Search found 55 matches

by GeoffD
Fri Oct 12, 2018 9:23 am
Forum: Personal Finance (Not Investing)
Topic: Should we rent a car or take our low mileage 2006 Volvo on a family trip?
Replies: 49
Views: 3236

Re: Should we rent a car or take our low mileage 2006 Volvo on a family trip?

I'm Hertz Five Star. I can get a Hertz 'F' car for $29/day and I normally get upgraded to the best non-premium car on the lot. I always rent when I'm driving for business. On long personal drives, it kind of depends. I have AWD and snow tires. If I think I might need those, I'll drive my car. For a ...
by GeoffD
Thu Oct 11, 2018 8:24 pm
Forum: Personal Finance (Not Investing)
Topic: Paying for Remodel
Replies: 9
Views: 1187

Re: Paying for Remodel

I did $200K+ in remodeling over four years out of cash flow. Remodeling is discretionary spending. I think it's foolish to borrow money for any kind of discretionary spending. Repairs are a different story. Water heater, furnace/boiler, A/C, roof, I'd 'borrow' from my emergency fund and pay it back ...
by GeoffD
Thu Oct 11, 2018 4:30 pm
Forum: Personal Finance (Not Investing)
Topic: early retirement for health reasons- pension option ss income leveling?
Replies: 46
Views: 2140

Re: early retirement for health reasons- pension option ss income leveling?

My income leveling option is calculated is based on SSNRA (66 years and 8 months for me). There seem to be quite a few different ways to take my pension, and that's what brought me here with my question. It doesn't seem to make adjustments for inflation, however. If I take a monthly annuity of $235...
by GeoffD
Thu Oct 11, 2018 10:42 am
Forum: Personal Finance (Not Investing)
Topic: early retirement for health reasons- pension option ss income leveling?
Replies: 46
Views: 2140

Re: early retirement for health reasons- pension option ss income leveling?

I thought CA law required up to 3 years of COBRA? If so, maybe you can tough it out one more year? Then you would be covered until Medicare age. Plus you would build up more breathing room budget wise. I can't afford to retire and live in the COBRA service area. I will need to leave California. Can...
by GeoffD
Thu Oct 11, 2018 10:17 am
Forum: Personal Finance (Not Investing)
Topic: What is your annual cost for health insurance?
Replies: 137
Views: 9891

Re: What is your annual cost for health insurance?

Also probably, age is important. Obamacare policies cost more as you get older. Age 60 Myself and 2 kids Kaiser policy with no out of network option. 19000 premium per year, no subsidy deductilbe 4700 I work in health care This is crummy, obamacare policy Try not to get sick Not in VT. Every age pa...
by GeoffD
Thu Oct 11, 2018 9:58 am
Forum: Personal Finance (Not Investing)
Topic: SS 2019 COLA could be close to 3%
Replies: 55
Views: 6027

Re: SS 2019 COLA could be close to 3%

When does the SSA update SSA publication no. 05-10070 so I can update my spreadsheet and their benefit estimates on their web portal?
by GeoffD
Tue Oct 02, 2018 5:20 am
Forum: Personal Finance (Not Investing)
Topic: Buying a bigger home
Replies: 7
Views: 1144

Re: Buying a bigger home

Interest rates are going up. Keep your CD maturity at 1 year. You can get 2.5% without looking too hard. Ally Bank pays that among others. You don’t want to be locked in at 3.1% for 5 years. Assuming you own a house in the town with the best school system in your area, a bigger house is not the way ...
by GeoffD
Tue Oct 02, 2018 4:34 am
Forum: Personal Finance (Not Investing)
Topic: Why is Home Part of NW [Net Worth]
Replies: 98
Views: 6827

Re: Why is Home Part of NW

What does Net Worth have to do with your ability to retire next year? Very little. What actually matters is: your level of Investible Assets... So owning a home free and clear rather than renting an equivalent home doesn't matter in retirement? I would rephrase it to say that what matters is whethe...
by GeoffD
Sun Sep 30, 2018 10:48 am
Forum: Personal Finance (Not Investing)
Topic: 1099 estimated taxes
Replies: 8
Views: 739

Re: 1099 estimated taxes

I just did a cocktail napkin 2018 tax liability calculation to figure out what I need to set aside for taxes on my 1099 income. I had really low income years in 2017 and 2018 will also be low but higher than 2017. My 2017 Federal taxes were only $10K. For 2018 W-2 income, I've already had $11K withh...
by GeoffD
Thu Sep 27, 2018 8:56 pm
Forum: Personal Finance (Not Investing)
Topic: How much money do you want to retire?
Replies: 658
Views: 82834

Re: How much money do you want to retire?

