Search found 2677 matches

by Carl53
Mon Mar 18, 2024 1:45 pm
Forum: Personal Finance (Not Investing)
Topic: Online Social Security application [question]
Replies: 17
Views: 1145

Re: Online Social Security application [question]

Found this online: " The SSA issues checks a month behind, so your benefits should start arriving the month after the month you turned 70. For example, if you were born July 17, you should ask that your benefits start in July and your first check will come in August." So, I did goof up by asking that benefits start the month after my wife's birthday. Semantics. I have the form to cancel application, but I'll have her call the 800 number first to verify. Don't think you goofed up as they said the check will come in July. When I filed I told them I wanted benefits to commence with my 70th birthday. Here is one thing that might cause you to cancel the application. If you were to withdraw the application and reinitiate it in December...
by Carl53
Mon Mar 18, 2024 8:33 am
Forum: Personal Consumer Issues
Topic: Another 'should I get solar' question
Replies: 59
Views: 4031

Re: Another 'should I get solar' question

OP, your electric bill may not go to zero if you replace all of your electrical requirements by solar. There likely are fees that will be charged for just being hooked up to the grid.
by Carl53
Mon Mar 18, 2024 6:05 am
Forum: Personal Finance (Not Investing)
Topic: Online Social Security application [question]
Replies: 17
Views: 1145

Re: Online Social Security application [question]

My wife turns 70 on June 28th, so I filled out the application to start benefits in July and clicked done. An hour later I found that her 4th week birthday meant she won't get her first check until the 4th week of July. Should I expect them to call with a question of why wait? Or should I go ahead and send in form SSA-521 "Request for Withdrawal of Application"? Or is there another way to change to June instead of July? [Topic split from: Subject: Online social Security application process - moderator ClaycordJCA] That is just how SS pays out benefits, one month in arrears. If you want them to start in June, i.e. start the benefit in May, she will not receive the last 5 months Delayed Retirement Credits until the first check for ...
by Carl53
Sun Mar 17, 2024 2:38 pm
Forum: Personal Finance (Not Investing)
Topic: Value of Suspended Spousal Benefit
Replies: 15
Views: 1537

Re: Value of Suspended Spousal Benefit

OP, I do not believe your scheme will work. I do not think she will be allowed to suspend her benefits under deemed filing rules. That said, from https://www.ssa.gov/benefits/retirement/planner/claiming.html, For requests submitted on or after April 30, 2016: You can still voluntarily suspend benefit payments at your full retirement age to earn higher benefits for delaying. During a voluntary suspension, other benefits payable on your record, such as benefits to your spouse, are also suspended. If you have suspended your benefits, you cannot continue receiving other benefits (such as spousal benefits) on another person’s record. Even if she could suspend the payments, they are not going to give them retroactively to her in a lump sum. If sh...
by Carl53
Sun Mar 17, 2024 11:28 am
Forum: Personal Finance (Not Investing)
Topic: Analyze my Social Security payout
Replies: 9
Views: 900

Re: Analyze my Social Security payout

I'm two years younger than you, turning 70 last year. The spreadsheet I made from info in http://www.ssa.gov/pubs/EN-05-10070.pdf, matches the benefit I receive. I 'maxed out' in 23 of the 35 years and probably averaged 90% for the remaining years. The calculated maximum benefit for someone born in my birth year is currently only $4700 as opposed to those turning 70 this year. The difference for someone turning 70 this year has to do with which years they hit the maximum. I've got a couple from back in the 70s that I hit the max, but those indexed earnings are only 75% of what the indexed earnings are for some later years. I also got some years from the 80s that I did not max, but the indexed earnings for those years are $10-15k higher than...
by Carl53
Fri Mar 15, 2024 2:43 pm
Forum: Personal Finance (Not Investing)
Topic: QCDs before age 73?
Replies: 30
Views: 2440

Re: QCDs before age 73?

We've converted enough such that Roth accounts are slightly larger than pretax accounts. I have rather enjoyed being more generous to more causes than we have been in the past with an effective 22.2% savings on the QCDs withdrawn from my TIRA. Not paying that tax bill while getting the generous standard deduction, is just an extra boost. While we've made some withdrawals from the TIRAs for various expenses, now that SS has kicked in at our maximum I do not foresee much need to do so in the future. By age 70 our cash accounts were largely depleted and donations that we have desired to make would have necessitated being funded from either the TIRAs or Roths. Without the QCD option this would have been far more costly.
by Carl53
Fri Mar 15, 2024 2:15 pm
Forum: Personal Consumer Issues
Topic: Utilities cost?
Replies: 57
Views: 4076

Re: Utilities cost?

