Search found 2788 matches

by scrabbler1
Mon Feb 26, 2024 9:13 am
Forum: Personal Finance (Not Investing)
Topic: Why Emergency Fund?
Replies: 80
Views: 8445

Re: Why Emergency Fund?

You are thinking correctly. Forget the label “emergency fund”. Change it rather to “immediately available liquidity”. Running a business with zero liquidity is a recipe for insolvency. Same with running a household. You must have some level of immediately available liquidity. The question is what that level of quantified liquidity should be. The level of liquidity must support expected and “reasonable” unexpected expenses. It’s a form of self-insurance. It is not a precise concept, but rather a general one. The level of liquidity is a crucial part of my emergency fund's structure. I have set up my EF in layers, or tiers. My first tier of EF is a small amount ($700) of cash in my local bank's checking account (zero interest, which is okay),...
by scrabbler1
Thu Jan 25, 2024 10:29 pm
Forum: Personal Consumer Issues
Topic: How to stop generic junk mail?
Replies: 20
Views: 2267

Re: How to stop generic junk mail?

Back in the 1990s, I remember writing to some direct mail associations to get my name off general mailing lists. That reduced the amount of junk mail I got back then (when businesses used the mail as their primary method of reaching people). More recently, I was getting a lot of junk mail from 2 or 3 different businesses, one was a credit card issuer, and another was a car insurance company; neither I ever had any business with. I called both companies and asked them to take me off their lists. They did.
by scrabbler1
Thu Jan 25, 2024 10:00 pm
Forum: Personal Finance (Not Investing)
Topic: Retiring early: Health Insurance
Replies: 97
Views: 11245

Re: Retiring early: Health Insurance

I retired in late 2008 at age 45, before the ACA. I had a rocky road with HI from 2009 through 2013, the year before the exchanges began in 2014. I had an individual policy here in NY but its premium rose 50% in 2 years, so in early 2011 I dumped the policy and switched to a bare-bones, hospital-only policy to get me through the end of 2013. In 2014, I signed up on the NY exchange (Silver Plan) and qualified for a small premium subsidy, maybe $500 per year. But at least I had a broader policy again and was paying less than I was paying in 2009. Good thing I got that policy because I had some medical issues which landed me in the hospital for 12 days in 2015. I continued to qualify for a small premium subsidy through 2016. But from 2017 thro...
by scrabbler1
Mon Jan 15, 2024 5:13 pm
Forum: Personal Finance (Not Investing)
Topic: 10 year old wants to sit with me when I do taxes . Should I let him?
Replies: 98
Views: 16137

Re: 10 year old wants to sit with me when I do taxes . Should I let him?

I can't speak for other 10-year-olds, but when I was a kid my mom had me sitting beside her when she worked on the family finances, from helping her organize the monthly bills and sealing the envelopes to completing the income tax forms. For a few years during that time, my parents were in Amway, so there were forms relating to purchases and sales of their items I watched her prepare. Seeing her complete the tax forms every year directly led me to do the same when I began working after college in 1985. It was a natural transition, and I have been doing my own taxes every year since then, as well as doing the taxes for 3 others. After I bought my first PC, I created a spreadsheet to help me, something I never had the chance to show my mom be...
by scrabbler1
Sat Dec 30, 2023 5:10 pm
Forum: Personal Finance (Not Investing)
Topic: How often do you redeem your credit card cash rewards?
Replies: 102
Views: 12445

Re: How often do you redeem your credit card cash rewards?

I have my main CC and my checking account with the same bank, so when I redeem the rewards, about once every 3-4 months for $25-$30, the money goes to my checking account.
by scrabbler1
Sun Nov 19, 2023 9:04 pm
Forum: Personal Finance (Not Investing)
Topic: Those of you that retired early (pre-SS/RMD) - what were your expenses like first 5-10 yrs?
Replies: 26
Views: 4029

Re: Those of you that retired early (pre-SS/RMD) - what were your expenses like first 5-10 yrs?

I retired in late 2008 at age 45. I am 60 now. Single, no kids. My two most volatile expenses in my retirement have been income taxes and medical expenses. The first 5 years (2008-2013) were pre-ACA, so my premiums rose a lot before I switched to a bare-bones plan until the ACA began in 2014. After that, through 2019, sometimes I received a small premium subsidy, other years I received no subsidy. I also had a 12-day hospital stay in 2015, spiking my medical costs. Then, in 2020, I changed the stock portion of my portfolio so I could reduce my income and get a bigger subsidy. Income taxes bounced around a lot through 2019, usually due to variable cap gain distributions in those year. Since 2020, my total expenses have been lower than most o...
by scrabbler1
Mon Nov 13, 2023 9:02 am
Forum: Personal Finance (Not Investing)
Topic: Eligibility for Premium Tax Credit Adjustment
Replies: 4
Views: 656

