Search found 30 matches

by Boatguy
Thu Feb 06, 2020 9:04 pm
Forum: Personal Investments
Topic: Overall defined contribution plan limit 2020 - confusion
Replies: 9
Views: 649

Re: Overall defined contribution plan limit 2020 - confusion

@lakpr Sorry, I found your $63500 vs $57000 response confusing. I thought the OP was going to put his first $26k ($19.5k + $6.5k catch-up) into pretax and then the balance into the spillover up to the $63500 (less employer match) maximum. So, under that scenario, the max contribution is indeed $6350...
by Boatguy
Sat Jan 25, 2020 12:54 pm
Forum: Personal Investments
Topic: Managing our taxable account planned for near-term draw-down
Replies: 14
Views: 831

Re: Managing our taxable account planned for near-term draw-down

I don’t think this has been mentioned yet, but I would put more thought into when each of you decide to take SS. I’d suggest using opensocialsecurity.com as you might find that it makes more sense for the lower income earner to take SS earlier and the other spouse wait until 70. I and many others ha...
by Boatguy
Mon Jan 20, 2020 10:32 pm
Forum: Personal Investments
Topic: Not just another Back Door Roth question
Replies: 7
Views: 612

Re: Not just another Back Door Roth question

My concern is that I funded my 2019 IRA by contributing to an existing (and empty) Rollover IRA account rather than a Traditional IRA account. After rolling it into a Roth, I became concerned that this could cause a problem in that the IRS would somehow deem this to be an improper contribution. As ...
by Boatguy
Mon Jan 20, 2020 9:44 pm
Forum: Personal Investments
Topic: Not just another Back Door Roth question
Replies: 7
Views: 612

Re: Not just another Back Door Roth question

My concern is that I funded my 2019 IRA by contributing to an existing (and empty) Rollover IRA account rather than a Traditional IRA account. After rolling it into a Roth, I became concerned that this could cause a problem in that the IRS would somehow deem this to be an improper contribution.
by Boatguy
Mon Jan 20, 2020 8:24 pm
Forum: Personal Investments
Topic: Not just another Back Door Roth question
Replies: 7
Views: 612

Re: Not just another Back Door Roth question

That’s a relief.....Thanks to you both.
by Boatguy
Mon Jan 20, 2020 7:56 pm
Forum: Personal Investments
Topic: Not just another Back Door Roth question
Replies: 7
Views: 612

Not just another Back Door Roth question

I was able to roll all of my existing pretax IRAs into one of my 401k plans last year In my haste to fund a traditional IRA and then roll it into a Roth for tax year 2019, I put $7k (I’m 66) into an existing empty Vanguard Rollover IRA account, and then rolled that into a Roth. I suspect that making...
by Boatguy
Sat Jan 04, 2020 2:03 pm
Forum: Personal Investments
Topic: Roth IRA - so who hit 'enter' at 12:01AM this morning?
Replies: 113
Views: 10583

Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Did my $7k tIRA on 1/1 and set up the Roth conversion this morning. Will buy some ibonds at the end of January and get credit for holding them for the entire month while still earning interest from Synchrony! Nothing like double dipping.
by Boatguy
Sat Jan 04, 2020 1:39 pm
Forum: Personal Investments
Topic: Pros/Cons of rolling a rollover IRA to Employers 401K
Replies: 14
Views: 660

Re: Pros/Cons of rolling a rollover IRA to Employers 401K

I thought the December 31 deadline was for THAT calendar year only, so that a 2020 backdoor would be ok as long as the tIRA was gone by 12/31/20. No?
by Boatguy
Fri Oct 04, 2019 7:04 pm
Forum: Personal Investments
Topic: Transfer into former employer's 401(k) possible?
Replies: 25
Views: 1802

Re: Transfer into former employer's 401(k) possible?

On the subject of rollovers into a former employer’s plan, GE changed their 401k plan on August 1 to allow separated employees to rollover qualified money into their plan. So, there are some companies that allow this. My current employer’s plan doesn’t accept tIRA rollovers, so I thought my Roth con...
by Boatguy
Sat Sep 28, 2019 11:03 am
Forum: Personal Investments
Topic: Roth conversions now or later?
Replies: 13
Views: 2538

Re: Roth conversions now or later?

