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NotYourAverageJones

I tend to lean towards the thinking of split inheritance by children and not grand children. The children can then handle how much to give to their kids directly. If we were planning on leaving an inheritance, this thinking to us makes the most sense. But we also only have one 25 yr old son, who pr...

NotYourAverageJones

life in slices wrote: ↑
Mon Jun 03, 2019 1:08 pm

renue74 wrote: ↑
Mon Jun 03, 2019 12:53 pm
We have teenagers at the moment....16 and 13.

Just this past weekend, I asked my wife if we could give all our estate to a good non-profit.
We must have similar children

This seems to be a familiar feeling with many of our friends who have teenage kids...haha....

NotYourAverageJones

Just thought I would pass it alone as part of the topic. This should be of concern to anyone holding, or wishing to hold, an active security clearance because we can personally attest that it's a very real area of concern within the defense community. Numerous communications have been centered aroun...

NotYourAverageJones

NotYourAverageJones , I am glad you have more income each year than you need for living expenses. This will give you flexibility to pay more taxes if (when) you decide to pay the taxes on RMDs or early Roth conversions. Although your first post in this thread appears to me to be talking about "CDs ...

NotYourAverageJones

I have my Market Timing Lite® play all set up: Limit order for 1 share of VTI at ~1.5% below Friday's close. YOLO!!1! H-town says to move it to 5% :shock: Would not surprise me if it touched that intraday. Meh, I'll be fine if I catch my falling butter knife. Incidentally, every time I see a post b...

NotYourAverageJones

... we take it year by year and will certainly adjust as needed and according to our situation. I strongly suggest that you do a projection to at least age 80 instead of year-by-year. A yearly analysis seems quite short-sighted to me. Well, now that you mention it, I am near sighted! 8-) Of course ...

NotYourAverageJones

I was pretty happy with TaxesForExpats . Probably a lot cheaper than E&Y. This isn't really a complex matter for someone who deals with it regularly. I agree an expat can absolutely go that less costly route, especially when it's more of a vanilla expat return. We are tax equalized expats, so we ha...

NotYourAverageJones

OP - I don't have a fancy spreadsheet or any specific calculation that can tell you with any level of certainty if you should or should not convert your IRAs and when. But I wanted to share our plan as an alternative solution to the question. It may not make sense for your or others situation, but i...

NotYourAverageJones

FEIE for 2019 is 105,900 using Form 2555. Additional housing exclusion depends on location. Each of you can qualify for it filing joint, as long as you both meet either Bona Fide Residence Test or Physical Presence Test. Both have different qualifiers (and many disqualifiers including cruise ship tr...

NotYourAverageJones

Because I am not working I will have very little income this year (just basically the dividends from the taxable account and a small rental income). My total income might be $15,000 - $20,000. Any idea on what % of tax I would have to pay if I took distributions from the IRA? Strategically which ac...

NotYourAverageJones

I never ask on the internet "what are my taxes?" Instead, I use tax-prep software to actually calculate my taxes and to estimate my taxes for all kinds of various situations and decisions that I make for the coming year. I have done Roth conversions in the past, but now I am having my spouse do Rot...

NotYourAverageJones

Buying into a timeshare back in 2002 while on vacation in Princeville, Kauai. Stupid, Stupid... :oops: Worst part is we have only been back 2 times in 16 years.. :? We paid $15k for it upfront, but spend far too much on increasing annual maintenance costs, which of course we don't get back when we c...

NotYourAverageJones

https://eforms.com/ Ready-made forms, super quick and simple, with various templates specific to each state. However, I would highly recommend setting up a Revocable Trust, especially with a wife and 3 kids. Like other have suggested already, stuff isn't always as straightforward and simple as we th...

NotYourAverageJones

Some of the financial advisors seem to recommend 20+ funds for a $100k portfolio. Does it make sense? Not at all, it just makes investing complicated. +1 Our former adviser from Schwab had us invested in about 15 different ETFs, all of which basically overlapped each other. It was ridiculous, sorta...

NotYourAverageJones

always best for a parent to raise their kids I personally don't understand the mentality of staying at home parents. It might be my upbringing. Growing up I have almost never seen such thing, actually there was a neighbor with a SAHM and my mother told be explicitly not to play with him because wha...

NotYourAverageJones

always best for a parent to raise their kids I personally don't understand the mentality of staying at home parents. It might be my upbringing. Growing up I have almost never seen such thing, actually there was a neighbor with a SAHM and my mother told be explicitly not to play with him because wha...

NotYourAverageJones

+1 Our former adviser from Schwab had us invested in about 15 different ETFs, all of which basically overlapped each other. It was ridiculous, sorta like a woman having 15 pairs of black pumps in her closet, all with different heel heights. Same black pump, just different variation of sameness. We m...