A typical suburban house with 2500 sqft and 4 bedrooms will have taxes around $12K in Bostom Metrowest area *WITH* good school system. I live about 40 miles from Boston and my taxes for that house are over $13K. The assessed price is around $700K. My RE portion had been always higher than PI since ...
by GeoffD
Thu Sep 27, 2018 10:27 am
Forum: Personal Finance (Not Investing)
Topic: How much money do you want to retire?
Replies: 658
Views: 82834

Re: How much money do you want to retire?

...I Cannot speak for Jwood but our core costs for retirement are near $60K a year. Another $60K a year will cover all kinds of 'elective' activities including travel , boating, winter home rental, etc . The balance we would like to gift to family each year. Similar for me, the proportions anyway. ...
by GeoffD
Thu Sep 27, 2018 7:07 am
Forum: Personal Finance (Not Investing)
Topic: How much money do you want to retire?
Replies: 658
Views: 82834

Re: How much money do you want to retire?

I’m a career high earner. I restructured my life so I’m ok with $0 at age 70 when I start collecting a near-max Social Security check. $43,524 per year. I’ve been divorced twice. That “life happens” stuff puts a big dent in your net worth. I’m 60 now. Paid for house with relatively low ownership cos...
by GeoffD
Fri Sep 21, 2018 10:14 am
Forum: Personal Finance (Not Investing)
Topic: 1099 estimated taxes
Replies: 8
Views: 739

Re: 1099 estimated taxes

Some good news. If you're going to earn a lot more next year via 1099, you can pay estimated taxes based on this year's tax. That means that come April 2020 you'll owe a bundle, but if you plan for it you'll earn money on that money. My 2018 is going to be significantly better than my 2017, and I w...
by GeoffD
Thu Sep 20, 2018 2:31 pm
Forum: Personal Finance (Not Investing)
Topic: 1099 estimated taxes
Replies: 8
Views: 739

Re: 1099 estimated taxes

I had a 6 month income break in Q2 and Q3 with nothing coming in but an unemployment check. I put $12k into a Roth 401(k) with my Q1 comp. I’ll look at my tax situation in December and decide about retirement funding. It’s an off income year. I might have $10k of 24% bracket money. It’s not like I’m...
by GeoffD
Thu Sep 20, 2018 12:20 pm
Forum: Personal Finance (Not Investing)
Topic: 1099 estimated taxes
Replies: 8
Views: 739

1099 estimated taxes

I'd appreciate some advice on estimated tax filing. I've always worked for W-2 money. I'm going to be getting paid 1099 for some work on a 6 month contract. I start next week (1 work week in September). They're paying me monthly on the last business day of the month so I'll have trace income in Q3 p...
by GeoffD
Wed Sep 19, 2018 8:54 am
Forum: Personal Finance (Not Investing)
Topic: What's the best early retirement strategy for us?
Replies: 39
Views: 3209

Re: What's the best early retirement strategy for us?

Age 43, $90K household income, minimal wealth, wants to retire at 55. Sell the house. Rent a cheap studio apartment. Live 12 extremely frugal years with your pre-tax retirement contribution maxed and investing a large chunk of your post-tax income. Even then, you'd need a miracle to happen with your...
by GeoffD
Wed Sep 19, 2018 7:44 am
Forum: Personal Finance (Not Investing)
Topic: Pay-off or keep mortgage with 2018 interest deduction changes?
Replies: 17
Views: 1704

Re: Pay-off or keep mortgage with 2018 interest deduction changes?

