Search found 43 matches

by Plano
Thu Feb 11, 2021 8:42 pm
Forum: Personal Consumer Issues
Topic: Can I buy a new tesla?
Replies: 116
Views: 7030

Re: Can I buy a new tesla?

I keep hearing about the proposed restoration and expansion of the EV Tax Credit. See, e.g., https://taxfoundation.org/joe-biden-tax-plan-2020/ . If you simply must get an expensive EV, why not would wait a year or two? I would kick myself if I bought one now and the tax credit was restored next yea...
by Plano
Mon Feb 01, 2021 7:34 pm
Forum: Personal Finance (Not Investing)
Topic: Can my parents retire?
Replies: 70
Views: 5783

Re: Can my parents retire?

OP, I read a few of your past posts about your parents. I feel for you. I think you already know the answer is no to everything: no, they can't retire without you providing financial support (maybe not right away, but eventually); no, a reverse mortgage is a bad idea (better for you to take over the...
by Plano
Fri Jan 29, 2021 1:52 am
Forum: Personal Finance (Not Investing)
Topic: Car Spending Advice
Replies: 104
Views: 6861

Re: Car Spending Advice

We are expecting our first child shortly Full stop, right there. I think you need to get your very pregnant wife the very safe Volvo she wants for driving around your baby — and count your blessings, buddy. This does not count as the push gift, by the way. Come back to angst about the jewelry or th...
by Plano
Thu Jan 28, 2021 6:48 pm
Forum: Personal Finance (Not Investing)
Topic: Final Health Care Instructions - no-life-sustaining procedures statement
Replies: 54
Views: 2847

Re: Final Health Care Instructions - no-life-sustaining procedures statement

Depending on your state, a POLST may not be available unless you are seriously ill and near the end of life. FWIW, this is more of a BH topic than some may realize. From a Bloomberg article published yesterday: https://www.bloomberg.com/news/features/2021-01-27/death-with-dignity-how-i-helped-my-dad...
by Plano
Thu Jan 28, 2021 12:15 am
Forum: Investing - Theory, News & General
Topic: Has Bogleheads lost its direction?
Replies: 331
Views: 29464

Re: Has Bogleheads lost its direction?

billthecat wrote: Thu Jan 28, 2021 12:03 am Should I invest or pay down debt?
Should I pay off the mortgage? :sharebeer
by Plano
Wed Jan 27, 2021 10:50 pm
Forum: Personal Finance (Not Investing)
Topic: Final Health Care Instructions - no-life-sustaining procedures statement
Replies: 54
Views: 2847

Re: Final Health Care Instructions - no-life-sustaining procedures statement

I like the advice I read in Get Your Ducks in a Row . Appoint a Health Care Agent / Health Care Power of Attorney and discuss with them what your instructions are so that they can voice them to the attending physician. If you have a legal HC-POA according to your state statutes, the doctors have to...
by Plano
Wed Jan 27, 2021 5:05 pm
Forum: Personal Finance (Not Investing)
Topic: took too large a qualified distribution from 529...now what?
Replies: 3
Views: 431

Re: took too large a qualified distribution from 529...now what?

There is no penalty on non-qualified withdrawals up to the amount of tax-free scholarships. But you still have to pay tax on the earnings portion of the withdrawal. How much of the $375 that was earnings? Ask the 529 plan admin how long you have to return it. Or just look for other qualified expense...
by Plano
Wed Jan 27, 2021 4:19 pm
Forum: Personal Investments
Topic: Net Worth and Leaving Corporate World
Replies: 43
Views: 3974

Re: Net Worth and Leaving Corporate World

Corporate burnout is extensively studied -- read some of the hundreds of articles out there from respected sources. One of the most common suggestions is to make plans for change. This is exactly what you are doing now, so good job! Just planning might be enough to keep you motivated / distracted fr...
by Plano
Tue Jan 26, 2021 11:36 pm
Forum: Personal Consumer Issues
Topic: Engagement Ring
Replies: 140
Views: 7802