NotYourAverageJones

Another approach that sounds potentially right up the OP's alley is a new calculator found at Portfolio Charts titled " Retirement Spending ." Using data going back to 1970, it allows users to backtest the results of a strategy where they start withdrawing X% of a portfolio each year and then poten...

NotYourAverageJones

Given these factors, what would be the most financially savvy move? You already made it...Not having any kids! :wink: All joking aside! (sort of) Not sure how anyone can give you an accurate opinion on it, if they don't know your overall financial situation. What makes sense for one person doesn't ...

NotYourAverageJones

How do we define wealth? Prob for us its more about having an overall sense of security, both emotionally and financially. But the literal term is so ambiguous because it holds such a different meaning to many different people. I think it's silly and irrelevant to rate or compare our personal succes...

NotYourAverageJones

Do you intentionally self-limit your lifestyle creep? For any other frugal-minded super-savers, how do you evaluate “excessive” correction? We have lived so as to enjoy each stage of our lives. It's normal that spending changes as your life changes. You get to decide how much spending is too much (...

NotYourAverageJones

OP, you did say "almost 7 figures" so I assume we are not talking about millions here. Either way, the amount is irrelevant because its more about your reaction to market fluctuations. What I do agree with is that you need to use this forum as a resource for information. Nobody can tell you how NOT ...

NotYourAverageJones

Short answer: Roth - Because of their tax inefficiency, REITS are best held in your most tax-advantaged accounts. We also keep REITS in our Roth IRAs for this very reason. https://www.bogleheads.org/wiki/Real_estate_investment_trust Another related article to consider: https://www.simplysafedividend...

NotYourAverageJones

***Below was my response to another similar post the other day regarding "spending and expenses while saving for retirement." It also applies to our position on what you are calling "Lifestyle Creep." Here's the thing: We decided early on after watching our own parents work so.damn.hard to only stri...

NotYourAverageJones

Gratefully, we don't have to deal with it. DH enlisted in the USMC at age 17, retired from USMC at 39. He will retire again in a couple years at 58, but neither of us need to worry about medical coverage until age 65 when forced to downgrade to Medicare. Positive note is we still keep Tricare as our...

NotYourAverageJones

If this new BH is really only 14, I can't love this enough. :D At 14, I was wondering how may new vinyl records I could buy with my babysitting money, never mind investing it!! :( I really hope that you take time to educate yourself and suck up as much advice on here as you can. But also keep in mi...

NotYourAverageJones

Good idea. Suggestion: considering setting up your Estate plan (trust) in a far more "trust friendly state" such as Nevada. We did. We were from San Diego but made some changes for tax purposes and are now domiciled in Nevada, living overseas. We are having my parents draw up a new trust in NV this ...

NotYourAverageJones

I am not understanding still, but I don’t want to extend the argument. To each his own. Agree: I don't think it needs to be an argument either. Critique/Advice like asked, Yes! Give them some food for thought with varied opinions, Yes! But the argument should be saved for he and his wife down the r...

NotYourAverageJones

Hello all, Wondering if I can seriously step down my income/work level at this point? Reading through your post, my gut answer was "No Way Chipperd!" But it's missing so much info, it's hard to even make a ballpark estimate that gives much clarity. But I am going to try just for the heck of it sinc...

NotYourAverageJones

OP - Welcome! We are in a similar situation (minus the 16yr old since we are empty-nesters!) We plan to retire Jan 2022. We will both turn 59/52 soon after. My husband could also continue to work until 62 (or later) especially since he has now reached the point in his career where his disposable inc...

NotYourAverageJones

Park it in a money market fund and take your time. Don't succumb to the feeling to "do something" with it until you've had the chance to properly assess. If that takes months, that's okay in my opinion. +1 :thumbsup You said it yourself "you need time to think." Take the time. Don't be pressured to...

NotYourAverageJones

I am sorry about your brothers passing. I do not envy the position you are in as trustee. But I do agree with others that you have to take your personal investment opinions out of it. If it were my niece, I would place her money in the most safe investment possible, to ensure I wasn't blamed later o...

NotYourAverageJones

Stop the 529 plan. You need to save for retirement first. You can borrow for college but you can’t borrow for retirement . +1 :thumbsup I absolutely agree with this statement. I only wish my friends would take that advice. They are so worried about saving enough to pay for their kids college, that ...

NotYourAverageJones

Welcome to the board! Here are the funds my IRA is in: ACGMX: Invesco Growth and Income AMCFX: AMCAP Fund Class F-2 REACX: American Centurt Real Estate Fund AHIFX: American High Income Trust Class BARIX: Barron Asset Fund Instituional Class ABNFX: The Bond Fund of America Class F-2 UMBWX: Carillon S...