Re: Eligibility for Premium Tax Credit Adjustment

You may not know if you made a mistake until the end of 2024 or early 2025. Only then will you be able to compare the total net premium subsidy on form 8962 to the discount you received by buying your insurance directly from the insurer instead of through the ACA exchange.
by scrabbler1
Mon Nov 13, 2023 8:38 am
Forum: Personal Finance (Not Investing)
Topic: Eligibility for Premium Tax Credit Adjustment
Replies: 4
Views: 656

Re: Eligibility for Premium Tax Credit Adjustment

I don't anticipate qualifying for an ACA subsidy in 2024 so I did not file for a healthcare premium tax credit for 2024, instead going directly through the insurer. (The premium was less than the most comparable offering from that insurer through the healthcare marketplace.) My question is this: Will the fact that I didn't file file for a healthcare premium tax credit for 2024 through the healthcare marketplace make me ineligible to file Form 8962 (to get the subsidy after-the-fact) should I end up earning less income in 2024 than I currently anticipate? Homestretch is correct. If you look closely at form 8962, it will refer to another key form associated with the ACA - form 1095-A. Data from that form is posted onto form 8962. But, if you...
by scrabbler1
Thu Nov 09, 2023 12:15 pm
Forum: Investing - Theory, News & General
Topic: Late Boomers (born 1960-65) study on having so little wealth...
Replies: 103
Views: 15446

Re: Late Boomers (born 1960-65) study on having so little wealth...

I am in that age group (born in 1963) but I have always thought of myself as a Gen-Xer because I am too young to have understood the big events more associated with Boomers (i.e. 1960s events); instead understanding the events more associated with Gen-Xers (i.e. 1970s events). I graduated from college in 1985, when the economy had recovered from the 1982 recession but before the 1987 stock market crash. I was working in a field largely unaffected by the 1987 crash. I retired in late 2008 at age 45. The crashing markets in late 2008 provided me a huge added boost I did not expect to have when I was planning my ER. I was handed a terrific buying opportunity at bargain-basement prices whose benefits I have been enjoying every month in the last...
by scrabbler1
Wed Oct 18, 2023 8:29 am
Forum: Personal Finance (Not Investing)
Topic: Worked 25 yrs... how to calculate social security?
Replies: 49
Views: 5692

Re: Worked 25 yrs... how to calculate social security?

After reviewing the SSA website, I created a spreadsheet which mimics the calculations which determine one's monthly benefit and the key intermediate steps (AIME, PIA). I worked 23 years before retiring in 2008 at age 45, so I have lots of zeroes in my earnings history, too. My earnings history will never change, of course, so once in a while I cut and paste the latest wage indexing factors to see how much it affects my monthly benefit (not much, but I haven't done that in the last few years of higher inflation). I wasn't able to originally copy the ANYPIA program from the SSA website and run it as a check on my spreadsheet. Eventually, I was able to figure that out and the results there were different from my spreadsheet by only a few dol...
by scrabbler1
Tue Oct 17, 2023 4:50 pm
Forum: Personal Finance (Not Investing)
Topic: Worked 25 yrs... how to calculate social security?
Replies: 49
Views: 5692

Re: Worked 25 yrs... how to calculate social security?

After reviewing the SSA website, I created a spreadsheet which mimics the calculations which determine one's monthly benefit and the key intermediate steps (AIME, PIA). I worked 23 years before retiring in 2008 at age 45, so I have lots of zeroes in my earnings history, too. My earnings history will never change, of course, so once in a while I cut and paste the latest wage indexing factors to see how much it affects my monthly benefit (not much, but I haven't done that in the last few years of higher inflation). I wasn't able to originally copy the ANYPIA program from the SSA website and run it as a check on my spreadsheet. Eventually, I was able to figure that out and the results there were different from my spreadsheet by only a few doll...
by scrabbler1
Sun Sep 24, 2023 8:40 pm
Forum: Personal Consumer Issues
Topic: Cell phone and landline
Replies: 63
Views: 7279

Re: Cell phone and landline

I have a low-end flip phone from TracFone and I pay about $65 a year for minimal minutes, as I rarely use the phone for anything besides emergencies and to send or receive the rare text (i.e. 2FA for signing into some websites). +1 for very light cell phone users. When I was shopping for my first cell phone I was surprised that of all places you can get good TracFone bundles on the Home Shopping Network of all places. I would have never thought of looking there unless I saw that suggestion somewhere. You can get a basic smartphone and a years service(for light usage) starting at about $100 for both. https://www.hsn.com/shop/tracfone/10962?query=tracfone&isSuggested=true I bought my first TracFone at Target back in 2015 for about $40. W...
by scrabbler1
Sun Sep 24, 2023 7:30 pm
Forum: Personal Consumer Issues
Topic: Cell phone and landline
Replies: 63
Views: 7279