Central Ohio - bills received in late February or early March. Two full time retirees with a couple of days of two GKs per week.

3 months water/sewer - 11.7 ccf, $174.95 ($58.32/month)
gas - 126 ccf, $102.58
electric - 634 kwhr, $106.77
by Carl53
Thu Mar 14, 2024 3:03 pm
Forum: Personal Finance (Not Investing)
Topic: Help with open social security results please
Replies: 11
Views: 861

Re: Help with open social security results please

Yes, I get the idea Carl, thank you. My mistake must have been assuming the monthly benefit amount was my current pia amount. ?? I looked in my SS account and statement and did not see a current pia. Anyway, I am accepting the info explained to me, 55,000+. All set. From your comments I am a little concerned that the number you quoted as your PIA amount of $3632 is really your monthly benefit. If the number was from the homepage of the ssa.gov site after you logged in the number is likely your actual benefit amount and not PIA and thus already has the DRCs included and the PIA was much smaller. For you to have a PIA of $3632 you would have had to had a work history earning virtually at the maximum level subject to SS taxation for 35 years.
by Carl53
Thu Mar 14, 2024 2:24 pm
Forum: Personal Finance (Not Investing)
Topic: Help with open social security results please
Replies: 11
Views: 861

Re: Help with open social security results please

Thank you all. I am aware of the increased benefit of delaying. That is why I did it. When I put in my old full retirement pia the numbers did not make sense. I asked and Mike piper said when delayed, it was important to use the current pia which is what I have done. I don't understand how the current pia becomes 55,000+. K Turning 70 this year means that your Full Retirement Age is 66 and 2 months. If you delay until 70 you get 46 months of delayed retirement credits at 8/12% per month. If your age 66/2 PIA is 3632, your age 70 benefit would be 4745/month or 56950/year or so depending on roundoffs. Taking it retroactive to September means you would reduced the delayed retirement credits for the 12 months last year plus however months it i...
by Carl53
Thu Mar 14, 2024 10:59 am
Forum: Personal Investments
Topic: Planning Parents' Retirement strategy
Replies: 9
Views: 1396

Re: Planning Parents' Retirement strategy

Is 85% of their SS currently being taxed? If not, conversions or other increase in taxable income will cause 85 cents of SS to be subject to 12% tax per dollar of additional taxable income. Effectively, it makes the 12% tax on conversions be 22.2% (1.85 X 12%).

Qualified Charitable distributions as mentioned by others, if they are otherwise making such donations, ought to be planned for.

What are the figures on the mortgage? Years left, rate, P&I, taxes? Is the house in good repair or going to require substantial $$ in the near future?
by Carl53
Mon Mar 11, 2024 7:58 am
Forum: Personal Finance (Not Investing)
Topic: Preparing for Marriage
Replies: 47
Views: 4722

Re: Preparing for Marriage

Agreed there. I make it very clear on my goals for the future and show her what we need to do to achieve them and how much needs to go where. I am definitely the more financially savvy one and these types of things is what I genuinely enjoy doing. I have no problem creating a budget and enforcing saving/paying down debt to the tune of 'we can't go out to eat tonight because we are over our budget for the month and would have to dip into savings'. She may not like it, but it's for the better. Oh, wow. No. Way off. These are decisions y’all need to make together if you want this thing to work out Agree w Scuba, don't get heavy handed with this or it might go very awry. I maintained a budget for 15+ years after my wife left her corporate posi...
by Carl53
Mon Mar 11, 2024 7:22 am
Forum: Personal Finance (Not Investing)
Topic: Your Original Medicare OR Advantage Experience: Nightmare or Sublime?
Replies: 156
Views: 9914

Re: Your Original Medicare OR Advantage Experience: Nightmare or Sublime?

I didn't know this, but Patients can change insurance only during end-of-year enrollment periods or at the time of “qualifying life events,” such as a divorce or job change. But insurers’ contracts with doctors, hospitals and pharmaceutical companies (or their middlemen, so-called pharmacy benefit managers) can change abruptly at any time. Source: How your in-network health coverage can vanish before you know it. I think that would apply to some Medicare Advantage plans. Last summer my spouse changed from her Part G plan of 14 months to my Part G plan. We did use an rep for the new company that told us it would not be a problem. We got a little discount for both being on the my Part G and she gained Silver Sneaker membership. This was desp...
by Carl53
Mon Mar 11, 2024 5:29 am
Forum: Personal Finance (Not Investing)
Topic: How to Estimate Taxes on RMDs
Replies: 7
Views: 1125