4. Pay down the mortgage over time with income from SS, pension and RMD's that exceeds spending; I think it depends on the mix of these three income sources. If you can live comfortably on your SS and pension income making a mortgage payment and that would continue if you're married and have a deat...
by GeoffD
Wed Sep 19, 2018 7:23 am
Forum: Personal Finance (Not Investing)
Topic: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements
Replies: 28
Views: 2178

Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Holy first world problems, Batman. If you have a mail theft problem, get a PO box. I have my emergency fund at Ally. 1 day transfers with my brick & mortar bank. They answer the phone without a huge queue. The person at the other end of the phone call typically speaks American English as their first...
by GeoffD
Wed Sep 19, 2018 7:15 am
Forum: Personal Finance (Not Investing)
Topic: Puerto Rico as legal tax Haven?
Replies: 20
Views: 3736

Re: Puerto Rico as legal tax Haven?

If you're earning the money in Puerto Rico maybe... if you're earning money from elsewhere in the U.S. (i.e. from stocks, bonds, retirement account ... a decent job) then you've got income taxable to the Feds. Maybe read the article? If you get your 180-something Puerto Rico days, you dodge Federal...
by GeoffD
Tue Sep 18, 2018 5:23 pm
Forum: Personal Consumer Issues
Topic: What is your single most expensive mistake?
Replies: 293
Views: 25501

Re: What is your single most expensive mistake?

Ex-wife v1.0 was “divide by 2” divorce math. $500k.

I’ve made plenty of other life mistakes that combine to more than that but that’s a clear #1.
by GeoffD
Tue Sep 18, 2018 2:28 pm
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 2995
Views: 587750

Re: What's Your Credit Card Rewards Strategy?

By looking at the map, Ibis Styles is the closest to T1/T2/T3 and the cheapest. If I stayed there, I could walk to the Indian restaurant you recommend without luggage after settling in. And to confirm: The public buses from T1/T2/T3 to Bath Road hotels are free? Victoria This is a massive thread hi...
by GeoffD
Tue Sep 18, 2018 6:21 am
Forum: Personal Finance (Not Investing)
Topic: Cheap Flights
Replies: 23
Views: 2326

Re: Cheap Flights

My personal preference is to fly on Southwest Airlines whenever possible. Why The big advantage of Southwest is you can throw $20 at the flight and know you’re going to get an aisle seat. I’m 6’3”. On short notice, it’s often impossible to get an aisle seat on a major carrier within a week of depar...
by GeoffD
Tue Sep 18, 2018 5:46 am
Forum: Personal Finance (Not Investing)
Topic: Bank of America credit card “feature” (be careful with autopay)
Replies: 45
Views: 2798

Re: Bank of America credit card “feature” (be careful with autopay)

So you’re saying you had auto-pay in full configured on the account but also went to their web portal and paid manually? If that’s what happened, how many days separated the manual pay and the auto pay? If they were weeks apart, that’s a really lousy process by BOA. If they’re only a day or two apar...
by GeoffD
Mon Sep 17, 2018 3:59 pm
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 2995
Views: 587750

Re: What's Your Credit Card Rewards Strategy?

This is wonderful information, I greatly appreciate it! I found nonstop UA flights (on Lufthansa, Austrian) IAD-LHR, 0820 AM - 0855 PM, with nonstop afternoon returns, in summer, for just over $1,000. To catch an early flight, I can spend a night near IAD for about $100. To spend a night at LHR upo...
by GeoffD
Mon Sep 17, 2018 2:57 pm
Forum: Personal Finance (Not Investing)
Topic: How to get financially ready for death of parent
Replies: 22
Views: 2652

Re: How to get financially ready for death of parent

A few months ago, I attended an excellent retirement planning seminar given by an Elder Law attorney. Here’s the list, organized into 4 areas plus a list of professional advisors at the end to help you with planning and implementation. Team of Advisors Financial advisor Elder law attorney Business ...
by GeoffD
Mon Sep 17, 2018 2:36 pm
Forum: Personal Finance (Not Investing)
Topic: How to get financially ready for death of parent
Replies: 22
Views: 2652

Re: How to get financially ready for death of parent

How should her kids' names be attached to her financial accounts, if at all? Your mother should designate beneficiaries on each account. 50%/50% would be typical in that situation. Assuming you are both power of attorney, you want at least one of you on the accounts so you can do banking/write chec...
by GeoffD
Mon Sep 17, 2018 2:00 pm
Forum: Personal Finance (Not Investing)
Topic: Delaying SS? How Long It Will Take for It to Pay Off?
Replies: 53
Views: 5322

Re: Delaying SS? How Long It Will Take for It to Pay Off?