Re: Engagement Ring

Not sure if anyone has mentioned this yet, but don’t forget to consider your future wife’s occupation. In some jobs, you can’t wear the typical engagement ring (surgeons, dentists, chefs, anyone who works with her hands). You can’t just leave your ring in a locker when you scrub in. Well, you can......
by Plano
Tue Jan 26, 2021 7:52 pm
Forum: Personal Investments
Topic: Short term disability payments and retirement contribution
Replies: 4
Views: 320

Re: Short term disability payments and retirement contribution

Fabdog is correct that it has to be earned income. But whether disability pay is earned income depends on how the premiums were paid and how the disability income is characterized by the payor. See: https://www.irs.gov/faqs/interest-dividends-other-types-of-income/life-insurance-disability-insurance...
by Plano
Mon Jan 11, 2021 12:44 am
Forum: Personal Finance (Not Investing)
Topic: Do I need my private LTD policy
Replies: 3
Views: 403

Re: Do I need my private LTD policy

It depends on what the individual policy covers. Is it true own occupation through normal SS retirement age? If so, it may be worth keeping, even if you could financially withstand a disability. But that premium is way too low, so I suspect the coverage is for a short period only. That said, I would...
by Plano
Sat Jan 09, 2021 8:32 pm
Forum: Personal Finance (Not Investing)
Topic: Family Costs 1970s vs 2020s
Replies: 122
Views: 10155

Re: Family Costs 1970s vs 2020s

OP, I think it’s admirable that you ask these questions. You’re a good parent. I wish we all had such financially-supportive parents, but I also wonder if my accomplishments are due to, not despite, the lack of parental support. Worse, I wonder if I am doing my kids a disservice by doing so much mor...
by Plano
Fri Jan 01, 2021 7:06 pm
Forum: Personal Investments
Topic: The year in which I turn 50, catchup contributions
Replies: 32
Views: 3383

Re: The year in which I turn 50, catchup contributions

For folks MFJ status with under-18 minor kids as dependents could be partially phased-out of $2000 Child Tax Credit — if their MFJ income crosses $200k-250k !! So, doing Traditional contribution of $6500 May be more helpful to control AGI than going with Roth401k catch-up contribution. I think you ...
by Plano
Tue Feb 25, 2020 9:09 pm
Forum: Personal Investments
Topic: Advice Requested: LTCi or Paydown Mortgage
Replies: 23
Views: 969

Re: Advice Requested: LTCi or Paydown Mortgage

snip Back to the parents, when you had doctors perform cognitive tests on the parents, what results did they get? As of their annual evaluation last Sept., they were diagnosed with "mild" dementia. However, they cannot track conversations and cannot remember to take their meds. Hence, Vis...
by Plano
Mon Feb 24, 2020 9:50 pm
Forum: Investing - Theory, News & General
Topic: Net worth approaching lifetime earnings. How many years did it take?
Replies: 50
Views: 6145

Re: Net worth approaching lifetime earnings. How many years did it take?

DH has been over the SS limit for about half of his career. I have been a grad student with an SS free stipend and a teacher who didn't pay into SS. We will never know this number. I think most professionals are like your DH. We will never know because the SSA only reports income it considers taxab...
by Plano
Fri Feb 21, 2020 8:01 pm
Forum: Personal Consumer Issues
Topic: Do You Have a Long Term Travel Strategy?
Replies: 67
Views: 6176

Re: Do You Have a Long Term Travel Strategy?

Our son has traveled all over the world because we consider it part of his education. We started this at age 5. He would learn a bit of the language, read up on the history (age appropriate levels of course), and see different cultures first-hand. Nothing teaches humility and empathy to privileged k...
by Plano
Fri Feb 21, 2020 5:51 pm
Forum: Personal Investments
Topic: How to save for a car or other big purchase
Replies: 38
Views: 1600

Re: How to save for a car or other big purchase

You sound like a frugal person, if you are planning 5 years in advance for the purchase of an $18K used car (was the price a typo?). I would just keep saving under your usual AA, and maybe segregate the funds for the car if it helps to visualize your progress. I bet you'll get to $18K before 5 years...
by Plano
Thu Feb 13, 2020 7:09 pm
Forum: Personal Consumer Issues
Topic: How big of a car do you need for a kid and his/her stuff?
Replies: 66
Views: 3740

Re: How big of a car do you need for a kid and his/her stuff?