Re: How to Estimate Taxes on RMDs

Your calculations miss the way your Social Security is taxed. A much easier way to do your estimates is that if you used tax software to do your tax return you can just make a copy of your latest return to make a dummy tax return then tweak it for your likely situation in the year you will make the RMD. It will be approximate because it uses the current tax laws and rates but it should be good enough to get a general ideal of how your taxes will look then. OP is not 65 yet and does not mention SS and as such probably does not have any this year and may or may not have those benefits coming in future years. If he will have SS benefits in the future they certainly will impact his federal taxes as you noted. The taxes calculated by the formul...
by Carl53
Fri Mar 08, 2024 5:28 pm
Forum: Investing - Theory, News & General
Topic: Social security approval
Replies: 15
Views: 2042

Re: Social security approval

Once an online application is complete, how long does approval of social security take? Do they email you or does payment just appear in the bank? How quickly they process your application appears to be affected by how far in advance of your desired start date you applied. If you apply months in advance, your application sits in the queue for a long time until you are getting close to your benefit start date. (See 22twain's timeline above.) If you apply closer to your desired benefit start date, it will be prioritized and processed more quickly. I'm not suggesting waiting until the last minute, but rather just setting expectations that applying very far in advance doesn't allow you to get through the process more quickly. Some people are r...
by Carl53
Fri Mar 08, 2024 4:59 am
Forum: Personal Finance (Not Investing)
Topic: Contributions to tax-deferred or roth 401(k) 3 years from retirement
Replies: 7
Views: 823

Re: Contributions to tax-deferred or roth 401(k) 3 years from retirement

What are your plans for health care coverage from age 62 to 65? As mhalley points out maybe ACA is an option. If so savings on that may preclude having your income bumped up by withdrawals from the pretax during that period. You don't mention your expected SS but given your salary I expect it to be in the low to mid $3k/month. I would suggest that you try a dummy return with your tax software assuming your projected SS benefits and pension and then add in future RMDs. While the income tax rules are set to revert to 2017 rules in 2026, doing this will still get you a flavor as to what might be the best for you to do. One might find that saving 32% for the next few years is offset by taxation of more SS and RMDs in future years, or not. If AC...
by Carl53
Fri Mar 08, 2024 4:19 am
Forum: Investing - Theory, News & General
Topic: Social security approval
Replies: 15
Views: 2042

Re: Social security approval

We applied several months in advance. A month before the requested start or so, we had a followup call with SS and was told that it was going through as planned. Deposit arrived as expected.
by Carl53
Wed Mar 06, 2024 5:05 pm
Forum: Personal Investments
Topic: IRA Conversion Question
Replies: 10
Views: 1150

Re: IRA Conversion Question

space needle wrote: Wed Mar 06, 2024 5:01 pm thanks -
to clarify - say my RMD at age 73 is $100,000.

Couldn't I take that RMD, pay taxes on it, and then put it directly into my Roth?

Or do these need to be 2 separate transactions - take the RMD, pay taxes. Then, convert other funds (also paying taxes on the distribution)?
RMDs may not be converted.
by Carl53
Wed Mar 06, 2024 3:27 pm
Forum: Personal Investments
Topic: IRA Conversion Question
Replies: 10
Views: 1150

Re: IRA Conversion Question

space needle wrote: Wed Mar 06, 2024 3:18 pm

If I do this this year (age 67), does this mean I have initiated the RMD process and will be required to take distributions going forward, even though I am not required to do so until age 73?
No. Conversions and RMDs are entirely different. The only interaction between them that I can think of is once you are 73, you must complete the RMDs prior to doing any conversions.
by Carl53
Wed Mar 06, 2024 3:23 pm
Forum: Personal Consumer Issues
Topic: Need help -- solaredge problems in Virginia
Replies: 4
Views: 524

Re: Need help -- solaredge problems in Virginia

I wonder if a large number of solar outfits are scams. Older couple, friends of ours had a company install an expensive system and took out a loan to cover it, HELOC I believe. Actually wife did not want it and husband signed her name. He died of Covid shortly after. System never worked. Another electrician friend looked at it and ascertained that it could not work as installed. Company that took over for bankrupt company came out and agreed that it was not even hooked up, but have since disappeared too.
by Carl53
Wed Mar 06, 2024 12:53 pm
Forum: Personal Investments
Topic: Retired teachers seek advice moving IRAs to Roth.
Replies: 21
Views: 2107

Re: Retired teachers seek advice moving IRAs to Roth.

