Search found 108 matches

by psy1
Wed Jan 15, 2020 9:52 pm
Forum: Personal Finance (Not Investing)
Topic: 529 rollover/ownership change question
Replies: 9
Views: 530

Re: 529 rollover/ownership change question

With a 529 you can change beneficiaries easily but not ownership. For example, if I have contributed excess funds to a child's 529 account then I could: -Keep the account intact and later change beneficiary to another relative -Cash out of the account and pay tax + 10% penalty on gains Changing owne...
by psy1
Tue Jan 07, 2020 2:24 pm
Forum: Personal Finance (Not Investing)
Topic: Business credit card rules?
Replies: 27
Views: 1918

Re: Business credit card rules?

Other posts have answered but I will summarize: To legitimately qualify for a business credit card you need have only a tiny business with some income. Once you get the card, you can spend it on anything - business, personal, whatever. The card you use to buy something has nothing to do with taxes. ...
by psy1
Tue Jan 07, 2020 2:14 pm
Forum: Personal Consumer Issues
Topic: Housekeepers
Replies: 32
Views: 2992

Re: Housekeepers

Your wife "finally convinced you?" How long could that take? Would take me about 15 minutes! Why not let your wife find someone? Seems odd to me that is she is the one doing the cleaning (presumably) yet she needs your permission to get a cleaner and that you are the one to determine who it is etc. ...
by psy1
Wed Jan 01, 2020 2:00 pm
Forum: Personal Investments
Topic: Rollover SIMPLE IRA to 401(k) to avoid pro rata
Replies: 5
Views: 285

Re: Rollover SIMPLE IRA to 401(k) to avoid pro rata

I'm no expert but that is sort of what I did this year. I rolled all previous IRA's (minus past non-deductible contributions) into solo 401k. The he remainder balance in the tIRA, representing the past non-deductible contributions was recharacterized and converted to rIRA. Now my tIRA balance is zer...
by psy1
Wed Jan 01, 2020 10:28 am
Forum: Personal Investments
Topic: Considering 529 as an investment option
Replies: 8
Views: 785

Re: Considering 529 as an investment option

Did you read the previous posts?
by psy1
Mon Dec 30, 2019 5:59 pm
Forum: Personal Investments
Topic: Considering 529 as an investment option
Replies: 8
Views: 785

Re: Considering 529 as an investment option

I put a lot of money in a 529 plan. I would not do it again. Will end up with a sizable surplus. My main regrets about 529: limited investment options - usually a handful of funds, target funds, etc. Limited trading - the government limits the number of annual trades to 2! Accounting - you need to k...
by psy1
Thu Dec 26, 2019 10:24 pm
Forum: Personal Investments
Topic: Sold VBK, VOO, VV, will replace with ESGV
Replies: 20
Views: 1546

Re: Sold VBK, VOO, VV, will replace with ESGV

If the socially conscious fund is 80% identical to the regular fund that is another way of saying they are almost the same. Why bother?
by psy1
Sun Dec 15, 2019 8:42 pm
Forum: Personal Consumer Issues
Topic: "Safer" places for Spanish immersion experience?
Replies: 84
Views: 6984

Re: "Safer" places for Spanish immersion experience?

We did one in Quito, Ecuador and it was very good. Antigua Guatemala as previously mentioned is a very pleasant city for an immersion class and closer to home. There are a zillion choices for this but Quito and Antigua have long histories of teaching Spanish.
by psy1
Fri Dec 13, 2019 10:55 am
Forum: Personal Consumer Issues
Topic: Need high speed scanner for diverse documents
Replies: 52
Views: 2306

Re: Need high speed scanner for diverse documents

Fujitsu ScanSnap is excellent for your task. FYI it can scan to Evernote which is a very nice feature. I am now using a Notes app on my NAS which is not quite as streamlined. Not cheap but well worth it. Mine has scanned thousands of pages
by psy1
Fri Dec 13, 2019 9:03 am
Forum: Personal Investments
Topic: Non-deductible tIRA to rIRA help
Replies: 5
Views: 349

Re: Non-deductible tIRA to rIRA help

Thank you!

