Search found 40 matches

by sthadani
Tue Jun 16, 2020 12:23 pm
Forum: Personal Investments
Topic: 30 YO Roth IRA advice!
Replies: 6
Views: 450

Re: 30 YO Roth IRA advice!

Welcome!

I have one recommendation for you and it's not what you asked but this has helped me and my friends.

Read Simple Path to Wealth by JL Collins. You will thank me later. All you need to know is in this book.

Good luck!
by sthadani
Thu Apr 30, 2020 2:55 pm
Forum: Personal Investments
Topic: What is best way to transfer money to India
Replies: 4
Views: 306

Re: What is best way to transfer money to India

I have used Remitly in the past. Worked out well.
by sthadani
Thu Mar 05, 2020 1:57 pm
Forum: Personal Investments
Topic: Invested in 100% Stocks for 401k. Is it time to move those funds to more conservative fund?
Replies: 31
Views: 1499

Re: Invested in 100% Stocks for 401k. Is it time to move those funds to more conservative fund?

Hi guys, I am 29. I started when i was 25. I got long ways for retirement. I know it may not be the best thing to do 100% in stocks, but i did want to be aggressive. -In my 401k, if i sold today i would be sitting at a profit of $3100. I do not want to lose more than i would in next few days, there...
by sthadani
Fri Feb 07, 2020 10:53 am
Forum: Personal Finance (Not Investing)
Topic: TIRA Vs. Roth (12% tax bracket) - 2020
Replies: 17
Views: 1208

Re: TIRA Vs. Roth (12% tax bracket) - 2020

Also, personally, I would stick with Roth IRA accounts in your case. I don't think the benefit of the Saver's Credit is great enough to make the switch worthwhile. You don't think the extra $1,902 is worth the switch to TIRA? What do you expect for the difference in spendable income between traditi...
by sthadani
Fri Feb 07, 2020 10:50 am
Forum: Personal Finance (Not Investing)
Topic: TIRA Vs. Roth (12% tax bracket) - 2020
Replies: 17
Views: 1208

Re: TIRA Vs. Roth (12% tax bracket) - 2020

Also, personally, I would stick with Roth IRA accounts in your case. I don't think the benefit of the Saver's Credit is great enough to make the switch worthwhile. You don't think the extra $1,902 is worth the switch to TIRA? You’re in a low tax bracket during a period where tax brackets have been ...
by sthadani
Thu Feb 06, 2020 8:48 am
Forum: Personal Finance (Not Investing)
Topic: TIRA Vs. Roth (12% tax bracket) - 2020
Replies: 17
Views: 1208

Re: TIRA Vs. Roth (12% tax bracket) - 2020

Ron Ronnerson wrote: Wed Feb 05, 2020 9:23 pm Also, personally, I would stick with Roth IRA accounts in your case. I don't think the benefit of the Saver's Credit is great enough to make the switch worthwhile.
You don't think the extra $1,902 is worth the switch to TIRA?
by sthadani
Thu Feb 06, 2020 8:46 am
Forum: Personal Finance (Not Investing)
Topic: TIRA Vs. Roth (12% tax bracket) - 2020
Replies: 17
Views: 1208

Re: TIRA Vs. Roth (12% tax bracket) - 2020

Is there any long term capital gains income? I'm in a similar bracket situation, and for the last 2-3 years we have been straddling the top of the 0% LTCG bracket by using a combination of Roth and Traditional contributions to avoid the hidden 27% marginal rate (when additional LTCG dollars are tax...
by sthadani
Thu Feb 06, 2020 8:44 am
Forum: Personal Finance (Not Investing)
Topic: TIRA Vs. Roth (12% tax bracket) - 2020
Replies: 17
Views: 1208

Re: TIRA Vs. Roth (12% tax bracket) - 2020

You are correct. The 5,000 is for daycare for my son. I didn't include that since the Child Tax Credit doesn't change in either situation. I would be getting the $2000 credit in both scenarios. Okay, I see how you approached it. The Child Tax Credit will affect the tax due, though. You said the tax...
by sthadani
Wed Feb 05, 2020 8:34 pm
Forum: Personal Finance (Not Investing)
Topic: TIRA Vs. Roth (12% tax bracket) - 2020
Replies: 17
Views: 1208

Re: TIRA Vs. Roth (12% tax bracket) - 2020

You are correct. The 5,000 is for daycare for my son. I didn't include that since the Child Tax Credit doesn't change in either situation. I would be getting the $2000 credit in both scenarios.
by sthadani
Wed Feb 05, 2020 3:01 pm
Forum: Personal Finance (Not Investing)
Topic: TIRA Vs. Roth (12% tax bracket) - 2020
Replies: 17
Views: 1208