Re: Cell phone and landline

I have a low-end flip phone from TracFone and I pay about $65 a year for minimal minutes, as I rarely use the phone for anything besides emergencies and to send or receive the rare text (i.e. 2FA for signing into some websites).
by scrabbler1
Mon Sep 04, 2023 12:22 pm
Forum: Personal Finance (Not Investing)
Topic: Proper way to analyze tax vs. ACA subsidy
Replies: 29
Views: 2168

Re: Proper way to analyze tax vs. ACA subsidy

Tom_T wrote: Mon Sep 04, 2023 11:37 am Apologies for this basic question: if, for example, I have income of $80K, I would subtract the standard deduction before determining the Federal tax rate? But for ACA purposes, the standard deduction is not subtracted?
The short answers are "yes" and "yes." Your federal income taxes due are based on your taxable income, which is your AGI minus your standard or itemized deduction. For ACA purposes, something called a Modified AGI is used. This is your AGI plus some income which is not counted in your AGI, even if it is not taxable.
by scrabbler1
Mon Sep 04, 2023 11:28 am
Forum: Personal Finance (Not Investing)
Topic: Proper way to analyze tax vs. ACA subsidy
Replies: 29
Views: 2168

Re: Proper way to analyze tax vs. ACA subsidy

steadyosmosis wrote: Mon Sep 04, 2023 7:52 am I do mock tax returns for different scenarios and compare results, paying attention to marginal rates, not effective rates.
I have a spreadsheet which does this, too. I can analyze the effect on income taxes and the ACA subsidy separately. For example, an increase of $1,000 in LTCG will not increase my federal income tax bill (but it will increase my state income taxes) but it will decrease my ACA subsidy by $135, teh equivalent of a 13.5% increase in my federal tax bill (because the ACA subsidy is merged into the federal income tax form, of course).

ETA: my post got posted moments after Ron Ronnerson's who does a similar analysis.
by scrabbler1
Sun Sep 03, 2023 11:03 am
Forum: Personal Finance (Not Investing)
Topic: Anyone else feel guilty retiring early???
Replies: 86
Views: 9523

Re: Anyone else feel guilty retiring early???

I FIREd 15 years ago at age 45. No guilt or regret about it, as fully retiring (I had been working part-time for the 7 years before that) allowed me to regain full control over my personal life. And, most importantly, it eliminated the commute I had so much despised even 2 days a week.
by scrabbler1
Mon Aug 21, 2023 8:17 am
Forum: Personal Investments
Topic: Early Retirement: Determining income stream readiness questions
Replies: 16
Views: 3059

Re: Early Retirement: Determining income stream readiness questions

Hi, Long time reader but haven't posted much. I turned 50 this year and now I want to figure out if I can retire early when I turn 55 or wait until I'm 59.5 years old, later or sometime in between. I calculate net worth (all assets minus all liabilities) and some 6-8% growth between now and 55 I should have enough amassed enough total value. However, my challenge lies in the complexity of the various income streams I will have. My wife is younger at 44 and would like to retire when I do as well. We both have worked in high tech in a couple of different countries and invested in investment real estate as well. We both have deferred compensation plans, 401K (both roth and traditional), Vanguard taxable account, Vanguard Roth IRAs (contribute...
by scrabbler1
Sat Jul 29, 2023 8:50 am
Forum: Personal Finance (Not Investing)
Topic: How much did you spend on your cars?
Replies: 96
Views: 9599

Re: How much did you spend on your cars?

Ron Ronnerson wrote: Fri Jul 28, 2023 11:42 pm The last car I bought was in 2014, a Toyota Corolla that was purchased new for $17,500 with cash. My goal had been to keep the car for around 15 years so that the average monthly depreciation cost over that time would be under $100. My income and assets were a relatively minor consideration in comparison.
Similar story here. I bought a 2007 Corolla new in early 2007 for $16k cash and still own it. My average monthly depreciation is $81 per month. I am about to hit the 47k mileage mark. (I don't drive much.) I was still working in 2007, so my goal was for it to last at least through age 60 (which I am now). I keep the car inside a heated garage, so it is rarely exposed to the elements.
by scrabbler1
Sun Jul 16, 2023 7:41 am
Forum: Personal Finance (Not Investing)
Topic: Credit card transactions -- do you look into it closely?
Replies: 94
Views: 6732

Re: Credit card transactions -- do you look into it closely?