Great responses and great help on this forum
by psy1
Thu Dec 12, 2019 11:23 pm
Forum: Personal Investments
Topic: Non-deductible tIRA to rIRA help
Replies: 5
Views: 349

Re: Non-deductible tIRA to rIRA help

OK, thanks. Seems like a bit of a circular process and could be simpler but I will forge ahead. Another question about record keeping for the non-deductible contributions. I previously filed form 8606 for making non-deductible contribution but might not have done so for 20 years. I am not sure I hav...
by psy1
Thu Dec 12, 2019 11:11 pm
Forum: Personal Investments
Topic: Non-deductible tIRA to rIRA help
Replies: 5
Views: 349

Non-deductible tIRA to rIRA help

During 2019 I have self-employment 1099 income only. I opened a solo 401k. I rolled over into the 401k all of my IRA money except for $7000 of non-deductible contributions made many years ago. This money is currently sitting in cash and represents principal only, no earnings. I want to move this $70...
by psy1
Wed Dec 04, 2019 8:51 pm
Forum: Personal Consumer Issues
Topic: Does anyone have a dishwasher they recommend?
Replies: 97
Views: 6032

Re: Does anyone have a dishwasher they recommend?

We went through two Bosch dishwashers. We liked them because they were much quieter than what we were used to. However, capacity is relatively low. We were annoyed that they seem to die after 7 years. This time we got a top end Kitchen Aid. It is just as quite, works a little better, and has more ca...
by psy1
Tue Dec 03, 2019 11:01 pm
Forum: Personal Consumer Issues
Topic: Soundbar for TV vs. bluetooth receiver connected to old stereo?
Replies: 27
Views: 2048

Re: Soundbar for TV vs. bluetooth receiver connected to old stereo?

Go with Sonos. For a relatively small amount you can continue to use your high end vintage gear and also add wireless gear of decent quality. Plus you can use your existing speakers wirelessly with your phone or home network as well. Keep it simple.
by psy1
Fri Nov 29, 2019 10:29 pm
Forum: Personal Finance (Not Investing)
Topic: Possible to negotiate private pay cost for nursing home?
Replies: 22
Views: 2465

Re: Possible to negotiate private pay cost for nursing home?

I am not certain on this. However, my understanding is that any medical facility that accepts government payments (e.g. Medicaid or Medicare) cannot accept lower fees for cash paying patients. In other words, they cannot charge the government more than they charge their lowest paying clients.
by psy1
Sat Nov 16, 2019 2:47 pm
Forum: Personal Consumer Issues
Topic: TV Speakers/sound bar/bose wave
Replies: 20
Views: 1908

Re: TV Speakers/sound bar/bose wave

As stated, flat screen speakers are generally horrible. A soundbar is a decent improvement but won't be as good as a true surround sound setup. You do need a subwoofer with a soundbar. I like Bose, have multiple sets of headphones and earbuds, and used to have a 5.1 Acoustimass surround sound setup....
by psy1
Sat Nov 16, 2019 2:39 pm
Forum: Personal Consumer Issues
Topic: Digitizing Old Family Photos
Replies: 32
Views: 2535

Re: Digitizing Old Family Photos

I assume you are scanning snapshots and therefore don't need professional quality photographic scans. I also assume that you don't intend to use the files for further adjustments in Photoshop or other editing programs. Buying your own scanner is a horrible idea. Apart from spending the money, you wi...
by psy1
Wed Oct 30, 2019 6:42 am
Forum: Personal Consumer Issues
Topic: Travel hacking international flights
Replies: 50
Views: 5422

Re: Travel hacking international flights

Travel hacking is not ideal if you must fly from a second tier airport to and international city on a specific date, etc. It works best if you have flexible dates, extra time for travel, and flexibility. In your case, as someone pointed out, you might consider flying from Denver to an east coast hub...
by psy1
Wed Oct 30, 2019 6:26 am
Forum: Personal Consumer Issues
Topic: Mattress Run in 2015 and 2019
Replies: 91
Views: 15917

Re: Mattress Run: Was it stupid?

Victoria, no it is not worth it to do a one night mattress run to go from silver to gold with Marriott. The same money for the mattress run could be used to purchase a credit card with a signup bonus that also confers automatic gold status. With Marriott, I think the important pivot point is going f...
by psy1
Tue Oct 29, 2019 11:02 am
Forum: Personal Finance (Not Investing)
Topic: GE Pension Buyout
Replies: 85
Views: 12800

Re: GE Pension Buyout

Have skimmed an am no expert but I am an expert in my own retirement! Reading the above reveals a couple things: Option #3 is the best choice. Option #1 (lump sum) is the best choice. I would say that if you can fund your own retirement independent of GE, have a sense of humor and the bizarre, then ...
by psy1
Tue Oct 29, 2019 10:47 am
Forum: Personal Finance (Not Investing)
Topic: AMEX Platinum Card - Review?
Replies: 47
Views: 3110

Re: AMEX Platinum Card - Review?

