Bogleheads.org

Is there any chance the employer policy is in any way tied to your employment status?

Insurance is one of the few things Clark Howard doesn’t recommend the cheapest one. Check into the claims satisfaction ratings. https://www.nerdwallet.com/reviews/insurance/progressive According to J.D. Power’s customer satisfaction studies, Progressive was rated below average for both auto insurance shopping and auto insurance claims. In a separate 2022 NerdWallet survey around overall customer satisfaction, Progressive scored below average when compared with other insurers surveyed. On the bright side, they ranked just above Travelers here, so changing to them isn’t a downgrade. https://www.jdpower.com/business/press-releases/2022-us-auto-claims-satisfaction-study Interesting couple of links, thank you. Reading the full review does not l...

We have been insured by Travelers for at least 15 years, written by a local broker. Auto, home and umbrella. I was in a position to purchase some new insurance that Travelers would not write, Commercial vehicle insurance. Because that insurance was priced so attractively, I decided to check on my personal auto, as well. I was quoted $434 for the exact same limits I have been paying $744. This is a six-month premium with a savings of $310. $620 per year seems like too much to pay for the benefit of local help, given I have never had an insurance claim in my 62 years. I do call them for advice occasionally though. Are there any downsides to switching carriers besides the loss of my local contact? I think I should probably check the Home and U...

Congratulations on your accomplishments. It is indeed a nice place to hang out, in my opinion.

. Incidentally does anyone understand why cartridge oil filters (vs. the usual integrated-can filters) are a good engineering decision for this application? Originally all filters were cartridge style. Over time, they were mostly replaced by the spin-on canister type. My guess is that economics have a play, with maybe some environmental aspects ,as well. Cartridges are simpler to manufacture. Read cheaper. Cartridges use only paper, plastic and rubber. Read cheaper. Canisters use steel, the package is not recyclable and poses more environmental impact with their disposal. Read environmental cost. The engine manufacturer can more closely regulate the oil bypass pressures when the valve is integral to the engine vs in the spin-on canister. L...

Another mechanic here...most all of those type products are just snake oil.
Good oil, regularly changed, and good fuel is all your engine needs.
Things sometimes go wrong inside the engine. Mechanics fix those failures, and mechanics do not pour out of a bottle very easily.
That said, you seem bound and determined to use something, so do it. You will be supporting the economy, and we all appreciate a robust economy.
I know this comes off harsh, but after 47 years of this...

Given the additional information, I think the high yield sanings is still the best bet. Secure, fair return, liquid.
Time to start planning on how/where
you will travel.

AnnetteLouisan wrote: ↑Sun Jan 22, 2023 6:05 pm

AnnetteLouisan wrote: ↑Sat Jan 21, 2023 5:51 pm Harry, is that you?

(Just some levity. No offense intended).

Oh come on, this is quite funny. Ginger chaos - family trusts - difficult family dynamics - Harry Windsor? Anyone?

That is pretty clever (now that I googled some key phrases). I am just not really up on who's who in popular media.

It seems like a very good deal to have the $3300 per year health insurance and still have almost 36K left over to go towards living expenses.
Another 40K from your retirement funds would be very easily acquired.
I would take the pension now if it were me.

I'm going to assume those that still "want" to work at a older age when they are financially well enough to retire don't work very physical jobs out in the weather.......again just assuming. Me....as soon as I reach my goal I'm out. That walking up and down a boiler when it's 100degs outside or 20degs gets very old quick. Besides I have a few hobbies I enjoy and want to travel. I'm going to assume there are very few blue collar workers on this board period. I bet it’s more than you think but plenty choose not to post their numbers. At least two of us here. Because we live well below our means, I could retire now, but my four year younger spouse is not really interested in looking at our financial status and will not be convinced ...

Work is a good distraction from the inevitable deteriorating health that typically starts creeping up on you around middle age. Managing the physical and psychological aspects of aging is a big challenge, and work (of the right kind) can help with that. It's a distraction from things you don't really want to think about too much or obsess about too much. It also gives reassurance that you are still capable. You might be talking about a different type of work than many experience. The work I and many others do is the main cause of the deterioration of our bodies. While I agree that those physical aspects are challenging, I do not agree that working can, in any way take your mind off of those challenges. Actual physical work only accentuates...