I have online banking with the bank I do my regular banking with, and I have a CC through that bank so it is easy to monitor all banking and CC activity at once (and to pay the CC bill, too). I use the CC only 5-10 times per month, so there isn't a lot of activity on the CC, making it easy to follow all of it. A few months ago, I let my friend use my CC one day and there was a problem with the store's card reader so repeated attempts she made were denied. This triggered a potential fraud alert. I was already on the way to the store to get her so I simply used my back-up card to make the purchase. But when I got back home I went into my online banking and saw all those fraud alerts, restricting further use of the card. One phone call straigh...
by scrabbler1
Fri Jul 14, 2023 8:10 pm
Forum: Personal Finance (Not Investing)
Topic: When did you retire? Simple questions
Replies: 44
Views: 6515

Re: When did you retire? Simple questions

scrabbler1 wrote: Fri Jul 14, 2023 7:23 pm
Heian wrote: Thu Jul 13, 2023 8:58 pm I am looking for some inspiration and hopefully actionable advice!

1) what age did you retire?
2) why did you retire?
3) are you single or married?
4) what is you annual spend?
5) what is your total portfolio at time of retirement?
6) do you still work in some capacity?
7] any regrets about retiring and if so, why?
8] what advice do you have for others and learning tips/mistakes ?
1) 45, in late 2008
2) I couldn't stand the commute, especially.
3) single, no kids
4) $21k
5) $843k
6) No
7) NO!
8) If you retire very young, split your ER plan into 2 parts: getting to age ~60 and then beyond age 60.
by scrabbler1
Fri Jul 14, 2023 7:39 pm
Forum: Personal Consumer Issues
Topic: Documents in PC gone - Crash or a hacker?
Replies: 23
Views: 3237

Re: Documents in PC gone - Crash or a hacker?

I often have the experience of my data folders being empty or near-empty, e.g this happens when I look in "C:\users\UserNAme\documents" instead of "C:\users\UserNAme\Onedrive\documents" which is where my documents are are actually located. You may have two documents folders, one inside Onedrive and one outside, make sure you have checked both. +1 This was my first thought as well. I occasionally temporarily lose files this way on my work computer. I like the theory behind OneDrive, but hate the confusing implementation. Also, if you can remember even part of the file name, do a Search for it. I doubt it is a hacker, and most likely are not lost forever. Good luck and keep us posted! +2 My friend, who is not very PC savv...
by scrabbler1
Fri Jul 14, 2023 7:23 pm
Forum: Personal Finance (Not Investing)
Topic: When did you retire? Simple questions
Replies: 44
Views: 6515

Re: When did you retire? Simple questions

Heian wrote: Thu Jul 13, 2023 8:58 pm I am looking for some inspiration and hopefully actionable advice!

1) what age did you retire?
2) why did you retire?
3) are you single or married?
4) what is you annual spend?
5) what is your total portfolio at time of retirement?
6) do you still work in some capacity?
7] any regrets about retiring and if so, why?
8] what advice do you have for others and learning tips/mistakes ?
1) 45
2) I couldn't stand the commute, especially.
3) single, no kids
4) $21k
5) $843k
6) No
7) NO!
8) If you retire very young, split your ER plan into 2 parts: getting to age ~60 and then beyond age 60.
by scrabbler1
Wed Jul 12, 2023 10:35 am
Forum: Personal Finance (Not Investing)
Topic: pros / cons of retiring at a certain time of the year
Replies: 33
Views: 3946

Re: pros / cons of retiring at a certain time of the year

I know two people (they worked for different companies) who adjusted their retirement dates by one day so they could become eligible for their first monthly pension checks 3 months sooner. One of them moved the date from July 1st to June 30th so they would not have worked one day in the third quarter, receiving his first pension check in July instead of waiting until October. The other moved the date from October 1st to September 30th for the same reason. As for health benefits, I didn't know it at the time, but when I reduced my weekly hours worked to below the minimum to qualify for group health insurance, I happened to work for 2 days at the start of the month. This meant I didn't have to go on COBRA (no ACA at the time) until the follow...
by scrabbler1
Tue Jul 11, 2023 5:44 pm
Forum: Personal Consumer Issues
Topic: If retired early, what do you tell people you do?
Replies: 338
Views: 29789

Re: If retired early, what do you tell people you do?

I am 60 and retired at 45, 15 years ago. I have always answered, "I am retired," without hesitation.
by scrabbler1
Tue Jul 04, 2023 7:49 am
Forum: Personal Finance (Not Investing)
Topic: Do you reconcile your personal accounts?
Replies: 112
Views: 7718

Re: Do you reconcile your personal accounts?