I am semi-retired and travel all over the world about half of the year. I am also an above average travel hacker. I have an AMEX Platinum card. The fee is high. If you abhor fees, don't get the card. If you are obsessive, enjoy "winning a game", spend a fair amount of money, fly often, and stay in n...
by psy1
Tue Oct 29, 2019 10:36 am
Forum: Personal Finance (Not Investing)
Topic: bipolar/alcoholic/broke/jail time - how to move forward financially?
Replies: 37
Views: 4637

Re: bipolar/alcoholic/broke/jail time - how to move forward financially?

I have skimmed the responses thus far. Seems like an odd compilation of bad advice for this forum. I am a psychiatrist so forgive my viewpoint. If he has a combination of alcoholism, bipolar, and legal problems at age 50 (assuming accurate) then he has likely made a lot of willful mistakes and not t...
by psy1
Sun Oct 27, 2019 12:30 am
Forum: Personal Investments
Topic: Inexperienced investor needing help with $1+ million portfolio
Replies: 23
Views: 5036

Re: Inexperienced investor needing help with $1+ million portfolio

If you are inexperienced you should avoid individual stocks. You portfolio is too complicated. Of course, the more parceled your portfolio is into various subaccounts - multiple tax-deferred plus multiple taxable than complexity amplifies. I agree that you should read about the bogleheads principles...
by psy1
Sat Oct 05, 2019 10:51 pm
Forum: Personal Investments
Topic: Inheriting an inherited IRA - RMD rules
Replies: 5
Views: 819

Re: Inheriting an inherited IRA - RMD rules

just for clarity, make sure the funds are transferred to an "Inherited IRA" account rather than an "IRA" account.

Also, read up on the proposed and misleadingly named Secure Act in regard to RMD's on an inherited IRA.
by psy1
Fri Oct 04, 2019 12:15 pm
Forum: Personal Consumer Issues
Topic: How hard is it to get into college?
Replies: 167
Views: 11438

Re: How hard is it to get into college?

I have not read the entire post which is long now. Just a few thoughts. In 2018, about 67,000 students scored 33 and up on the ACT (i.e. the top 3%). Every single one of them likely applied to multiple top schools. The average applicant to college applies to 7-10 schools. The top group, likely more,...
by psy1
Fri Oct 04, 2019 11:46 am
Forum: Personal Consumer Issues
Topic: Recommendation for Carry on Luggage
Replies: 64
Views: 4656

Re: Recommendation for Carry on Luggage

My 2 cents: Tom Bihn (which I have and it is excellent) and Red Oxx are great but not what OP is asking for, i.e. not rolled luggage. "Smart" bags with batteries are gimmicks and a nuisance. eBags is a great site for selecting luggage. I have two of the older model eBags carry-on spinners that have ...
by psy1
Thu Oct 03, 2019 5:22 pm
Forum: Personal Investments
Topic: Investment help
Replies: 21
Views: 1793

Re: Investment help

Ditto the above. Just open an account at a discount broker (I use Schwab) and have them initiate a transfer of accounts. For the Tax-Deferred accounts, make sure you do a direct transfer. Don't let NWM send you a check which could trigger a tax problem. There could be transaction costs trading out o...
by psy1
Sun Sep 29, 2019 7:52 pm
Forum: Investing - Theory, News & General
Topic: Pension - Rollover to 401K or Keep it ?
Replies: 10
Views: 855

Re: Pension - Rollover to 401K or Keep it ?

Keeping the pension could also diversify your anxiety and bitterness in retirement. Given that the pension is not a sweet deal, i.e. a compelling proposition, I would rollover to an IRA (+/- Roth) and invest per your AA. I have seen many people with pensions from jobs/companies long ago now bitter. ...
by psy1
Fri Sep 27, 2019 7:52 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard 529 Sweep Account
Replies: 6
Views: 586

Re: Vanguard 529 Sweep Account

Were I to save for a child's college expenses again, I am not sure I would use a 529 plan (although I currently am using one). The only thing to like about a 529 is tax deferred growth. However, there are several problems: fees limited investment choices limited frequency of trading limits on use of...
by psy1
Fri Sep 27, 2019 7:29 pm
Forum: Personal Investments
Topic: Maxed out 401K
Replies: 6
Views: 1320

Re: Maxed out 401K

You have to read the fine print on employer matches. Where I used to work, I would sometimes contribute 50% of my check to 401k until maxed. Doing so, I inadvertently lost some of the match. The way the employer had it spelled out, to max the match I would have had to save the same amount on each of...
by psy1
Tue Sep 24, 2019 12:32 am
Forum: Personal Finance (Not Investing)
Topic: Gap Year, Sabbatical, Leave of Absence - Questioning My Sanity
Replies: 48
Views: 8421

