area with the BEST neighbors Nobody behind us (conservancy behind back yard) Single story Finished dry basement with full bath, wet bar, extra living space and h...