I keep a paper check register the way I have since the early 1980s when I opened my first checking account. But when I bought my first PC in the mid-1990s, I created a spreadsheet which mimics the register and had more features I added to it over the years. I still reconcile the paper register and spreadsheet to the bank statement to make sure I didn't make any errors or, very rarely, the bank didn't make any errors. For a few years, I had an interest-bearing checking account so I had to wait for the bank statement to see how much interest to add to my home records. It was very little (under $1), so it was more of an annoyance than anything else. I make few transactions per month, maybe 6-10, so most of the time I can find the ending statem...
by scrabbler1
Mon Jul 03, 2023 10:33 pm
Forum: Personal Consumer Issues
Topic: Drop Malwarebytes?
Replies: 49
Views: 5405

Re: Drop Malwarebytes?

WD runs its automatic, quick scans pretty often, every few days or so. But every month or 2, I run WD's full scans (which take a while) and MWB's scans (which are pretty quick).
by scrabbler1
Wed Jun 28, 2023 9:02 am
Forum: Personal Finance (Not Investing)
Topic: Checking Account - Minimum Balance?
Replies: 88
Views: 7215

Re: Checking Account - Minimum Balance?

abuss368 wrote: Tue Jun 27, 2023 7:46 pm
scrabbler1 wrote: Mon Jun 26, 2023 6:52 am I target $2,200 as my checking account's low point after the last bill has been paid but before I receive my large, monthly dividend payment a few days into each month.
Hi scrabbler1 -

Thanks and appreciate the thoughts.

While off subject from the topic of the thread, I was curious if you were referring to a bond fund dividend payment each month from Vanguard?

Best.
Tony
It's from a Fidelity bond fund. I don't use Vanguard.
by scrabbler1
Mon Jun 26, 2023 6:52 am
Forum: Personal Finance (Not Investing)
Topic: Checking Account - Minimum Balance?
Replies: 88
Views: 7215

Re: Checking Account - Minimum Balance?

I target $2,200 as my checking account's low point after the last bill has been paid but before I receive my large, monthly dividend payment a few days into each month. This gives me a $700 buffer ("first-tier EF") over the $1,500 minimum balance to avoid fees. This buffer is small enough so that I won't feel I am tying up too much money in an account with a zero return, but big enough to make me feel comfortable in the event something unexpected arises where I need a small-to-moderate amount cash or to write a check in a big hurry. [Should I need a larger amount of money, I have a second-tier EF for that purpose, a larger account which earns about 2.5% mostly tax-free and has checkwriting privileges.]
by scrabbler1
Sat Jun 24, 2023 11:35 am
Forum: Personal Finance (Not Investing)
Topic: IRS Direct Pay and IRS Account Transcript questions
Replies: 9
Views: 1119

Re: IRS Direct Pay and IRS Account Transcript questions

I used the IRS Direct Pay for several years before I set up an online account with the IRS a few years ago. Having the online account made it easier to make a payment because all the personal info was already attached to it.

However, with the IRS changing its login method to ID.Me recently, I lacked the ability to set up a new account under their stricter terms. So, I will have to return to using the old method again.

I had 2 paper trails to verify the payment. One is the confirmation screen and subsequent email I'd get from the IRS after making the payment, which I printed out for my file. The other is the entry in my bank statement.
by scrabbler1
Thu Jun 22, 2023 9:15 am
Forum: Personal Investments
Topic: For those of you in early retirement, what is your Asset Allocation and withdrawal rate?
Replies: 62
Views: 9699

Re: For those of you in early retirement, what is your Asset Allocation and withdrawal rate?

I think the key is to keep your annual spending down. If you spend less than your social security benefits, your retirement span is not 50+ years, but is when you will get to age 67 or 70. This is why I split my ER plan into two parts. The first part is getting from age 45 (when I retired) to age ~60 intact using only the taxable part of my portfolio, a 15-year window. After that, the first of my "reinforcement" begin arriving. They include unfettered access to my rollover IRA, my frozen company pension (at age 65), and Social Security. I just turned 60 and am very much intact, so I won't need to tap into the rollover IRA. I expect to get to age 65 intact using only the taxable part of my portfolio, given that my WR is under 2%.
by scrabbler1
Sun Jun 18, 2023 8:14 pm
Forum: Personal Investments
Topic: For those of you in early retirement, what is your Asset Allocation and withdrawal rate?
Replies: 62
Views: 9699

Re: For those of you in early retirement, what is your Asset Allocation and withdrawal rate?