With less than $400k in TIRA accounts, one might consider that one of you might someday need substantial LTC that would be deductible and thus offset taxes should you fund it via TIRA withdrawals. Also, if you are charity inclined, are you aware of Qualified Charitable Contributions, https://www.bogleheads.org/wiki/Qualifi ... tributions , that can be done to make those donations without incurring tax?

If neither of those interest you, and looking to reduce taxable income (since you likely have sizeable pensions and possibly SS benefits) to be able to convert some TIRA to Roth, you might look into options like Berkshire Hathaway stock that pays no dividends. If you still have it when you pass, your heirs will get a step up basis.
by Carl53
Wed Mar 06, 2024 9:31 am
Forum: Personal Finance (Not Investing)
Topic: Giving (unequal) money to adult children
Replies: 90
Views: 8259

Re: Giving (unequal) money to adult children

Back in the 80s, my retired parents with rather modest resources, announced to us that we would be receiving $15k or so and it would be in two tranches. They were giving like amounts to us and a younger sibling/spouse as they were helping out an older sibling/spouse with a struggling business they started after taking a (IMHO ill advised) buyout from their former employer. We were happy to get the cash but cemented in my mind the spendthrift nature of the older couple. They still struggle today despite having got maybe a $100k inheritance that was largely gone in a few years. We have two offspring. Both are doing financially OK, but in my estimation their chosen careers will offer less financial benefits that my career did. One lives on the...
by Carl53
Mon Mar 04, 2024 7:22 pm
Forum: Personal Consumer Issues
Topic: Kitchen Cabinet Cost
Replies: 37
Views: 3165

Re: Kitchen Cabinet Cost

We had a local friend that had a good reputation for quality cabinet work do our renovation cabinets in 2021, Columbus Ohio. Similar to subpar, 55' of cabinets, extending to a 9-4 ceiling, 3/4" plywood boxes, framed full overlay, ready to paint, shaker-style HDF door fronts, dovetailed maple drawers with blum guides. $18.5 installed, but I help him hang them. I did supply the pulls and paid the painter about $850. Lots of custom fits and shims for old floors & walls. Crown molding was installed at the ceiling and a couple of custom built in pull out maple cutting boards. He only did laminate tops himself so we had a recommended countertop guy make all of the quartz counter tops for $3500. His fee included doing all the kitchen plus...
by Carl53
Sat Mar 02, 2024 3:38 pm
Forum: Personal Investments
Topic: Recently divorced right before retirement. What next?
Replies: 16
Views: 2941

Re: Recently divorced right before retirement. What next?

I agree with others that delaying SS until FRA depending on her health may be beneficial. Since she is looking to take spousal, I do wonder if her pension is tied to non-SS contributing work. If so there may be WEP/GPO offsets. Need to confirm the status of this. Good looking out on the saver's credit. Is WEP/GPO related to public sector work? The pension is half of her ex-spouse's pension, which he earned while working a private sector job decades ago. I would be surprised if it was non-SS contributing, but i will investigate this further. Thanks! If she had public sector work that had no SS withholding then she might get into the offsetting of spousal benefits/potential survivor benefits. Not sure if divorce makes any difference or if hi...
by Carl53
Sat Mar 02, 2024 12:53 pm
Forum: Personal Investments
Topic: Recently divorced right before retirement. What next?
Replies: 16
Views: 2941

Re: Recently divorced right before retirement. What next?

She is close to being eligible to claim the Retirement Saver's Credit at a 10% level. https://www.fidelity.com/learning-center/smart-money/savers-credit If her AGI is slightly too high to qualify for the RSC, then contributing a little more to the 401k pretax for this year or a TIRA for 2023 (if possible), is a way to lower her AGI. Her rent seems somewhat high, almost enough to get into a CCRC in a modest COL area. Of course if she did this, there would be an upfront outlay too but you would avoid most food, utility and maintenance costs. I agree with others that delaying SS until FRA depending on her health may be beneficial. Since she is looking to take spousal, I do wonder if her pension is tied to non-SS contributing work. If so there ...
by Carl53
Thu Feb 29, 2024 7:49 am
Forum: Personal Finance (Not Investing)
Topic: Medicare: 64 Year Old Eyeing 2025 Medicare
Replies: 168
Views: 11435