With younger kids, it's not the size of the vehicle but the height that matters. On a daily basis, you will be picking up the kid, then bending and twisting to secure him in the car seat. At 10 months, this is not an issue. At 2 or 3 years old, in the middle of a tantrum, it might be. For me, the be...
by Plano
Fri Jan 31, 2020 2:26 am
Forum: Personal Consumer Issues
Topic: Early retirement - Long term "successes"
Replies: 75
Views: 7432

Re: Early retirement - Long term "successes"

Almost as bad as when people who don’t need social security collect that payment. I think SSR is fine to collect when you reach retirement age, whether you need it or not, because it’s meant for seniors and you’d be a senior then. It’s designed that way. But “free healthcare!” is intended for the p...
by Plano
Thu Jan 30, 2020 6:35 pm
Forum: Personal Consumer Issues
Topic: Early retirement - Long term "successes"
Replies: 75
Views: 7432

Re: Early retirement - Long term "successes"

I am also curious how very early retirees plan for and manage the costs of healthcare for decades. If they retired before the ACA was enacted, how did they manage? OTOH I distinctly remember that being one of the selling points of ACA, giving people more options how to live their live's without heal...
by Plano
Fri Jan 24, 2020 6:45 pm
Forum: Personal Consumer Issues
Topic: Amount of cash wedding gift?
Replies: 57
Views: 4989

Re: Amount of cash wedding gift?

For certain cultures, there is a market price for the cash gift as per the closeness of the relationship. In those cases, you should ask folks that shared your cultures, what is the current market price? <<this is sort of cold-blooded>> In those cultures, this is normal expected behavior. +1 Also, ...
by Plano
Fri Jan 24, 2020 3:14 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella insurance cost
Replies: 98
Views: 7608

Re: Umbrella insurance cost

Some umbrella policies are straight excess - they only extend the underlying automobile or homeowners liability limits with no additional coverage offered. Other umbrellas offer additional coverage options such as personal tort liability, not-for-profit board/officer coverage, coverage for ATV's, m...
by Plano
Thu Jan 23, 2020 6:52 pm
Forum: Personal Finance (Not Investing)
Topic: Career Thoughts - Taking a large pay cut
Replies: 39
Views: 3381

Re: Career Thoughts - Taking a large pay cut

I would look at more than just the salary, as the comp packages for large employers (stock options, 401k with Mega Backdoor option, etc.) can make up for some of that pay cut. After you factor in the lower COL, you may actually come out ahead. everything is less expensive, except we would likely cho...
by Plano
Wed Jan 22, 2020 6:10 am
Forum: Personal Finance (Not Investing)
Topic: CPAs and confidentiality
Replies: 28
Views: 2460

Re: CPAs and confidentially

Professionals who work with vulnerable clients (seniors and disabled) are trained to spot of these issues. It’s a frequent MCLE / CE topic. Too often, the financial crimes are just the tip of the iceberg. I am a lawyer who works with a lot of accountants. Every single one of them would report this, ...
by Plano
Tue Jan 21, 2020 9:53 pm
Forum: Personal Finance (Not Investing)
Topic: Life Insurance in Retirement?
Replies: 42
Views: 3262

Re: Life Insurance in Retirement?

The downside of planning to use a life insurance policy to cover burial/funeral expenses is one of timing. No death benefit check until a certified death certificate is presented, and that can take awhile in many places. (Took ~6 weeks in CA when my step-mom passed away.) The mortuary we worked wit...
by Plano
Tue Jan 21, 2020 9:41 pm
Forum: Personal Finance (Not Investing)
Topic: Life Insurance in Retirement?
Replies: 42
Views: 3262

Re: Life Insurance in Retirement?