OP—What is your expected SS benefit at age 70? Is it $39k? How about at Full Retirement Age? I ask only because you mentioned in your 2 spousal death scenarios (you go first, your spouse goes first) that SS benefits will be half of $39k in both, which I don’t believe is likely.
by Boatguy
Mon Sep 16, 2019 6:26 pm
Forum: Personal Investments
Topic: Advice on ROTH Conversions and the non-retirement assets to support this strategy
Replies: 11
Views: 1043

Re: Advice on ROTH Conversions and the non-retirement assets to support this strategy

Only slightly off topic, but your choice to not claim SS for either of you until 70 caught my attention. I made some broad assumptions based on your data (both born in 1958 and each with SS benefits at full retirement age of 2850/mo or so) and input them into opensocialsecuity. It said that you leav...
by Boatguy
Mon Sep 16, 2019 5:42 pm
Forum: Personal Investments
Topic: what should I be doing with my after-tax 401k contributions?
Replies: 30
Views: 2420

Re: what should I be doing with my after-tax 401k contributions?

Thanks, Spirit Rider, for correctly explaining my intent. My math was indeed wrong (and I know better) and I apologize for that, but I was just trying to stop the string of comments regarding a company match on “excess” savings. Spirit Rider said what I was thinking but in my hurry to post something...
by Boatguy
Sun Sep 15, 2019 7:11 pm
Forum: Personal Investments
Topic: Portfolio Recommendation For My Sister
Replies: 19
Views: 1355

Re: Portfolio Recommendation For My Sister

Regarding SS, any reduction in SS payments made as a result of earning employment income while taking SS payments prior to full retirement age is adjusted for once FRA is reached. In other words, her SS payments after FRA will be increased to compensate for the amount that her payments were reduced ...
by Boatguy
Sun Sep 15, 2019 6:12 pm
Forum: Personal Investments
Topic: HSA Submit Now or Later
Replies: 5
Views: 468

Re: HSA Submit Now or Later

Agree 100%. Let the money grow tax free.
by Boatguy
Sun Sep 15, 2019 2:32 pm
Forum: Personal Investments
Topic: Can’t pull the trigger
Replies: 15
Views: 2815

Re: Can’t pull the trigger

Thanks to all for your replies. I’m going to split the difference and move 50% back in tomorrow and then measure my personal “pucker factor” over the coming days/weeks. Have no fears — once it’s in, it’s not coming back out.
by Boatguy
Sat Sep 14, 2019 9:47 pm
Forum: Personal Investments
Topic: Can’t pull the trigger
Replies: 15
Views: 2815

Re: Can’t pull the trigger

Good for you! You have the courage that I’m struggling to find, but I’m determined to start moving in the right direction again.
by Boatguy
Sat Sep 14, 2019 9:43 pm
Forum: Personal Investments
Topic: Need advise on cash heavy portfolio
Replies: 7
Views: 1870

Re: Need advise on cash heavy portfolio

Regarding SS, because you are 66 you would be able to claim a spousal SS benefit if your wife were to file NOW without claiming your own SS (thus allowing it to grow until age 70). This strategy works especially well if you were the higher wage earner. Have you run the numbers on this? Open Social S...
by Boatguy
Sat Sep 14, 2019 9:26 pm
Forum: Personal Investments
Topic: Can’t pull the trigger
Replies: 15
Views: 2815

Re: Can’t pull the trigger

Thanks for the responses. I know that lump sum beats DCA, but if you look at the subject of my post — therein lies the problem.

I’m going to move 10% into the target fund on Monday.
by Boatguy
Sat Sep 14, 2019 7:45 pm
Forum: Personal Investments
Topic: what should I be doing with my after-tax 401k contributions?
Replies: 30
Views: 2420

Re: what should I be doing with my after-tax 401k contributions?

The pro rata rules don’t apply to a 401k to Roth conversion. Also, for what it’s worth, the match that you are “getting” on your spillover is very likely the basic match that you are entitled to receive on your $19k max contributions. For example, if your company matches 5% of your contribution, the...
by Boatguy
Sat Sep 14, 2019 7:31 pm
Forum: Personal Investments
Topic: Can’t pull the trigger
Replies: 15
Views: 2815

Can’t pull the trigger

In a previous post, I asked the community if I was maxing out all of my pretax space. I’m 66, still working (I like my job), and have been maxing out my 401k for years, including a spillover that I roll into a Roth IRA. The answer I got was “yes”. My problem was that my wife and I each have pretax I...
by Boatguy
Sat Aug 31, 2019 9:30 am
Forum: Investing - Theory, News & General
Topic: Jason Zweig in Today's WSJ Discusses Target Retirement Funds
Replies: 56
Views: 9009