Re: Medicare: 64 Year Old Eyeing 2025 Medicare

Ok, I'm just about to turn 64 and would like to know what I have to do to prepare to go on Medicare at age 65. I'll be in the top IRMAA bracket no matter what I do, so that's not "in play". I'd like Cadillac insurance. I'm generally "value conscious", but not with health care. What does the whole kit and kaboodle cost these days? Medicare Part B, IRMAA, Medicare Part D, Part D IRMAA and a top Medicare Part B Supplement. My current employer insurance is $1100 per month (for just me), for a top Blue Cross/Shield plan with zero deductible and a $10 doc visit co-pay. Effectively I pay for this, so there is no incentive to stay on that vs on Medicare. And when do I start moving on this...about 6 months before I turn 65? And ...
by Carl53
Wed Feb 28, 2024 6:16 am
Forum: Personal Investments
Topic: 12% Bracket-Roth vs. Traditional
Replies: 35
Views: 4184

Re: 12% Bracket-Roth vs. Traditional

Post retirement once we were eligible to convert (pre ACA days and we had retiree health insurance at that time), we converted up to the top of the 12% bracket. Once our modest restricted SS benefits kicked in, we still converted or took out for expenses to the top of the 12% bracket as there were still a lot of space after 85% of SS was taxed. Currently have just over 50% of retirement assets in Roths. Still have more in pretax than we did post 2008, but manageable. Now, in the first full year of my age 70 SS benefits, am only converting at most a nominal amount for my spouse to get a state tax credit. Also doing QCDs. Managing taxable income to minimize taxation of SS benefits. Plan is to have about 52% of SS benefits taxed. Will save abo...
by Carl53
Tue Feb 27, 2024 6:31 am
Forum: Personal Finance (Not Investing)
Topic: Security concern [Vanguard proxy email]
Replies: 15
Views: 2115

Is Email Regarding "Vanguard's Proxy Choice Pilot" Legit?

[Merged into existing discussion - moderator oldcomputerguy]

I received an email regarding a proxy email vote pilot from some proxypolling outfit. I wondered if others had received such an email and confirmed that it was legit before I followed the link. If not, and I have time later today I may call VG to see if they can confirm
by Carl53
Tue Feb 27, 2024 5:27 am
Forum: Personal Finance (Not Investing)
Topic: Spousal Inherited 401k Advice
Replies: 3
Views: 870

Re: Spousal Inherited 401k Advice

Welcome to the forum under such unfortunate circumstances. My heart breaks thinking of you and your family. Take time to appreciate each and every day. Here is a link to a former thread that is somewhat similar in topic to what you are asking regarding the 401k. Hopefully Alan will add anything if necessary. https://www.bogleheads.org/forum/viewtopic.php?t=389464 You might want to search the forum for topics on SS benefits and documentation of their use for your child as the topic has come up often. https://opensocialsecurity.com/ is a good resource to investigate options as far as your and your child's SS benefits. Be sure to click the box at the top for alternative situations. As you may be aware, the SSDI and ultimately any SS you receiv...
by Carl53
Mon Feb 26, 2024 5:55 am
Forum: Personal Finance (Not Investing)
Topic: Best way to be a first-time home buyer if I intend to move in three years?
Replies: 54
Views: 6575

Re: Best way to be a first-time home buyer if I intend to move in three years?

JustGotScammed wrote: Mon Feb 26, 2024 1:09 am
WhitePuma wrote: Tue Jan 16, 2024 8:48 pm
JustGotScammed wrote: Tue Jan 16, 2024 8:21 pm
My wife decided she wants a house, as all of our friends have one except for us.
This has to be one of the most ridiculous reasons I’ve ever heard for wanting to get a house. You really should try to focus on whether a house makes sense for your lifestyle, needs, budget, career plans, etc.
I don't think it's ridiculous. No one wants to be the laggard/bottom of the peer group, especially with something like owning property.
Financially it will likely be less advantageous than renting. That said, happy wife, happy life. This and the outside risk that not considering her desires might ultimately lead to a financial (and personal) fiasco, as in divorce should give you pause.
by Carl53
Sat Feb 24, 2024 10:23 am
Forum: Personal Finance (Not Investing)
Topic: Resident physician nearing the end and with debt
Replies: 48
Views: 5232

Re: Resident physician nearing the end and with debt

I agree with the above posts about the commute and working extra hours. I commuted an hour each way for 25+ years with a largely stay at home wife. She had family near by for a few years but really did not help out. Fortunately, my hours were largely fixed and except for a few stints of a couple months, was able to avoid extended workdays. I also was able to have one or more to carpool with for many of the years. Catching a nap on those days I did not drive was a blessing. One of the best periods of my career was when I as able to work 4 10s for about a year, with alternating Mondays and Fridays off. Saving that 2 hours a week commute time was very nice as well as 4 day weekends every other week. Perhaps you might be able to arrange somethi...
by Carl53
Sat Feb 24, 2024 10:00 am
Forum: Personal Finance (Not Investing)
Topic: "Open Social Security" calculator: feature requests, bug reports, etc.
Replies: 641
Views: 88284

Re: "Open Social Security" calculator: feature requests, bug reports, etc.