I just put this into a compound interest calculator. start with $0, contribute $24,768 per year (at age 62), investing all in a (S&P500 with 7% historical avg return) for 8 years. End result is $271,902, which itself could generate $19,033 per year at age 70 using a 7% rate. This is just one reason...
by GeoffD
Mon Sep 17, 2018 1:44 pm
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 2995
Views: 587750

Re: What's Your Credit Card Rewards Strategy?

I did not know about non -red eye flights to Europe. Thank you for mentioning them! There are day flights to London-Heathrow from Boston, JFK, Newark, Chicago, and Dulles. Using British Airways and American FT points from BOS or JFK, you can connect the next day to wherever you're going in Europe f...
by GeoffD
Mon Sep 17, 2018 12:55 pm
Forum: Personal Finance (Not Investing)
Topic: Delaying SS? How Long It Will Take for It to Pay Off?
Replies: 53
Views: 5322

Re: Delaying SS? How Long It Will Take for It to Pay Off?

The goal is to stay in the 12% bracket. Single, I can pull ~$50K per year out of my tax deferred portfolio. If that's what I'm largely living on, I can't do Roth conversions with it. When I hit 70 1/2 and RMDs kick in, I'm still in the 12% bracket. Will your marginal rate still be 12%, including Ta...
by GeoffD
Mon Sep 17, 2018 12:35 pm
Forum: Personal Finance (Not Investing)
Topic: Delaying SS? How Long It Will Take for It to Pay Off?
Replies: 53
Views: 5322

Re: Delaying SS? How Long It Will Take for It to Pay Off?

My numbers ignoring inflation/COLA increases: Age 62 to age 70: $198,144 Age 62 to age 80: $445,824 Age 70 to age 80: $435,240 The crossover is indeed a bit over age 80. 80.5 looks about right. I've never bothered to model the return on that $198,144. If you assume an after-inflation, after-tax 3% ...
by GeoffD
Mon Sep 17, 2018 12:11 pm
Forum: Personal Finance (Not Investing)
Topic: Delaying Social Security Until 70
Replies: 115
Views: 9479

Re: Delaying Social Security Until 70

I am not sure how you arrived at a SS benifit of $43,524/yr @ 70 but perhaps check the source to make sure your calcs are correct. Seems doable for a relatively high lifetime earner. $43,524/yr @ 70 requires an age 66 FRA PIA of about $2,748 (2747.73 * 1.32 * 12 = 43524.04). Current maximum PIA per...
by GeoffD
Mon Sep 17, 2018 11:49 am
Forum: Personal Finance (Not Investing)
Topic: Delaying SS? How Long It Will Take for It to Pay Off?
Replies: 53
Views: 5322

Re: Delaying SS? How Long It Will Take for It to Pay Off?

When I look at the new tax brackets, it looks to me like Roth conversions pretty much vaporized as a strategy. At the moment, I'm single. Roth conversions aren't tax efficient. If you are still working, that is likely true. For most already retired at age 60, Roth conversions now are favorable. Wha...
by GeoffD
Mon Sep 17, 2018 11:18 am
Forum: Personal Finance (Not Investing)
Topic: Delaying Social Security Until 70
Replies: 115
Views: 9479

Re: Delaying Social Security Until 70

"A COLA-protected and largely tax-free $43,524 per year at least means I won't be poor if I live into my 90s and zero out everything but home equity" I am not sure how you arrived at a SS benifit of $43,524/yr @ 70 but perhaps check the source to make sure your calcs are correct. SSA publication no...
by GeoffD
Mon Sep 17, 2018 10:56 am
Forum: Personal Finance (Not Investing)
Topic: Dilemma: Add room to current house or buy new house?
Replies: 93
Views: 4876

Re: Dilemma: Add room to current house or buy new house?