Re: Jason Zweig in Today's WSJ Discusses Target Retirement Funds

Wow, I had no idea it was daily. Thanks for the reply.
by Boatguy
Sat Aug 31, 2019 9:21 am
Forum: Investing - Theory, News & General
Topic: Jason Zweig in Today's WSJ Discusses Target Retirement Funds
Replies: 56
Views: 9009

Re: Jason Zweig in Today's WSJ Discusses Target Retirement Funds

I have a considerable amount of my retirement investments in Vanguard 2020 (I’m 66 and still working), but I must admit that I have no idea how often the fund rebalances. Would someone be kind enough to explain?
by Boatguy
Fri Aug 23, 2019 11:22 am
Forum: Personal Investments
Topic: Reverse Rollover IRA to 401K Question
Replies: 4
Views: 219

Re: Reverse Rollover IRA to 401K Question

I just did this with one IRA last week and I have my one other IRA in process. My former employer recently changed their guidelines to now allow former employees to roll IRAs into the 401k plan. My current employer does not allow such rollovers.
by Boatguy
Wed Aug 21, 2019 8:48 pm
Forum: Personal Investments
Topic: Pros/Cons to rolling IRA into “old” 401k
Replies: 17
Views: 693

Re: Pros/Cons to rolling IRA into “old” 401k

Oddly enough, GE’s 401k plan just started to allow former employees to rollover IRAs into their plan (administered by Fidelity) on August 1. That was quite a surprise, and my rollovers (2) are in process. I’m thankful that I left a small balance in the GE plan, as my current employer’s plan doesn’t ...
by Boatguy
Sat Aug 17, 2019 6:58 pm
Forum: Personal Investments
Topic: Social Security Widow(er) Benefit Question
Replies: 6
Views: 1032

Re: Social Security Widow(er) Benefit Question

You mentioned that you’re 65. I was 65 until last month, so I am now able to take advantage of spousal SS benefits without collecting my own and will receive my first payment within the next couple weeks. As mentioned in an earlier post, I think the assumption here is that you won’t be 66 until next...
by Boatguy
Tue Jul 09, 2019 1:58 pm
Forum: Personal Investments
Topic: Financial planning now that retired
Replies: 65
Views: 13184

Re: Financial planning now that retired

Timing is everything! Congrats.
by Boatguy
Sun Jul 07, 2019 10:12 pm
Forum: Personal Investments
Topic: Financial planning now that retired
Replies: 65
Views: 13184

Re: Financial planning now that retired

Regarding SS, just want to make sure that you’ll be turning 66 before the end of this year. Otherwise, you can’t file for spousal benefits without filing for your own. Who will be getting the higher SS payout by waiting until age 70? That should play a role in your decision as to who files first.
by Boatguy
Sun Jun 30, 2019 6:42 pm
Forum: Personal Investments
Topic: Nearing Retirement -- Your Thoughts?
Replies: 5
Views: 1148

Re: Nearing Retirement -- Your Thoughts?

Thanks, RetiredAL. That’s the plan! Im relieved that I haven’t missed anything too big other than being late to the party on my spillover 401k Roth conversions, which was bad enough. I’m now in my second year of doing that, but I missed several years of opportunity.
by Boatguy
Sun Jun 30, 2019 5:41 pm
Forum: Personal Investments
Topic: Nearing Retirement -- Your Thoughts?
Replies: 5
Views: 1148

Re: Nearing Retirement -- Your Thoughts?

Thanks, David Jay. My concern with the Backdoor Roth is that I’d get taxed on most of the conversion dollars at my rather high marginal rate because we each have a fair amount of pretax IRAs already. Wouldn’t it make sense to wait until my tax bracket drops (I’ll likely work part time at an hourly j...
by Boatguy
Sun Jun 30, 2019 9:51 am
Forum: Personal Investments
Topic: Nearing Retirement -- Your Thoughts?
Replies: 5
Views: 1148

Nearing Retirement -- Your Thoughts?

Good morning. I've been a closet Boglehead for a lot longer than I've know about this site, so it has been fascinating to read through all of the comments and insights. I can see the light at the end of the tunnel, but I enjoy my job and plan to work for a "couple more" years. I'd appreciate comment...