Love Open Social Security. A current thread, https://www.bogleheads.org/forum/viewtopic.php?f=2&t=425262&newpost=7731927, lead me to play around with the calculator. I picked divorced couple with 2800 and 3500 PIAs with birthdates of 4/62 and 4/60. Picked that neither had filed yet but that the higher earner would plan on filing at 70 I got the result I expected with the lower earner filing at 62 and the higher at 70 and a bump up to the higher earners benefit for the lower income spouse when the ex-spouse passed. If one chose to have the higher earner pass at 70 the same result was obtained. If you move up the age of passing spouse's death prior to the date chose for that spouse to claim their own benefit, say 69 or earlier vs 70, ...
by Carl53
Wed Feb 21, 2024 1:52 pm
Forum: Personal Consumer Issues
Topic: The Shrinking Lifespan of Large Appliances
Replies: 108
Views: 10068

Re: The Shrinking Lifespan of Large Appliances

IMHO the planned obsolescence of newer appliances is bizarre given the whole push for environmentally friendly solutions. So much energy and resources are consumed in each new unit, that the energy improvements can't possibly offset the replacement impact. If they really wanted to push green the government would not only set energy consumption standards but insist that warranties accompany the units that were 15+ years in length or maybe large numbers of cycle uses for dishwashers and laundry units. We still are using a 1960 vintage Westinghouse chest freezer that was my in-laws. Based on my KW meter and recent government efficiency numbers for new freezers, and my power costs of around 15 cents/kwhr, it would take 30 years for a new freeze...
by Carl53
Wed Feb 21, 2024 7:53 am
Forum: Personal Finance (Not Investing)
Topic: High yield savings/checking account
Replies: 29
Views: 3369

Re: High yield savings/checking account

I use https://www.redneck.bank/accounts/mega-money-market for savings. It has been among the rate leaders for the ten+ years I've had the account. The offer a rewards checking account that I do not use, but probably should. If you jump through the hoops it offers 5.3% and 0.25% if not. https://www.redneck.bank/accounts/redneck-rewards-checkin-account I use the savings account to autopay my credit cards each month. Those typically are the only withdrawals made on the account that allows up to 6 such transactions a month. I fund it with a flat $5k transfer each month right after the latest date our SS deposits might be made to a no interest CU checking account that I still use because I'm lazy. The savings account slowly grows but we're still...
by Carl53
Wed Feb 21, 2024 5:34 am
Forum: Personal Finance (Not Investing)
Topic: go on Medicare, cancel ACA but keep dental?
Replies: 11
Views: 1731

Re: go on Medicare, cancel ACA but keep dental?

Are you only going with Medicare? If that is all you can afford so be it, but it will leave you at risk for substantial medical expenses. While I'm not a fan of them, some so called Medicare Advantage plans include some dental benefits. Also, some Medicare supplemental plans (we have one), offer as an addon dental/vision/hearing plans for a price we decided was worthwhile given that we use both the dental and vision.
by Carl53
Tue Feb 20, 2024 3:54 pm
Forum: Personal Investments
Topic: Need help to retire in 5 years.
Replies: 28
Views: 4710

Re: Need help to retire in 5 years.

What does "max out your IRA every year" mean to you. I ask because typically most people take it to mean contributing the pretax max. Many here on bogleheads might consider it the max employee/employer contribution which is somewhere near 70k I think. In the first case it sounds like you are saving 150k a year which would mean maybe an extra million in net worth by the time you want to retire in 5 years for a total net worth of near 2 million? I don't 100k to 110k a year is a very safe withdrawal on that amount of money. Any expected pension or social security? Im allowed to pout 6,500 at the moment You can also make a contribution to your spouse's IRA assuming you have plenty of income to cover it. BTW for 2024 the IRA limit is ...
by Carl53
Tue Feb 20, 2024 2:36 pm
Forum: Personal Consumer Issues
Topic: 4-6cyl turbo suv
Replies: 15
Views: 1636