FYI my father passed in 2017. Already owned a couple of plots in the cemetery. He was 'just' cremated, w no one from funeral home at the church service, but by the time various fees kicked in (nope, no fancy urn), plus the interment cost (I know, just a small box, right?) and minimal graveside, and...
by Plano
Tue Jan 21, 2020 8:10 pm
Forum: Personal Finance (Not Investing)
Topic: What are you doing differently this year?
Replies: 41
Views: 3715

Re: What are you doing differently this year?

For me and my wife, financial milestones have become easier to achieve and I don't want to keep moving the goal posts anymore. We are on track to become FI within the next 5 years. So we have time to make plans for what's next. So this year, I would focus on new PR (personal records) for weight tra...
by Plano
Fri Jan 17, 2020 8:05 pm
Forum: Personal Finance (Not Investing)
Topic: Best way to structure a short term family loan
Replies: 22
Views: 1060

Re: Best way to structure a short term family loan

According to everyone I know who has paid off their student loans, it's more than just a financial transaction. It's a rite of passage. If she will have her own money to pay it off in a year, let her have that experience. This will allow her to divert student loan payments to retirement savings a ye...
by Plano
Fri Jan 17, 2020 11:45 am
Forum: Personal Consumer Issues
Topic: Some possible luxury SUV choices to buy: Opinions?
Replies: 210
Views: 18041

Re: Some possible luxury SUV choices to buy: Opinions?

We have always had good experiences with Infiniti SUVs. We had a 2001 QX4 that looked good and ran well for >200k miles. Regular maintenance is the key, which was reasonably priced via the local dealer.* We replaced it in 2017 with a slightly used QX80, which is bigger than what you seem to want, bu...
by Plano
Wed Jan 15, 2020 6:46 pm
Forum: Personal Finance (Not Investing)
Topic: $400,000 Cash: Pay Off Rental v. New Home Down Payment
Replies: 18
Views: 1656

Re: $400,000 Cash: Pay Off Rental v. New Home Down Payment

I would first see if the mortgage terms are any better for $150K vs. $440K, and how those compare to the 3.5% you have on the rental. It sounds like you've decided against option 2, so it just comes down to picking the better mortgage.
by Plano
Wed Jan 15, 2020 6:24 pm
Forum: Personal Consumer Issues
Topic: Accurate heart rate monitor wearable recommendation?
Replies: 11
Views: 991

Re: Accurate heart rate monitor wearable recommendation?

I second all the recommendations for the Apple watch. I like that I can check my iPhone for HR variability and other data. I use this along with a chest strap for my long training runs and find it to be very accurate. My brother has a Withings Steel, which looks a lot more like a "regular"...
by Plano
Thu Jan 09, 2020 9:05 pm
Forum: Personal Investments
Topic: Boglehead-esque [Portfolio Review]
Replies: 21
Views: 1158

Re: Boglehead-esque [Portfolio Review]

Unless you need this money fairly soon, I would put as much as possible into a Roth IRA. There are significant tax advantages. You can put $6,000 each for 2020 and 2019 (before April filing deadline). I am 45 and using a taxable investment account. (Already have a maxed our personal 401k at work). D...
by Plano
Tue Jan 07, 2020 6:22 pm
Forum: Personal Investments
Topic: Can I retire (early)?
Replies: 49
Views: 6406

Re: Can I retire (early)?

OP, what you describe as burnout is so common that they have a term for it: caregiver burnout. See, e.g., https://my.clevelandclinic.org/health/diseases/9225-caregiver-burnout . It's great that you have options because you are FI, but give some serious thought to what you will be doing after you sto...
by Plano
Mon Jan 06, 2020 7:09 pm
Forum: Personal Finance (Not Investing)
Topic: I need help understanding what to do with Whole Life Insurance policies
Replies: 15
Views: 1821

Re: I need help understanding what to do with Whole Life Insurance policies

You should be receiving an annual statement that states the current net cash surrender value. But this rarely contains all the information needed to determine what the policy is worth. I suggest you contact the insurance company and request an "In Force Ledger Statement" (also called an &q...
by Plano
Sun Nov 17, 2019 11:47 am
Forum: Personal Finance (Not Investing)
Topic: Should I refinance?
Replies: 9
Views: 782

Re: Should I refinance?