inception wrote: Sun Jun 18, 2023 8:05 pm
scrabbler1 wrote: Sun Jun 18, 2023 6:38 pm I retired 15 years ago at age 45. At that time, my AA was 35/65 in taxable, 55/45 in a rollover IRA. Fifteen years later, these 2 AAs have converged, to 40/60. My SWR began at 2.5% but has decreased to 1.6%.
Was the decrease from 2.5% to 1.6% due to a change in spending or was it mainly due to gains in your portfolio over time? 1.6% is quite a safe number!
Market gains drove it down some of the way. The ACA's first few years lowered my HI premiums. Then, changing part of my taxable portfolio to a stock index fund lowered my income so the ACA premium subsidy rose, lowering my expenses further.
by scrabbler1
Sun Jun 18, 2023 6:38 pm
Forum: Personal Investments
Topic: For those of you in early retirement, what is your Asset Allocation and withdrawal rate?
Replies: 62
Views: 9699

Re: For those of you in early retirement, what is your Asset Allocation and withdrawal rate?

I retired 15 years ago at age 45. At that time, my AA was 35/65 in taxable, 55/45 in a rollover IRA. Fifteen years later, these 2 AAs have converged, to 40/60. My SWR began at 2.5% but has decreased to 1.6%.
by scrabbler1
Wed May 31, 2023 9:51 am
Forum: Personal Consumer Issues
Topic: IRS forcing new Login
Replies: 74
Views: 14604

Re: IRS forcing new Login

alexbogle wrote: Wed May 31, 2023 9:49 am > lacking the technology to sign up with ID.me

What technology are you lacking?
I don't have a smart phone, so I can't upload a selfie. I don't have a webcam, so I can't have a video chat. No need or interest in getting either one.
by scrabbler1
Wed May 31, 2023 9:20 am
Forum: Personal Consumer Issues
Topic: IRS forcing new Login
Replies: 74
Views: 14604

Re: IRS forcing new Login

I had set up an account with the IRS a few years ago to track the progress of a long-delayed refund, and, for the most recent filing season, a somewhat easier process of making an electronic payment. But, with the old 2FA system now bye-bye (isn't 2FA secure enough?), and lacking the technology to sign up with ID.me, I will be without this IRS online service any more. Oh well, it was nice while it lasted.
by scrabbler1
Sun May 28, 2023 11:18 am
Forum: Personal Consumer Issues
Topic: [On-going Scams - Post them here]
Replies: 1372
Views: 165417

Re: [On-going Scams - Post them here]

Last week, I got a text telling me my ATM/Debit card had been compromised and to call a number in the text to straighten it out. The text did not mention my name or my bank. Obvious scam. But the next time I signed into my online banking (which was the next day) using a bookmarked link I have had for years, I had a quick online chat with a rep who confirmed there were no issues with my card.
by scrabbler1
Mon May 15, 2023 8:56 am
Forum: Personal Finance (Not Investing)
Topic: Retirement cash flow/income - could you give some examples please?
Replies: 103
Views: 11682

Re: Retirement cash flow/income - could you give some examples please?

I retired 15 years ago at age 45. My cash flow is similar to when I was working. Money comes it via direct deposit, and goes out, mostly through autopay. Any excess of income over expenses gets invested elsewhere, allowing for lumpy expenses where I have to carry forward excess cash to cover those infrequent bills. I have a spreadsheet which shows me where the key data points are so I won't get caught short or needlessly hold too much cash. I keep a small buffer or cushion in my checking account to cover smaller, unforeseen expenses. Instead of a biweekly paycheck when I was working, I get a monthly dividend, a big one, from a bond fund I set up when I retired, using the proceeds from selling the company stock (ESOP) I owned and had to liqu...
by scrabbler1
Mon May 15, 2023 7:55 am
Forum: Personal Finance (Not Investing)
Topic: Trying to simplify my accounts
Replies: 31
Views: 3746

Re: Trying to simplify my accounts

I use autopay for most but not all of my bill paying. The few I don't use autopay I pay on line easily, through websites I visit often because I monitor frequent activity with those businesses. The goal there was to eliminate the post office as a messenger due to its uncertainty for delivering payments on time and the added lead time needed. I now mail maybe 2 checks a year, both to charities, so there isn't really a due date. I do write other checks which go to in-person recipients, mostly medical service providers (i.e. copays). [When I was unexpectedly in the hospital for 12 days, I had a few bills due in that time. But, because everything due in that time was on autopay, I had no worries that anything would go unpaid or be late.] I have...
by scrabbler1
Tue May 09, 2023 11:18 am
Forum: Personal Finance (Not Investing)
Topic: Do you use cash?
Replies: 218
Views: 12452

Re: Do you use cash?