Re: 4-6cyl turbo suv

If it doesnt have to be a turbo, Mazda has a very nice naturally aspirated 2.5l engine with a lot of great engineering in it. Very reasonable gas milage and a bargain in the CX-5 and CX-50, too. Especially in the Select trim. Higher CX-5 trims do have a Turbo option. We have the CX-5 with the Turbo Signature level trim. Lots of power, but not as good highway mileage as our old Acura with a 6 cylinder. It checked all of the boxes except for gas mileage when we got it but a some of the 'features' are somewhat of a nuisance. One in particular is the intervention braking if one is approaching, from the rear, a car making a right hand turn. Even at its least proactive setting it can be unsettling. You can turn it off but need to do it each time...
by Carl53
Mon Feb 19, 2024 5:53 am
Forum: Personal Finance (Not Investing)
Topic: Roth Conversion in NY
Replies: 22
Views: 1786

Re: Roth Conversion in NY

Any chance you'll ever consider moving to a no or low income tax locale? If not, even converting up to the $200k NIIT limit may not make much if any dent in your TIRA. I think I'd do it anyway as the TIRA will grow a lot without doing so. If you see yourself charitably inclined, just convert small amounts as you are currently doing and use QCDs once you are 70.5 and beyond. Your other assets should allow you to live comfortably. Yes, I've been considering moving to a no-tax state. Can you please help explain why would it not make a dent if i don't move? I'm confused, as you first said it wouldn''t make much dent, but then said you'd do it anyway. Thanks. Looks like I conflated two different thoughts. Moving to a state w/o income taxes mean...
by Carl53
Sun Feb 18, 2024 4:36 pm
Forum: Personal Finance (Not Investing)
Topic: Roth Conversion in NY
Replies: 22
Views: 1786

Re: Roth Conversion in NY

Any chance you'll ever consider moving to a no or low income tax locale? If not, even converting up to the $200k NIIT limit may not make much if any dent in your TIRA. I think I'd do it anyway as the TIRA will grow a lot without doing so. If you see yourself charitably inclined, just convert small amounts as you are currently doing and use QCDs once you are 70.5 and beyond. Your other assets should allow you to live comfortably.
by Carl53
Sat Feb 17, 2024 10:07 am
Forum: Investing - Theory, News & General
Topic: Roth conversion v. systemic withdrawals from tIRA
Replies: 23
Views: 2163

Re: Roth conversion v. systemic withdrawals from tIRA

In this case I think you'd be better off converting to the top of your bracket, maybe just below IRMAA if that is a potential impact. If you put $100k into your taxable or convert that amount it will cost you the same in taxes, but with the Roth you have future tax free growth. You don't mention SS, which might impact the situation somewhat.
by Carl53
Sat Feb 17, 2024 9:50 am
Forum: Personal Consumer Issues
Topic: How to get my road paved
Replies: 77
Views: 5857

Re: How to get my road paved

A very local issue/situation where others will not be able to offer any reasonable insight. Nobody has ever had problems with their roads before? Maybe someone has experience in local government. This is a group of intelligent individuals with diverse expertise and knowledge. I can't think of a better forum to post on. Local social media groups are a dog and pony show, so I'd rather not post there. I'm writing a letter to City Hall as we speak. Thanks! In our former home of 30+ years, the city annexed the other side of the road gerrymandering around all existing homes (about two dozen) for two miles back in the early 90's. They and the township had a county brokered agreement that the mile of road in front of my house would be maintained b...
by Carl53
Sat Feb 17, 2024 9:34 am
Forum: Personal Investments
Topic: Advice on managing parent's rollover
Replies: 5
Views: 631

Re: Advice on managing parent's rollover

Several good suggestions, even if differing somewhat, above. How long has he been taking SS? If less than a year he could payback what he has received, and place it on hold to a later date allowing it to grow substantially until the age of 70. This may be more desirable if he is married. Doing so would allow him to convert some of the 401/403 funds to an IRA and then to a Roth at low tax rates. With $210k in pretax retirement accounts I doubt I would do a lot of this but it might be to his advantage.
by Carl53
Fri Feb 16, 2024 1:54 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Spousal Benefits
Replies: 13
Views: 1146

Re: Social Security Spousal Benefits

A would receive $1000 per month after B starts their benefit. It would be considered $500 of their own benefit and $500 spousal.
by Carl53
Fri Feb 16, 2024 1:50 pm
Forum: Personal Consumer Issues
Topic: Hose end sprayer to reach tall trees (over 2 stories tall)
Replies: 36
Views: 2192

Re: Hose end sprayer to reach tall trees (over 2 stories tall)