8301 wrote: ↑Sun Jan 15, 2023 9:21 am Many caution "multiples at death than when you retired." If so, why don't I see many rich people all around left and right?

Hmmm...I see many I consider rich.

This is not an attack on you personally, but rather the premise of not "many rich people".

Where do you look? Try your main street at 2pm. A good many of those people driving around are not doing so for work, especially when the mode of transportation is a fancy car. Yes, we have our citizens of lesser means, but we have a huge cohort of extremely wealthy as well, even in my backwater town.

Even I, who most would think to be one of the downtrodden, am actually rich (though not wealthy). We just do not know where people are when we "see" them.

Fremdon Ferndock wrote: ↑Fri Jan 13, 2023 11:23 am So the original question remains: if the apple watch is lost in the couch and it is too costly to retrieve it, can I file a claim on my homeowner's insurance to pay for the lost watch?

It is a weekday today and presumably the couch has not eaten your phone too...Give 'em a call. They probably would like a laugh to start the weekend off on a high note.

windaar wrote: ↑Wed Jan 11, 2023 6:03 am

Thank you for your elucidation on this idea.

Elucidation, not totally obscure, but not common either. Coincidentally, it was the word of the day at my Toastmasters meeting yesterday.

Makes me wonder...

Maybe I do not understand the question but...I believe one can always put 6,000 or 7,000 if over 50 into an Individual Retirement Account, even if they were covered by an employer 401K in 2022.

Just to clarify...

You would like Holland cruise lines "company" to reverse the charges on your "A" Visa card and re-charge your room and board to your "B" Mastercard.

Or do you mean your credit card "company"?



Edited for a bit of clarity of my own.

While I mostly agree with Exchme, I have a slightly different take.

Your total portfolio is really only one big pile of resources.

50/50 or 60/40 are equally fine in my eye but the location of the different components of that allocation needs to be in the most appropriate accounts for taxation.

I propose that the ROTH carry 100% equities and then the tIRA or other tax-deferred accounts carry the balance of the pile. With the allocation set to make your overall pile hit your desired balance of 50/50 or 60/40.

The ROTH (equity) money will grow quicker (we hope) and not incur taxes on the gains.

The tax-deferred money will grow more slowly, because it has some amount of fixed income/bonds, and incur less tax load in the days ahead.

It looks to me as if the thread title should be changed.

Then, when the OP gets the terminology correct, restate exactly when the attorney in question was disbarred. Before or after drawing up papers.

The last post by the OP looks like a list of potential disbarment reasons, not when or why his particular disbarred attorney lost his privileges.

Maybe the papers could be reviewed by a partner and then if good, notarized.

This is only tangentially finance-related. Your spouse needs your 100% support during this rough time of financial defeat.
If you choose to follow the tone that I think I heard in your post, you may have legal expenses of your own for the divorce.
My apologies, if I read too much into your choice of words.

I think you said the spouse broke even. Does that mean the 80K seed money was actually recovered, or just the ongoing daily expenses were the only thing recovered with the seed money still out there?

Is there a chance that the partner can buy them out for a portion of the 80K?

Welcome to the forum.

If you are the higher earner in the family, delaying as long as possible will help your wife live better when you pass. What ever means you can use to delay SS is fair game in my mind.

The 401(k) is not sacred and may be an acceptable place to get the bridge funds, but we do not have enough information on your financial picture to make that determination.

There is a specific format that people will like to see in order to give the best information. Look here: viewtopic.php?t=6212

Super Milestone to reach, congratulations. Do not worry about keeping up with the forum members, that is a fool's errand. You are doing great and need only to be content with what you can do with what you have.

A question for those more experienced than I am. At what point in the OPs investment schedule, would it be wise to add some traditional IRA holdings? It would seem that some amount in Tax deferred would be good before e retires.
Is it a function of tax bracket at the time of contribution?

While I am by no means an expert, I believe that as long as it is a 401(k) plan be it pre-tax or post-tax ROTH, the limit is the same.

The IRA and ROTH $7500 limit are for contributions that we make on our own, into our individual accounts.

I did not see anything on your link that makes me think otherwise.

Edit to add; Sorry for the duplicate information, I was reading your link and typing while you were getting the answer form another poster.