Re: TIRA Vs. Roth (12% tax bracket) - 2020

Thanks for the detailed feedback! I will prioritize the HSA contribution for 2020. I too was assuming to be in the same tax bracket for my golden years so it seemed logical to take the tax break now.
by sthadani
Wed Feb 05, 2020 10:55 am
Forum: Personal Finance (Not Investing)
Topic: TIRA Vs. Roth (12% tax bracket) - 2020
Replies: 17
Views: 1208

TIRA Vs. Roth (12% tax bracket) - 2020

In reviewing my 2020 paystubs and making some assumptions I was able to calculate my tax burden for 2020. Currently I contribute to a Roth IRA (myself & DW) but wondering if I should switch to TIRA since this might qualify me for the Saver's Credit. Here are some details: Current situation: MFJ Tota...
by sthadani
Fri Jan 24, 2020 11:14 am
Forum: Personal Finance (Not Investing)
Topic: Career change advice for late 30s
Replies: 17
Views: 1951

Re: Career change advice for late 30s

OP, Your numbers do not add up. <<So for hard numbers income is around $85-$100k for me and $30-40k DW.>> So, you are making 115K to 140K. <<I contribute to his/her Roths and a 403b but can't max. >> And, you probably saving 15K to 20K per year. <<To be clear, financially we don't spend lavishly, b...
by sthadani
Mon Dec 23, 2019 8:45 am
Forum: Personal Investments
Topic: Fund Roth or pay off student loans?
Replies: 17
Views: 681

Re: Fund Roth or pay off student loans?

My vote would be the pay off the student loans completely. That is a guaranteed return on your investment. Putting money in your Roth in the short term might not be a similar guaranteed return. Also, something to consider is that the deadline to contribute to 2019 Roth is April 15th, 2020 so in the ...
by sthadani
Mon Oct 07, 2019 10:46 am
Forum: Personal Finance (Not Investing)
Topic: Finance or Accounting Degree?
Replies: 81
Views: 6664

Re: 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? Megamill, With an accounting degree, you can move into the finance field in the future. But, you cannot ...
by sthadani
Thu Sep 05, 2019 1:36 pm
Forum: Personal Finance (Not Investing)
Topic: Savings Percentage Calculation
Replies: 51
Views: 3597

Re: Savings Percentage Calculation

I've always used gross income for my denominator since if you use take-home pay and include 401(k) contributions, the percentage is skewed. I consider payroll taxes to be an expense like mortgage or utilities.

So my calculation goes like this: (401K Contr. + Roth Contr. + Add. Savings) / Gross Income
by sthadani
Thu Sep 05, 2019 1:31 pm
Forum: Personal Finance (Not Investing)
Topic: 25 y/o, What’s the best plan for me right now?
Replies: 9
Views: 740

Re: 25 y/o, What’s the best plan for me right now?

Hi there! I am 35 so I will share with you what I would have wanted to tell myself 10 years ago. For 25 you seem to have a really good income. Your expenses seem low so start saving early. Start by maxing out your 401k ($19K) & a Roth IRA ($6K) Figure out your annual expenses are and see what's left...
by sthadani
Fri Aug 30, 2019 10:38 am
Forum: Personal Finance (Not Investing)
Topic: Minimum to keep in checking account?
Replies: 40
Views: 3624

Re: Minimum to keep in checking account?

Our checking account is used as a net-zero account. We know what our bills are (on average) so our paychecks fund it by an amount over that budget. Some months we may be over and some months under based on frequency of paychecks but there always seems to be enough in the account to cover everything.
by sthadani
Wed Aug 28, 2019 8:02 am
Forum: Personal Finance (Not Investing)
Topic: HDHP with pregnancy a good idea?
Replies: 13
Views: 1399

Re: HDHP with pregnancy a good idea?

I was in the same situation 2 years ago. My wife was 3 months pregnant when I started a new job. My previous employer only offered HDHP so I've always been in that plan but my new employer had a Copay plan and one where all labor & delivery was at $0 copay. We upgraded for that year just for that re...
by sthadani
Wed Jul 03, 2019 2:22 pm
Forum: Personal Finance (Not Investing)
Topic: Question on PMI
Replies: 3
Views: 420

Re: Question on PMI

Wow! Thanks for that.