Re: Gap Year, Sabbatical, Leave of Absence - Questioning My Sanity

Obviously, both you and SO have put thought into it already. My wife and I did this years ago - very happy we did and everyone who knows us wishes they could have done the same thing. Just be careful to not have a child! From experience, I would say that 6 months is inadequate. If you hedge your bet...
by psy1
Tue Sep 24, 2019 12:10 am
Forum: Personal Finance (Not Investing)
Topic: Long Term FAFSA/College Strategy
Replies: 150
Views: 9176

Re: Long Term FAFSA/College Strategy

Long thread and I did not read it all. I just went through this process with colleges. Assuming the world is tomorrow as it is today, you will get no financial aid. IF you child goes to a full-pay private school for 4 years then anticipate a bill of at least $250,000. If a state school, then ~$100,0...
by psy1
Mon Sep 23, 2019 11:47 pm
Forum: Personal Consumer Issues
Topic: Elite liberal art colleges or bigger selective universities?
Replies: 59
Views: 4874

Re: Elite liberal art colleges or bigger selective universities?

Getting into an elite LAC, even with those stats, is not a slam dunk unless you have some kind of hook. Maybe the kid applies to 10 and gets into 1 if lucky. Amplify that by at least 10 again in regard to med school. The overwhelming number of kids who are "pre-med" are truly "pre-anything-but-med."...
by psy1
Mon Sep 09, 2019 1:26 pm
Forum: Personal Consumer Issues
Topic: Going desktop-less?
Replies: 54
Views: 3868

Re: Going desktop-less?

Since semi-retiring, our computing needs have become more complicated: two laptops, two iPads, two iPhones, Mac Mini, external hard drives, considering a NAS. I enjoy it. But if you prefer migrating to a laptop only solution then you certainly can. Just be sure to have data backed up and secured.
by psy1
Sun Sep 08, 2019 10:43 pm
Forum: Personal Consumer Issues
Topic: Going desktop-less?
Replies: 54
Views: 3868

Re: Going desktop-less?

No worries with a laptop rather than a desktop. Depending on your needs and space, you could have a docking station with a larger monitor, scanner, printer, etc. to simulate a desktop. Depending on your data (e.g. photos and videos) needs, you might consider a NAS device at home that can house the f...
by psy1
Thu Sep 05, 2019 10:58 pm
Forum: Personal Finance (Not Investing)
Topic: Career change at 36- Finance to Nursing/PA?
Replies: 40
Views: 3934

Re: Career change at 36- Finance to Nursing/PA?

If you can get into an NP program then I would go for it. I prefer PA's (from a clinical standpoint) but in your position I would choose an NP program. They are minting NP's faster than Zimbabwe currency. Lots of possibilities in administration if you have finance/management skills as well. Lots of ...
by psy1
Mon Sep 02, 2019 5:19 pm
Forum: Personal Consumer Issues
Topic: Best college towns in the Southeastern US for retirees?
Replies: 80
Views: 9198

Re: Best college towns in the Southeastern US for retirees?

Not quite southeast, but it has similar climate, similar to Lexington KY already mentioned: Bloomington, IN Bloomington is a booming but still small town, has excellent housing, great restaurants, and Indiana University which is one of the most beautiful campuses. Whenever I see rankings of beautifu...
by psy1
Mon Sep 02, 2019 5:10 pm
Forum: Personal Consumer Issues
Topic: Does anyone have a dishwasher they recommend?
Replies: 97
Views: 6032

Re: Does anyone have a dishwasher they recommend?

A bit late, but my 2 cents: We have gone through two high end Bosch dishwashers. They are excellent, quiet, though with somewhat less capacity that traditional "American" dishwashers. None of the quiet, high end dishwashers get dishes bone dry - not a big deal. For use quiet is the most important pa...
by psy1
Fri Aug 30, 2019 10:34 pm
Forum: Personal Investments
Topic: $1,000 a month or $180,000 Pension Question
Replies: 55
Views: 5994

Re: $1,000 a month or $180,000 Pension Question

The obvious answer is to go with the pension because it is too good to be true. That is the case with many state pensions in many states that are headed toward a financial cliff. I have friends in CA who are eligible for ridiculous pensions (which is why they took the bait). [OT comments removed by ...
by psy1
Fri Aug 30, 2019 10:14 pm
Forum: Personal Consumer Issues
Topic: Which Weber charcoal grill?
Replies: 16
Views: 987

Re: Which Weber charcoal grill?