I am not sure of the exact terms but due to the down slope incline of the house, the deck is perched on posts from the ground (no foundation there). Essentially there is no built-up area under the deck and it extends past the basement. So for the new room, a new foundation needs to be added in that...
by GeoffD
Mon Sep 17, 2018 10:20 am
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 2995
Views: 587750

Re: What's Your Credit Card Rewards Strategy?

I need to remember to cancel that card before the 1 year anniversary in November when I get socked with a fee. You can safely cancel after the fee posts. If it's within 30 days, Chase will credit it back in full. I've done that previously with Chase. I appreciate the tip but it's easier to just can...
by GeoffD
Mon Sep 17, 2018 10:12 am
Forum: Personal Finance (Not Investing)
Topic: Delaying Social Security Until 70
Replies: 115
Views: 9479

Re: Delaying Social Security Until 70

"It's not politically possible to cut benefits. Sometime in the next decade, taxes are going up." This is not the first time it has happened - perhaps research how it was 'corrected' the past time. They boosted the FRA for people too young to be much of a voting block. In 1983 the last time the law...
by GeoffD
Mon Sep 17, 2018 10:04 am
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 2995
Views: 587750

Re: What's Your Credit Card Rewards Strategy?

Citi DoubleCash 2% cash back for everything domestic CapitalOne 1 1/2% cash back for everything international to avoid the fee I have a Chase United Explorer card I used to get early boarding until I hit elite FT status last March. I need to remember to cancel that card before the 1 year anniversary...
by GeoffD
Mon Sep 17, 2018 9:37 am
Forum: Personal Finance (Not Investing)
Topic: Delaying SS? How Long It Will Take for It to Pay Off?
Replies: 53
Views: 5322

Re: Delaying SS? How Long It Will Take for It to Pay Off?

Lots of folks do Roth conversions in the 22% or 24% marginal Federal tax brackets, the latter for me this year at 68. My goal is simply to levelize my income and to keep my AGI from being even higher once I start SS and RMDs in 2020... So you're assuming tax law isn't going to change with respect t...
by GeoffD
Mon Sep 17, 2018 6:53 am
Forum: Personal Finance (Not Investing)
Topic: Delaying SS? How Long It Will Take for It to Pay Off?
Replies: 53
Views: 5322

Re: Delaying SS? How Long It Will Take for It to Pay Off?

All calculators I tried.... Likely none of them included the effect of SS on taxation of traditional->Roth conversions. The more t->R you can do at low marginal rates, the more favorable it is to defer SS. The marginal rates kind of depend on your filing status. Filing single, the 12% bracket goes ...
by GeoffD
Sun Sep 16, 2018 10:49 pm
Forum: Personal Finance (Not Investing)
Topic: If you're FI, or close to FI, are still fighting to climb the Corp. Ladder?
Replies: 118
Views: 11558

Re: If you're FI, or close to FI, are still fighting to climb the Corp. Ladder?

getting close to FI... REDUCE your time and energy commitment to your company Consider reading the Cliff Notes for "Die Broke" Basically, Reduce your emotional and time commitment to employer. (But do your job) Establish your other skills / priorities Plan (as in be ready) for your transition Do it...
by GeoffD
Sun Sep 16, 2018 10:22 pm
Forum: Personal Finance (Not Investing)
Topic: Playing catch up. Best methods to grow retirement in next 10+years?
Replies: 17
Views: 2234

Re: Playing catch up. Best methods to grow retirement in next 10+years?

Monthly expenses: $10k for taxes, $3900 mortgage, $1969 health insurance, $416 disability, $500 student loan, $110 life ins, $400 car ins, $1k for utilities on average, $3k for gas, groceries, household items, kids lessons, etc, $2k+ going towards heloc, $1542 to Employee 401k, $3042 employer 401k,...
by GeoffD
Sun Sep 16, 2018 8:18 pm
Forum: Personal Finance (Not Investing)
Topic: Delaying SS? How Long It Will Take for It to Pay Off?
Replies: 53
Views: 5322

Re: Delaying SS? How Long It Will Take for It to Pay Off?