4088.8

I have been a government employee for the last 15 years. Some thoughts come to mind. I am a hard charger and just wired that way. I have actually been written up for working too fast. My peers do not allow me into the "Circle" due to my productivity level. I could go on and on. The perceived ability to slow down and not think about tomorrow's workload has not been an asset that I have taken advantage of. You sound like you might be a high achiever that may not be able to roll back the throttle easily. My management's eventual response was to exile me to a position where I work by myself and am doing the work that previously had taken three employees. A win for all concerned, as I have thrived in this new location. When I was in th...

The legislation (HR 2617) containing the referenced legislation -- the "SECURE 2.0 Act of 2022" -- has passed Congress but has not yet been signed by the President. An official -- and maybe "the" official -- source of information on the status of legislation is Congress.gov. (Historical note: Back in the day, when web sites were first getting started, this site used to be known as "Thomas.gov." Why? Thomas Jefferson started the Library of Congress by donating his personal library to it. Well actually, he didn't donate his books. He sold them to Congress for $23,950 in 1815. DC old timers such as myself still bemoan the day when Thomas.gov morphed into Congress.gov. https://www.loc.gov/exhibits/jefferson/jeffli...

For those of us who never use a mobile device to access our financial accounts, is this thread important? The closest my financial accounts get to a mobile device is when they text me a verification code to enter as an additional security login step. If an account has any connection to my finances, I only use my Desktop in my house. This is because I heard long ago that mobile devices were un-secure. Am I relatively safe ignoring this thread and its content, while continuing to utilize my Desktop at my house? Well, if you are using a mobile phone and SMS to receive security codes then, yes, you are "using" a mobile device for security. The link in the OP states: Using 2FA is better than not using it, but different forms of 2FA ar...

While I did read every word of this thread, I am not a tech person and only deciphered a small part of its content.

For those of us who never use a mobile device to access our financial accounts, is this thread important?

The closest my financial accounts get to a mobile device is when they text me a verification code to enter as an additional security login step.

If an account has any connection to my finances, I only use my Desktop in my house. This is because I heard long ago that mobile devices were un-secure.

Am I relatively safe ignoring this thread and its content, while continuing to utilize my Desktop at my house?

Learned something today...Clue Report. I guess one might say I hadn't a clue, as I had never heard of such a thing.

Off to the internet search land to learn what it is.

You mentioned possibly taking your PERS3 as an annuity instead of leaving it invested. I'm not so sure all these Washington annuities are a very good deal. Compare what you could buy at https://www.immediateannuities.com with the amount in your account and compare it to what the annuity conversion gets you (and make sure it is using the same terms, like spouse survivorship). You may be better off buying your own annuity or just leaving the money invested. If you choose to keep your PERS3 invested, see if you can put it in the WSIB TAP fund. My wife is in TRS3 and that WSIB TAP fund has done pretty well. I haven't checked again this year, but it didn't do too bad compared to things like S&P 500, Bond market, total stock, etc when I look...

WhiteMaxima wrote: ↑Thu Dec 22, 2022 10:08 am Too complicated. Use three fund folio.

Thank you for your analysis.
A large part of my portfolio is held hostage in current employer accounts.
I have attempted to make them as close to three fund as I could with my available choices.
I have contributions to each acct go in according to my desired allocation, so it is easier to keep balanced.

When I separate from this employer, I will be able to roll it over and be more accurate.

If there are specific items that you see that could be optimized today, please do not hesitate to point them out. I am very amenable to change.

Again, thank you for your help.

rr2 wrote: ↑Wed Dec 21, 2022 8:54 am Everything looks very good for you.

I highly recommend watching Mike Piper's presentation at Bogleheads 2022. It is available on youtube.

https://www.youtube.com/watch?v=atTp3sATI44

Congratulations!

I finally got a block of time to view the presentation. Well worth the time spent on a fact packed talk. Thank you for the recommendation.

Ok, I spent my lunch opening a Treasury Direct account. One step down. Half done. You need to open a Treasury Direct account for your spouse too, if you want $20k in I-bonds. There was mention of funding this from my Rollover IRA. This account is the only one that allows ROTH conversions and it has a low ER bond fund, so I am a bit hesitant to use it. That and it will add to my income for the year and we already added 56K of Roth conversions earlier this year. This additional 20K could push us over the 22% threshold. Not sure without some math work. It might be better to write a check from the low interest checking acct. That was me who suggested funding it from the bond fund in the Rollover IRA. If you are hesitant to use it, no problem. ...