Unless you’re in a HCOL area, your refi amount will still be jumbo. If you are willing to pay down the mortgage (about $50K) to get the balance lower than jumbo, then your rate will be substantially lower. I like the Mortgage Professor’s calculators: https://www.mtgprofessor.com/calculators.htm Ther...
by Plano
Sun Nov 17, 2019 11:06 am
Forum: Personal Finance (Not Investing)
Topic: Which Life Insurance company to go with? And other questions
Replies: 18
Views: 1453

Re: Which Life Insurance company to go with? And other questions

When evaluating an insurance product, I look at two things: first, whether the company is likely to deny claims wrongfully; and second, whether it will have the assets to pay the claim when time comes. None of those carriers have a bad reputation for individual life claims. (But disability and other...
by Plano
Sat Nov 16, 2019 7:06 am
Forum: Personal Consumer Issues
Topic: Best thing you have ever bought?
Replies: 151
Views: 14567

Re: Best thing you have ever bought?

1. Lasik eye surgery — my only regret was not getting it sooner. 2. A really good pair of running shoes. Expensive, but worth it on long runs. Same goes for compression running tights. 3. Personal chef service to plan, shop, and deliver healthy week-night dinners. Now hear me out, frugal Bogleheads!...
by Plano
Sat Nov 16, 2019 6:36 am
Forum: Personal Investments
Topic: Planning for sister-in-law's future after losing her father.
Replies: 15
Views: 1936

Re: Planning for sister-in-law's future after losing her father.

Will this inheritance disqualify her from any state programs or benefits for the disabled? Many are income- or asset-based, like state medical. If she loses her current health insurance, you will need to plan for that expense. I like the idea of buying a small, low-maintenance home so she never has ...
by Plano
Sat Nov 16, 2019 5:55 am
Forum: Personal Finance (Not Investing)
Topic: California Divorce, Our Son
Replies: 28
Views: 5223

Re: California Divorce, Our Son

The Roth should not be a problem as it was not funded by marital income but funded by us, his parents he is allowed to make GIFTS up to a certain amount legally the older we get, the more we hear of divorces That's not correct. Individual Retirement Arrangements are funded by account owner's earned...
by Plano
Mon Nov 11, 2019 10:41 pm
Forum: Personal Finance (Not Investing)
Topic: Homebuying in Los Angeles - Advice Needed
Replies: 77
Views: 8489

Re: Homebuying in Los Angeles - Advice Needed

I would figure out the net cost of owning (PITI minus mortgage interest deduction) to make an apples-to-apples comparison to renting in the same area. Given fed and CA state taxes, the itemized deduction may be the tie-breaker. Personally, I would buy because 15 years is a long time and we hated mov...
by Plano
Thu Nov 07, 2019 1:04 am
Forum: Personal Finance (Not Investing)
Topic: Long Term Disability and Financial Independence - Drop Coverage?
Replies: 25
Views: 1401

Re: Long Term Disability and Financial Independence - Drop Coverage?

You say you’re looking at 2020 benefit enrollment, so this must be a group LTD policy. For most group LTD, the benefit amount is subject to offsets. So while your gross benefit amount is $6250, the net is probably much less after state disability, SSDI, etc., if you also receive those benefits. Find...
by Plano
Sun Nov 03, 2019 6:11 pm
Forum: Personal Finance (Not Investing)
Topic: Proposed LTD policy - please weigh in on associated Riders
Replies: 10
Views: 1079

Re: Proposed LTD policy - please weigh in on associated Riders

The most important thing when buying disability insurance (either group LTD or IDI) is to pay the premiums with your own after-tax dollars so that the benefits are tax-free. If you run your premiums through your corp, or pay your premiums through an employer’s cafeteria plan, the benefits will be ta...