This was a real eye-opener the way deikel put it. I know what to do now.
by sthadani
Wed Jul 03, 2019 8:52 am
Forum: Personal Finance (Not Investing)
Topic: Question on PMI
Replies: 3
Views: 420

Question on PMI

I want to make sure that my back of the napkin math makes sense. I just spoke to my bank and was told that my LTV is currently 82%. Per my original contract I can request PMI be removed when my LTV reaches 80%. My PMI is $38/mo. In order to reach the 80% LTV I would need to make a payment of $2,185 ...
by sthadani
Thu Feb 21, 2019 1:47 pm
Forum: Personal Finance (Not Investing)
Topic: Do tax accountants add any value?
Replies: 50
Views: 3970

Re: Do tax accountants add any value?

I always wondered this too. I have come to realize that in my situation (MFJ, W-2 & 1099, now std. ded.) doing my taxes with TT vs. a tax accountant won't bring me a bigger refund. I am always curious though about if a good tax accountant could give you advise on how to structure your investments ba...
by sthadani
Tue Jan 22, 2019 4:00 pm
Forum: Personal Investments
Topic: Retirement Portfolio Help - Younger Investor
Replies: 3
Views: 353

Re: Retirement Portfolio Help - Younger Investor

First, congratulations to you! Building a 6 figure net worth at an early age is not very common. I will try to provide some novice advice, but I am sure more qualified BHs will be able to help. I am 34 and have a long-term investing horizon like you so we have somethings in common. 1) You are curren...
by sthadani
Tue Jan 22, 2019 3:38 pm
Forum: Personal Investments
Topic: 529 Plan Questions
Replies: 8
Views: 669

Re: 529 Plan Questions

Kudos to you for being selfless and looking out for your younger brother! I am sure he will appreciate this gesture of kindness when it's time to pay for college. I too am contributing a small sum ($100/month) towards my newborn son's education. I researched the state's 529 plan (New York) and was a...
by sthadani
Mon Jan 14, 2019 1:35 pm
Forum: Personal Investments
Topic: One book for my neice, a young mom.
Replies: 20
Views: 1442

Re: One book for my neice, a young mom.

The Simple Path to Wealth by JL Collins

This has been hands down the best book on Personal Finance that I have read!!
by sthadani
Thu Nov 15, 2018 2:32 pm
Forum: Personal Investments
Topic: First grandchild
Replies: 21
Views: 2009

Re: First grandchild

I just set up a 529 plan for my 2 month old son as well. I am a resident of NY state so I was able to do it right through their website. They offer multiple vanguard funds with different AA. I contribute monthly and the money is tax deductible too. Good Luck!
by sthadani
Thu Nov 15, 2018 9:31 am
Forum: Personal Investments
Topic: How am I doing?
Replies: 6
Views: 1211

Re: How am I doing?

A couple of things to look at. 1) You may be able to qualify for a partial Retirement Contribution Credit. The income numbers on this link are after a lot of subtractions and adjustments so you really need to look at the details of your numbers not just your gross numbers. As I recall the income nu...
by sthadani
Wed Nov 14, 2018 1:30 pm
Forum: Personal Investments
Topic: How am I doing?
Replies: 6
Views: 1211

Re: How much to Save?

What is your tax bracket both federal and state? What State do you pay state income tax to? Do you receive a state tax deduction for 529 contributions? What funds are offered in your 401k? What funds are you using in your 401k? Please give fund names, tickers and expense ratios. You can simply add ...
by sthadani
Wed Nov 14, 2018 1:08 pm
Forum: Personal Investments
Topic: How am I doing?
Replies: 6
Views: 1211

Re: How much to Save?

32.2% savings rate is great. Maybe once your wife goes back to work that will be an even higher percentage. How much assets do you have right now and what is your target retirement age? I'm generally in favor of high savings rates though if you plan on a more traditional retirement age you might be...
by sthadani
Wed Nov 14, 2018 11:35 am
Forum: Personal Investments
Topic: How am I doing?
Replies: 6
Views: 1211

How am I doing?

Hi All, I am 34, married with a newborn and was looking for recommendations on how I am doing for 2019. We live in NY State. I have listed out my analysis below and would love some feedback. Based on my forecast we would be saving 26.9% in retirement A/C (401-k & Roth), 1.7% in 529 for our 2 month o...
by sthadani
Tue Nov 06, 2018 9:45 am
Forum: US Chapters
Topic: any chapter around Buffalo NY?
Replies: 3
Views: 2187

Re: any chapter around Buffalo NY?

I'd be interested in getting involved in a Buffalo Chapter if anyone else in the area would like to get on board?