+1 to the recommendation of buying I-bonds before the year-end. Hurry, you have only 5 more business days left. Treasury Direct requires at least 1 business day to fulfill the orders, so you would have to open the account, link a bank account, fund and place the order for buying I-bonds before December-29-2022 11:59 PM Eastern , as December 30th is the last business day of the year. Remember also that towards the end of October the Treasury Direct site crashed, with a stampede of people trying to buy the 9.62% rate on I-bonds -- so don't wait until the last minute. Given that you are "almost 62" and therefore older than 59.5, I suggest you withdraw that $20k from your Rollover IRA, and specifically from the Total Bond Market inde...

What is the interest rate on the checking account holding your emergency fund? Your current portfolio allocation doesn’t match your desired allocation of 70/30. With your current bond holdings at ~16% of your portfolio, the change to allocate 40% of your current contributions to bonds isn’t enough to get you to your desired 30% bond allocation in the near term. Consider rebalancing in a tax deferred account to increase your bond holdings now. Your rollover IRA appears to offer the lowest-ER bond fund. You look to be in great financial shape to retire in 1-1/2 years or sooner. Thank you for the analysis. I will look at using my 401a/457b accounts to fix the imbalance at a more rapid rate. I do not have enough space in the rollover currently...

rr2 wrote: ↑Wed Dec 21, 2022 6:14 am One question is whether the expenses include health insurance.

Yes, it does. Thank you for the salient point.

Assuming you don't take Social Security until age 70, you're looking at almost a decade of about a 5% withdrawal rate and a portfolio that is 70% stocks. That's kind of risky. If it were me, I would want a plan for how to survive an extended bear market between retirement and Social Security. Answered in OP. I have very salable skills that could keep me overfed if the need arose. I also, mentioned retirement from Full-time employment. While I do not want to count my chickens before they hatch, I have all of the assets purchased and the business created/documented to contract with the Federal government in a Wildland fire suppression business that has the potential to replace or better my current salary. Now we just wait for the fire season...

Edits to answer questions are in BLUE Emergency funds: Three to six months of expenses Yes, in checking plus ROTH if things really get out of hand. Sadly, these checking funds are in a normal negligible interest-rate checking acct. It is only in the last year that I have had these kinds of balances and I have not created an HYSA as yet. I will put this on the list of things for improvement. Debt: None Tax Filing Status: Married Filing Jointly Tax Rate: 22% Federal, 00% State State of Residence: Washington Age: Him 61.75, Her 57.5 Desired Asset allocation: 70% stocks / 30% bonds Desired International allocation: 20% of stocks The approximate size of our combined total portfolio is 1.53M. Current retirement assets Taxable 00% cash His 401a a...

I guess I am being wasteful in regards to returns.
I have had about 40k in my checking acct this year and my wife just paid cash for a 35k car and still has an undisclosed pile left over.
After so many years of worrying about checks clearing, I guess this waste might be considered a cathartic reward.

Pretty much anything that can be paid by auto is. I use a credit card for recurring payments and bills where applicable, then the cc is autopay from my checking account.

I never even give a minute of my time worrying about due dates.

I do review the credit card statement closely and scrutinize each bill as it hits the mailbox though.

W-2 employee for a quasi-government entity.

Currently forming a side business that will transition me to retiring from full time W-2 to a three month [or less] a year retirement gig doing the fun part of my current full time job.

Thank you one and all for your assistance on this query. I think I have my head wrapped around it now.

The values that seem on the tool to remain constant, are the benifit at FRA (67) and Delayed (70). That cannot be correct. At age 70 you will have earned 3 years of Delayed Retirement Credits. Thus your benefit will be larger. I think s/he means that the values at 67 and 70 remain constant, no matter the year of beginning benefits. Not that the 67 and 70 values are the same. I see. That makes more sense. Thanks! I apologize for my lack of clarity... If I cease employment on any day between 62 and 70, the benefit at FRA and 70 remain the same respective value, irregardless of the cessation of employment/contribution. Yes, the numbers increase between 67 and 70, but the stopping of contributions through employment any time between 62 and 70,...

Thank you for all of the responses.

I may not have given enough information in my original post. I will attempt to use my phone to edit the OP.