I use cash, but not as often as I did a few years ago. During the pandemic, I lowered my cash/card dividing line to about $25. This left me with fewer instances to use cash. I use cash for gasoline (differential is big), my barber, the local pizza joint, for the laundry (a cash-only machine puts money on a prepaid card), and for tips at restaurants. If I have to hand my CC to the server in order to use it, I'll instead pay cash for the entire meal. At self-checkouts at the supermarket, or at the local mini-mart, I'll pay cash (usually the cost is under $25).
by scrabbler1
Fri May 05, 2023 7:23 am
Forum: Personal Finance (Not Investing)
Topic: In Hindsight, did you retire at the right time?
Replies: 109
Views: 12909

Re: In Hindsight, did you retire at the right time?

I retired in late 2008 at age 45. It was the right time to retire, as I had become burnt out from the commute, even as little as 2 days a week because I had been working part-time for the last 7 years. Retiring when the markets were crashing in late 2008 was very helpful because I was able to buy into a key bond fund at rock-bottom prices, something which has benefitted me the whole time and will continue benefitting me going forward.
by scrabbler1
Mon Apr 10, 2023 1:13 pm
Forum: Personal Finance (Not Investing)
Topic: Are you tax-savvy? Take the quiz
Replies: 30
Views: 2956

Re: Are you tax-savy? Take the quiz

pasadena wrote: Mon Apr 10, 2023 1:05 pm Got 7/10 but the answers I missed were all things that don't impact me at this time (student loans, capital gains when MFJ and extension filing (although I should have known this last one)) so I never looked these things up,so I guess I'm not too bad :)
I got 6/10 but I share your reasoning.
by scrabbler1
Mon Apr 10, 2023 8:10 am
Forum: Personal Finance (Not Investing)
Topic: In what career are you using your Economics degree?
Replies: 74
Views: 7225

Re: In what career are you using your Economics degree?

I majored in Economics and ended up working in the actuarial field for 23 years before I retired 15 years ago at age 45. I began my college years intending to major in computer science at NYU's liberal arts school. This included some advanced math courses. But I so much despised the required liberal arts program which included more courses the year I began there that I switched to the business school in my second year. The required liberal arts courses were far fewer, replaced by business courses far more to my liking. But in my third year, I didn't like the direction the computer applications courses were heading, so I switched to economics. I had to take 4 econ courses in my last 3 semesters, but I didn't mind. That worked out very well. ...
by scrabbler1
Fri Mar 31, 2023 1:15 pm
Forum: Personal Consumer Issues
Topic: How long have you been in your current house?
Replies: 148
Views: 12404

Re: How long have you been in your current house?

I moved into my current co-op apartment on this day (March 31st) 34 years ago, back in 1989 (also a Friday); I was 25. Considering I had moved 5 times in the previous 4 years, simply staying here for more than 2 years was amazing.

Taking some real estate advice I heard back in the 1980s, I bought the worst apartment in the best building.
by scrabbler1
Sun Mar 26, 2023 1:52 pm
Forum: Personal Consumer Issues
Topic: [On-going Scams - Post them here]
Replies: 1372
Views: 165417

Re: [On-going Scams - Post them here]

Recently, I received an email stating that my McAfee service had been upgraded for a fee of $299, and that the credit card on file had been charged. This is despite the fact that I don't use McAfee for anything. I don't remember all the details, but I think there was a link to click on and a phone number to call for additional information. I checked my credit card transactions to make sure none of my credit cards had actually been used for the transaction. Then I deleted the email without clicking on any links or making a call to the number provided. It was probably a phishing attempt. It looked more legit that most scam emails I've seen. I guess the scammer thought someone might be more likely to trust an email purportedly from a company ...
by scrabbler1
Wed Mar 22, 2023 10:54 am
Forum: Investing - Theory, News & General
Topic: What counts as an Emergency Fund?
Replies: 154
Views: 11671

Re: What counts as an Emergency Fund?

I do taxes for low and moderate income taxpayers. I had a case one year of a taxpayer who cashed out his entire IRA to pay off his son's gambling debts that he had recently only learned of. He had been retired from trucking and was back to work in order to start over in his mid-60s. From his perspective, saving his son from desperation and possible suicide was an emergency. I'm glad you posted this. Two years ago, my ladyfriend's daughter needed $6,000 as part of a down payment on a really good deal for a house. She needed it pretty quickly, so time was of the essence. She lives out-of-state, so the fastest way to get it to her was for me to mail out a check the next morning; she would get the check a few days later and the funds would be ...
by scrabbler1
Mon Mar 20, 2023 5:50 pm
Forum: Investing - Theory, News & General
Topic: What counts as an Emergency Fund?
Replies: 154
Views: 11671

Re: What counts as an Emergency Fund?