Thanks!
by sthadani
Tue Oct 30, 2018 7:51 am
Forum: Personal Investments
Topic: Annuity Cash Surrender Help
Replies: 15
Views: 1384

Re: Annuity Cash Surrender Help

Before you put this money at risk in the stock market, does she have other funds to draw on? Are you and she ready to accept a $70,000 loss? We do not have a broader picture of your mother’s financial situation, but being 64 and about to retire, are attributes of someone who should decrease their r...
by sthadani
Mon Oct 29, 2018 12:07 pm
Forum: Personal Investments
Topic: Annuity Cash Surrender Help
Replies: 15
Views: 1384

Re: Annuity Cash Surrender Help

I feel like by collecting SS and investing this money she might see a better return? Highly unlikely. It is difficult to construct ANY alternative investment that is better than deferring Social Security. After FRA, the lifetime payment increases by 8% per year (actually 8/12 of 1% per month) and d...
by sthadani
Mon Oct 29, 2018 8:59 am
Forum: Personal Investments
Topic: Annuity Cash Surrender Help
Replies: 15
Views: 1384

Re: Annuity Cash Surrender Help

Maybe use the 50k for living expenses for twp years and do not file for SS until the two years are up. SS should grow for a bit. I feel like by collecting SS and investing this money she might see a better return? She is working until next summer so should have a consistent income until then, follo...
by sthadani
Mon Oct 29, 2018 8:57 am
Forum: Personal Investments
Topic: Annuity Cash Surrender Help
Replies: 15
Views: 1384

Re: Annuity Cash Surrender Help

Just a side note, for most types of variable annuities, which I'm guess this is, any gains are taxed at ordinary income tax rates, not lower capital gains rate. That may not make a difference in her lower-income situation, but you may want to double check on that if you don't transfer and do a surr...
by sthadani
Wed Oct 24, 2018 2:40 pm
Forum: Personal Investments
Topic: Questions about saving for retirement - need basic advice
Replies: 15
Views: 1289

Re: Questions about saving for retirement - need basic advice

If you are married and your spouse earns any income (even part-time) you can set aside another 5,500 in their name. That's what I am currently doing. Whether you decide to go traditional or Roth is based on your situation. Hope this helps! I don't think there is a requirement for earned income for ...
by sthadani
Wed Oct 24, 2018 2:16 pm
Forum: Personal Investments
Topic: Questions about saving for retirement - need basic advice
Replies: 15
Views: 1289

Re: Questions about saving for retirement - need basic advice

If you are married and your spouse earns any income (even part-time) you can set aside another 5,500 in their name. That's what I am currently doing. Whether you decide to go traditional or Roth is based on your situation. Hope this helps!
by sthadani
Wed Oct 24, 2018 12:48 pm
Forum: Personal Investments
Topic: Annuity Cash Surrender Help
Replies: 15
Views: 1384

Re: Annuity Cash Surrender Help

Thanks for the feedback BL. She is currently working but her annual income is around 20K. Seeing that we are in October, even if she put 100% of her income into her 401(k) that would not help her much. Also, she will be retiring in July, 2019 and she turns 65 in February, 2019. Not sure if she can c...
by sthadani
Wed Oct 24, 2018 12:35 pm
Forum: Personal Investments
Topic: Moves to make after welcoming 1st child
Replies: 16
Views: 2047

Re: Moves to make after welcoming 1st child

First off, Congratulations! My wife and I had a baby in August so we are in the same boat as you. I set up a 529 plan the month my son was born. I have automatic contributions set up ($100) monthly that are invested in Vanguard Total Stock Market index. Any additional gifts for him will be going in ...
by sthadani
Wed Oct 24, 2018 12:12 pm
Forum: Personal Investments
Topic: Annuity Cash Surrender Help
Replies: 15
Views: 1384

Re: Annuity Cash Surrender Help

Thanks for the feedback! I will definitely give them a call to get some more information on a 1035 exchange. i was hoping to get out of the annuity all together but I am open to looking at this as an option seeing that there will be no tax implications and it's through Vanguard.
by sthadani
Wed Oct 24, 2018 10:25 am
Forum: Personal Investments
Topic: Annuity Cash Surrender Help
Replies: 15
Views: 1384

Annuity Cash Surrender Help

Hello all, This is my first post and I am looking for some advice on how to help my mother in-law with getting out of an annuity. When my father in-law died in 2006 she received a life insurance payment in the amount of 90K. At the time she purchased this annuity which guaranteed her a 7% return whi...