I am currently making more than previous inflation adjusted years. I am adding 105K years and displacing 80K inflation adjusted years.

The values that seem on the tool to remain constant, are the benifit at FRA (67) and Delayed (70). These two benefit values remain constant when selecting retirement (ceasing contributions through income producing activity) from 62 through 70yo.

Sorry for brevity, my cold fingers are not easily interfacing with my telephone.

I just got my yearly Social Security statement notice. When I logged on, I found a tool for estimating payments that used a sliding bar for your retirement age. I am 61y 9mo old currently. I have 46.5 years of uninterrupted service credits. Yes, I started at 15y 3mo. The tool allows you to select a retirement date from 62 to 70. The tool shows my payment for Full Retirement Age (67) and Delayed (70) to be the same value no matter the age I retire between 62 and 70. I expected those FRA and Delayed values to continue to increase the more years I contributed to my account by working. Is it really correct that the additional years of contributions make no difference in payment? Edit to add... I am currently making more than previous inflation ...

I am thankful for my last employer, for initiating a 401k program when I was 34. I was busy raising two children and had never saved a dime before that point. I had not really been exposed to saving in my little world. Even my coworkers at the time did not get on board. But, somehow I saw the light and got in at 10% plus a 5% match and now 28 years later, I am amazed at what has transpired.

MP123 wrote: ↑Tue Nov 22, 2022 10:55 am

Workinprogress wrote: ↑Mon Nov 21, 2022 10:42 pm Can I use the sole prop business to hold ownership and lease the vehicle to the LLC. Or does that pierce the veil?

I'm not sure of the nature of your business, but generally there isn't much of a "veil" for a single member LLC. In any case leasing the vehicle back to yourself (LLC) seems unnecessarily complex.

Thank you for your words of wisdom MP123. Your thoughts are repeated by another member.

It makes me wonder if it is really worth the hassle to restructure if I am not insulating my personal assets by being a single member LLC. Insulation was the whole intent.

The primary purpose of an LLC to insulate the owner from liability arising in connection with the business (e.g., business vehicle hits a pedestrian while doing a business delivery)--both contractual and non-contractual. But if the LLC has no employees and the owner performs all the duties, then the LLC really doesn't insulate the owner from non-contractual liabilities. It may be that the bid process you describe requires an LLC. If that is the case, then that's what you need to do. You do need an accountant to advise you on such things as start up costs (whether you can expense them this year or be required to amortize them over time), how to expense your investment in the Tundra (rather than taking depreciation over time), how to hold ti...

I think you should speak to an accountant of course, but here's my two cents as someone who's owned a landscape company that started as a SP, then became an S-CORP, then finally back to an LLC. I have 3 other LLCs (one that OWNS our rental units, one that manages them, so that I can create "employment income", and one that I use for my small web design business). An LLC is what is called a "disregarded entity" for tax purposes which means basically, the income runs thru to whatever tax return matches how you want to be taxed. LLCs can be taxed AS sole props, SCORPs, or C-Corps (I think). But that's the TAX situation....you're talking more about owning assets. So I bought my Tundra, but registered it in my landscape comp...

What type of business? Any employees? What type of business? I live in Washington where there are wildland fires every year. The Forest Service hires contractors to form the fire suppression force. One of the services needed, and scarce in our area, is a Mechanic with a Service truck. These contractors are called up from the VIPR list. The VIPR list is made up of contractors who have jumped through a bunch of hoops and submitted a bid for their services. This bid for services only opens once every three years. I have been involved with the fire suppression effort in other roles for three years now and I enjoy it. I have earned my living for 47 years as a Heavy Equipment Mechanic. I am ready to retire from full-time work now. However, the t...

I am trying to set up a new business. I applied for and received a Washington State Business License as a Sole Proprietor. The Sole Prop. used my SSN, as I do not have an IRS EIN. I established the SAM account under the Sole Prop, and am hesitant to muddy the waters by adding an LLC with all of the regulatory agencies with a tight timeline. I have yet to establish a checking account for the business. I have since gotten counsel that indicates I should have an LLC instead. I have not purchased any assets for the business yet, but will before year end. Between now and 01FEB23 there will be substantial (for me) asset purchases. Bidding for the VIPR contract that this business will target, will open/close in FEB23, so time is tight. These asset...