Get the one with the table. If you research the cost of adding a table, it is a good value. And a table is nice to have. You don't need an igniter. A chimney works just fine and is fool proof. I would not get anything smaller than 22 inches which is versatile. You can make it seem like a smaller gri...
by psy1
Fri Aug 30, 2019 10:08 pm
Forum: Personal Investments
Topic: Transfer to Merrill Edge from advisory acct
Replies: 10
Views: 807

Re: Transfer to Merrill Edge from advisory acct

I was in a similar situation in that I decided to dump ML adviser (who was fine, I just did not want all the fees and wanted to be independent). I considered ML Edge. FYI, I think ML Edge is more of a Bank of America product and basically in competition with the ML advisor. So I would not expect a R...
by psy1
Tue Aug 13, 2019 4:53 pm
Forum: Personal Investments
Topic: Is this insurance policy a good deal?
Replies: 21
Views: 1024

Re: Is this insurance policy a good deal?

The policy is in effect until the second of us dies and the premiums are fixed. One final comment about the policy. It sounds like a “secondary guarantee universal life” policy. On a “normal” universal life policy, the policy lapses when the account value goes to zero. On your policy, there is like...
by psy1
Tue Aug 13, 2019 2:58 pm
Forum: Personal Investments
Topic: Is this insurance policy a good deal?
Replies: 21
Views: 1024

Re: Is this insurance policy a good deal?

Perhaps I should rephrase the question rather than re-litigating my original thought process when buying the policy and my personal goals for the money. If we cash out the policy, we get $40K. We are likely to live another 30 years or so on average so if we invest the $40K plus the $3300 annual pre...
by psy1
Tue Aug 13, 2019 1:52 pm
Forum: Personal Investments
Topic: Is this insurance policy a good deal?
Replies: 21
Views: 1024

Re: Is this insurance policy a good deal?

My wife and I are semi-retired. We anticipate working just enough each year for at least 3 more years to meet our expenses and such time as our daughter has finished her education. Assets not including house are ~$4.8 million, 60% tax deferred and 40% taxable.
by psy1
Tue Aug 13, 2019 12:31 pm
Forum: Personal Investments
Topic: Is this insurance policy a good deal?
Replies: 21
Views: 1024

Re: Is this insurance policy a good deal?

Perhaps I should rephrase the question rather than re-litigating my original thought process when buying the policy and my personal goals for the money. If we cash out the policy, we get $40K. We are likely to live another 30 years or so on average so if we invest the $40K plus the $3300 annual prem...
by psy1
Tue Aug 13, 2019 12:08 pm
Forum: Personal Investments
Topic: Is this insurance policy a good deal?
Replies: 21
Views: 1024

Re: Is this insurance policy a good deal?

Basically I agree with this. It seems there are at least 3 questions here: 1) Was this life insurance policy a good deal original? >> No 2) Is this life insurance policy a good deal now compared to other life insurance policies? >> If are healthy and you are spending (net) less than $2000 per year ...
by psy1
Tue Aug 13, 2019 11:34 am
Forum: Personal Investments
Topic: Is this insurance policy a good deal?
Replies: 21
Views: 1024

Re: Is this insurance policy a good deal?

If the adult child beneficiary has a disability I can see a potential need for the policy. If the adult child is working, lives on their own, and is capable of accumulating their own retirement savings then the policy would seem to serve little financial purpose. I understand your point about disab...
by psy1
Tue Aug 13, 2019 11:20 am
Forum: Personal Investments
Topic: Is this insurance policy a good deal?
Replies: 21
Views: 1024

Re: Is this insurance policy a good deal?

Keep in mind that if the death benefit is paid out, the cash value that accrued will magically disappear. At least, that's how these products usually work. Yes, understood. Although not quite true, in my mind I consider this term life insurance given the fixed premium and the minimal cash value. Th...
by psy1
Tue Aug 13, 2019 10:32 am
Forum: Personal Investments
Topic: Is this insurance policy a good deal?
Replies: 21
Views: 1024

Re: Is this insurance policy a good deal?

Yes, I understand what you are saying. The goal is to leave a baseline inheritance that we feel is sufficient to not feel guilty should we spend down our assets. She deserves something for surviving us!
by psy1
Tue Aug 13, 2019 9:04 am
Forum: Personal Investments
Topic: Is this insurance policy a good deal?
Replies: 21
Views: 1024

Is this insurance policy a good deal?

I have tried to talk myself into thinking this insurance policy, which we have had for several years, is a bad deal but I can't see it. Tell me if I am wrong! My wife and I, both 57, have a second to die life insurance policy for $1,000,000 with an adult child as beneficiary. The cash value is ~$40,...