NotYourAverageJones

DesertDiva wrote: ↑
Sat Mar 02, 2019 12:49 pm
“If you can” by William Bernstein.

+1 Good advice. Was just going to add this to my comment!

https://www.etf.com/docs/IfYouCan.pdf

NotYourAverageJones

I'm trying to help my 21 year old son learn from my mistake, I'm 51 years old and just now starting to get serious about investing. He is 21 and getting married next year, he's got a good job making $18/hour which will go up to about $30/hour in a year when he finishes his schooling (he's in a HVAC...

NotYourAverageJones

haban01 wrote: ↑
Fri Mar 01, 2019 8:58 pm

Mr.BB wrote: ↑
Fri Mar 01, 2019 8:43 pm
Choose your asset allocation like you would choose a spouse. Something that you can live with and good times and bad.
Outstanding!!!!

+1 SOLID Advice!

NotYourAverageJones

I have the Sapphire Reserve. The annual fee is $450 vs. $95 for the Preferred, but you get $300 back as travel credit. So, the effective cost is $150/yr, and you get Priority pass lounge access. I travel often enough to make that worthwhile for me. Plus, there are a number of other benefits too. ht...

NotYourAverageJones

Advice needed. Thank you in advance. I recommend watching this 1 hour show with your parents. Its an episode from PBS called The Retirement Gamble and goes over the effect of fees on a portfolio's overall return. It worked for my mom. She transferred her investments to Vanguard the next day. Thank ...

NotYourAverageJones

SevenBridgesRoad wrote: ↑
Sat Feb 23, 2019 11:48 pm

GerryL wrote: ↑
Sat Feb 23, 2019 11:39 pm

Startinlate wrote: ↑
Sat Feb 23, 2019 12:21 pm

Little used strategy and only works if the extended family (uncles, aunts, etc.) help drive the combine at least 4 hours a day. Less taxing.

Winner Winner Chicken Dinner!!!

NotYourAverageJones

@Notyouraveragejones it surely does sound like we’re facing the same situation. It’s a struggle. No one really understands unless you’re facing the same. Best to you as you navigate! I know that my mother will outlive my dad. And honestly it scares me to know that the only investments that I have t...

NotYourAverageJones

I despise CA FTB

Whether you need to or don't, why not just do it to cover your assets. It won't take very long to do the 540X. From past experience, I always err on the side of stupid when dealing with CA FTB. Just my 2 cents.

NotYourAverageJones

We are both in the same type of boat, just headed the opposite direction. My mom, also has dementia, but she is the one who has always and still does handle ALL the finances. She doesn't want to let go yet and my sweet 80 year old dad is basically clueless and can't tell you anything about their fin...

NotYourAverageJones

Thank you. I fly there in 10 days to sort it all out. For now, what's done is done. Geek squad would work, but like you said being here and trying to coordinate it with her is really stressful. Not as much for me, but she shuts down and get in a total panic is she thinks something is wrong. She won...

NotYourAverageJones

I want to say I am sorry to Rickboglehead, my intention was NOT to derail your post with my own issues. I really appreciate all the detailed information you took time to share with your post. It will come in very handy for us!

Thanks to everyone else for their input.

NotYourAverageJones

I completely understand - glad to help! Something to bear in mind - my disclaimer though - I am not an elder law attorney. However, I have real time experience in dealing with elder law through my volunteer work, dealing with my parents of which I was the sole caregiver, and my estate attorney happ...

NotYourAverageJones

notyouraveragejones, I feel for you. Very difficult. However, I'm a bit alarmed that someone definitely sketchy had access to your mother's computer. If that is correct, and you are far away, may I suggest trying to get your mother to have someone like GeekSquad make a home visit? I'd suggest remot...

NotYourAverageJones

I 100% agree. I also know it may be difficult to accomplish depending on your own and extended families willingness. My DH has only his mother and she is age 83, deeply southern and very private about her finances. We don't know anything. This is frustrating to me because I was raised the complete o...

NotYourAverageJones

My dad is 80. I caught him one day this past summer standing on top of a 20 foot hand-made wood scaffolding, topping off his redwoods. I almost crapped myself! :shock: But he is a stubborn mule and thankfully in top physical condition, so it won't matter one lick if I "get on to him," he is gonna do...

NotYourAverageJones

...For example in our case, we turn 56/49 this year. We have roughly $3mil saved in taxable and non-taxable accounts and plan to retire in 3 years (end of 2021) and with additional investment and modest interest accumulation , we should see another $1mil in those accounts at that time. But in addit...

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