My numbers ignoring inflation/COLA increases: Age 62 to age 70: $198,144 Age 62 to age 80: $445,824 Age 70 to age 80: $435,240 The crossover is indeed a bit over age 80. 80.5 looks about right. I've never bothered to model the return on that $198,144. If you assume an after-inflation, after-tax 3% r...
by GeoffD
Sun Sep 16, 2018 5:52 pm
Forum: Personal Finance (Not Investing)
Topic: Where to put saving for retirement house?
Replies: 6
Views: 726

Re: Where to put saving for retirement house?

You can get 2.50% on a 1 year CD. I have my emergency fund parked at Ally Bank in a 1.85% savings account and laddered 1 year CDs. 1 year treasuries are a smidge more than Ally Bank is paying for 1 year CDs. 2.562%. 2 year Treasuries are 2.786% at the moment.
by GeoffD
Sun Sep 16, 2018 5:22 pm
Forum: Personal Finance (Not Investing)
Topic: How to get financially ready for death of parent
Replies: 22
Views: 2652

Re: How to get financially ready for death of parent

The more practical questions: Do you and/or your sibling have a durable power of attorney document? Do you and/or your sibling have a health care power of attorney document? Does your mother have a will? Are you or your sibling the executor? Does your mother have a living will or advance directive? ...
by GeoffD
Sun Sep 16, 2018 2:40 pm
Forum: Personal Finance (Not Investing)
Topic: Considering Quitting Job - Seeking Advice. Would you do it?
Replies: 156
Views: 12538

Re: Considering Quitting Job - Seeking Advice. Would you do it?

If quitting is on the table then getting fired could (should?) be on the table too. How about having a conversation with your manager saying that you need to reduce your hours to 50/wk or whatever number is doable for you. If you get fired, you don't want to work there anyways. Plain and simple. I ...
by GeoffD
Sun Sep 16, 2018 2:17 pm
Forum: Personal Finance (Not Investing)
Topic: delaying claiming SS from age 64 to 70 while not working
Replies: 21
Views: 1618

Re: delaying claiming SS from age 64 to 70 while not working

seychellois_lib wrote:
Sun Sep 16, 2018 2:13 pm
I am in the same boat as OP and have a related question. Does the benefit increase occur only after 12 months of delay from FRA (ie anually) or does it accrue on a monthly basis?
Monthly.
by GeoffD
Sun Sep 16, 2018 2:16 pm
Forum: Personal Finance (Not Investing)
Topic: Please help me assess condo purchase and overall finances
Replies: 22
Views: 1274

Re: Please help me assess condo purchase and overall finances

3. Is this a smart buy? I expect my monthly housing expenses to be about $1400/mo (mortgage + HOA fee + property tax + insurance). This is a big jump from $930/mo but I still think it's affordable. My other expenses total about 1k/mo. I bought a condo at the top of the market many years ago at abou...
by GeoffD
Sun Sep 16, 2018 2:02 pm
Forum: Personal Finance (Not Investing)
Topic: How did you decide when to retire?
Replies: 54
Views: 8278

Re: How did you decide when to retire?

I don't understand the OP's issue. $58K in "reduced" pension, $1 million in tax deferred portfolio. Eventually at age 70, another $40K in Social Security benefit ignoring what their spouse does. Only $25K of housing cost and it sounds like much of it is co-op/condo/HOA fees since the mortgage amount...
by GeoffD
Sun Sep 16, 2018 1:35 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Calculation
Replies: 2
Views: 328

Re: Social Security Calculation

Does job loss/decrease in income at 59 years old impact social security prospects? Does it average your most recent earning years to determine an amount or something different like your entire career, or just 10 highest earning years? I was a high earner from 37-45 and from 54-59 and then lost my j...
by GeoffD
Sun Sep 16, 2018 1:17 pm
Forum: Personal Finance (Not Investing)
Topic: Playing catch up. Best methods to grow retirement in next 10+years?
Replies: 17
Views: 2234

Re: Playing catch up. Best methods to grow retirement in next 10+years?

35% tax bracket on a joint return is $400K after deductions. The OP wrote "we" so I presume it's a joint return. Something is really wrong with life decisions of the OP isn't salting away 6 figures of after tax money into investments of some sort above and beyond maxing out a 401(k). I sense some ma...