That being said, to me what strictly constitutes an emergency fund must meet at least two criteria: 1. It must be liquid and accessible 2. It must be principal-protected To me, this strongly suggests an emergency fund consists of assets like cash in a savings account, iBonds held >1 year, short-term Tbills, etc. How this is managed (part of portfolio? rebalanced? how much?) are questions I'll let others debate over. I tend to agree with this. I would split the first item into its 2 parts: liquid and accessibility. Your second item I feel has some wiggle room in that the principal doesn't have to be absolutely protected, just reasonably well protected. I split my EF into 2 layers, or tiers, as others in this forum have stated when this issu...
by scrabbler1
Sun Mar 19, 2023 8:47 pm
Forum: Personal Finance (Not Investing)
Topic: Doing taxes each year is really hard, is it for you?
Replies: 127
Views: 10514

Re: Doing taxes each year is really hard, is it for you?

I have been doing my own taxes since 1985, when I entered the regular workforce. I used pencil and paper and a calculator until I bought my first PC in 1995. I then created a spreadsheet which is a skeleton version of Form 1040 and the other tax forms I file. As a check on the spreadsheet, I do the calculations by hand. I have had to expand the spreadsheet over the years as new forms got added due to my personal situation and tax law changes. Some years, my taxes have been on the easy side. If I rook the standard deduction, that eliminated Schedule A. If I had all my cap gains from distributions as opposed to selling some shares in one of my mutual funds, that eliminated Schedule D (and Form 8949, more recently). The ACA premium subsidy add...
by scrabbler1
Fri Mar 03, 2023 12:37 pm
Forum: Personal Finance (Not Investing)
Topic: How long did you wait for your tax refund this year?
Replies: 165
Views: 17993

Re: How long did you wait for your tax refund this year?

I prepare the tax returns for my ladyfriend. Hers are very easy because she is a single filer, no dependents, standard deduction, one job, no other income. She was due a $250 refund from the state because her payroll department bungled the withholding on her year-end bonus; otherwise, she either owes a tiny amount or is due a tiny refund (which we rolled into the next year because dealing with a $35 check is a nuisance while $70 a year later she likes having). We filed her return in early February (on paper) and she got her refund direct-deposited into her bank less than 3 weeks after I mailed it out from the PO. Very quick turnaround. She owes $300 for federal, so she are in no hurry to pay it. Part of the plan included waiting for her sta...
by scrabbler1
Mon Feb 27, 2023 7:22 pm
Forum: Personal Finance (Not Investing)
Topic: Capital Loss Carryover and Dividends
Replies: 13
Views: 938

Re: Capital Loss Carryover and Dividends

I prepare the income tax returns for my friend, and a few years ago he was in nearly the same situation the OP was in. He had a LT cap loss of nearly $10k from a stock which went bankrupt. He had a LT cap gain distribution of nearly $2k, lowering his Sched D cap loss to $8k. He was able to include a net loss of $3k to his regular income and carry over a $5k loss to the following year's return, as shown in the cap loss carryover worksheet in the instruction booklet. The following year, he had another $2k in LT cap gain distributions, so the remaining $3k cap loss (it was just under that) he took against his regular income again, leaving zero for carry over (yay, because it was a minor nuisance to keep track of that, even with a multi-year sp...
by scrabbler1
Mon Feb 27, 2023 6:09 pm
Forum: Personal Finance (Not Investing)
Topic: Where do you bank and why? 2023 Edition
Replies: 306
Views: 39088

Re: Where do you bank and why? 2023 Edition

My local B&M bank's checking account (zero interest) is mainly a conduit for money coming in from monthly dividend income and going out to pay the bills. I make sure I have a small cushion (about $700) beyond the minimum balance requirements ($1,500) to avoid monthly fees, to cover smaller, unforeseen expenses. Any excess money beyond the cushion gets invested elsewhere. I have autopay for most bills now (pulls) except for one which is a paper check mailed out. The amount changes once a year so I update the bill-pay once a year. There is a good online banking website so I can monitor both my account activity and my credit card's activity (same bank) and easily make the credit card's monthly payment. I considered adding a blob of money t...
by scrabbler1
Sun Feb 26, 2023 11:35 am
Forum: Personal Finance (Not Investing)
Topic: The job was okay. The money was nice. But you retired anyway. How did it go?
Replies: 173
Views: 24817

Re: The job was okay. The money was nice. But you retired anyway. How did it go?

For me it was the commute. I despised it, and my dislike of it was surpassing the positives about my job. I was able to switch to working part-time at the same company to lessen the commute and regain control over my personal life. That worked well for 7 years until I realized I had to eliminate the commute - meaning that I would retire even though I was only 45.

That was 14 years ago and it has been a great 14 years.