I suspect that if you can't get up there (e.g. with a ladder) your issue is going to be water pressure and nothing will get you there. The tree service that hits our holly trees has a truck with its own pressure tank to shoot to high parts of trees. Yep, I may end up having to hire someone to spray them. Last year we had a mess with scale residue from our magnolias. Hired a local arborist company to evaluate. They suggested either spraying or a ground injection that would be taken up by the roots. We decided to do both and got great results. The treatments were done several months apart. Planning on doing both again this year. Mine have false oleander scale. Is that what yours had? Did it get rid of the scale? I'm not sure if it was that p...
by Carl53
Thu Feb 15, 2024 4:40 pm
Forum: Personal Consumer Issues
Topic: Hose end sprayer to reach tall trees (over 2 stories tall)
Replies: 36
Views: 2192

Re: Hose end sprayer to reach tall trees (over 2 stories tall)

I suspect that if you can't get up there (e.g. with a ladder) your issue is going to be water pressure and nothing will get you there. The tree service that hits our holly trees has a truck with its own pressure tank to shoot to high parts of trees. Yep, I may end up having to hire someone to spray them. Last year we had a mess with scale residue from our magnolias. Hired a local arborist company to evaluate. They suggested either spraying or a ground injection that would be taken up by the roots. We decided to do both and got great results. The treatments were done several months apart. Planning on doing both again this year. Mine have false oleander scale. Is that what yours had? Did it get rid of the scale? I'm not sure if it was that p...
by Carl53
Thu Feb 15, 2024 9:38 am
Forum: Personal Consumer Issues
Topic: Hose end sprayer to reach tall trees (over 2 stories tall)
Replies: 36
Views: 2192

Re: Hose end sprayer to reach tall trees (over 2 stories tall)

bookgirl wrote: Thu Feb 15, 2024 9:13 am
jebmke wrote: Thu Feb 15, 2024 8:53 am I suspect that if you can't get up there (e.g. with a ladder) your issue is going to be water pressure and nothing will get you there.

The tree service that hits our holly trees has a truck with its own pressure tank to shoot to high parts of trees.
Yep, I may end up having to hire someone to spray them.
Last year we had a mess with scale residue from our magnolias. Hired a local arborist company to evaluate. They suggested either spraying or a ground injection that would be taken up by the roots. We decided to do both and got great results. The treatments were done several months apart. Planning on doing both again this year.
by Carl53
Wed Feb 14, 2024 7:17 am
Forum: Personal Finance (Not Investing)
Topic: How do I see last year's RMD on the Vanguard website?
Replies: 7
Views: 561

Re: How do I see last year's RMD on the Vanguard website?

tc101 wrote: Wed Feb 14, 2024 6:47 am I am 74 and have 3 small inherited IRAs that I make QCDs from. I just learned that QCDs can not be larger than RMDs.

In 2023 I made QCDs that were slightly larger than the RMDs. I just rounded up so for example if an RMD was $2978 I made a QCD of $3000. Not a big deal, but I want to send that info to my tax guy. I can not find info on what my RMDs were for 2023 on the Vanguard website.

Maybe this is not a problem because I also took a much larger RMD from my regular IRA and it was not a QCD, so the total QCDs were less than the total RMDs.
You have been given some incorrect information. QCDS may be made up to $100,000 per year regardless what the RMD is. In fact those at age 70.5 can make QCDs without having any RMD.
by Carl53
Mon Feb 12, 2024 11:10 am
Forum: Personal Consumer Issues
Topic: Simonton 5500 Replacement Windows?
Replies: 5
Views: 680

Re: Simonton 5500 Replacement Windows?

ETK517 wrote: Mon Feb 12, 2024 9:06 am The cost and environmental impact of that replacement cycle will never be offset by whatever energy savings you're able to achieve
This probably can be said for many of the improvements in the name of energy efficiency over the last 50 or so years. Appliances have become more disposable. Nothing seems to last, seemingly by design, nothing repairable at an affordable price. Cars may be an exception, with 10 years 200,000 miles often being the norm.
by Carl53
Mon Feb 12, 2024 7:21 am
Forum: Personal Finance (Not Investing)
Topic: Collecting Survivor Benefits while New Spouse Working
Replies: 4
Views: 479

Re: Collecting Survivor Benefits while New Spouse Working

rocket123 wrote: Mon Feb 12, 2024 7:14 am
Do I have this correct? I don’t have to worry about one dollar of SS being withheld from me for every two dollars of SS due to me based on her still working do I?
Yes. Your new spouse and you will be greatly benefited from the MFJ tax brackets that are twice as large as what she is currently experiencing.
by Carl53
Mon Feb 12, 2024 6:27 am
Forum: Personal Finance (Not Investing)
Topic: Can we afford a new house? (stay-at-home parent edition)
Replies: 47
Views: 3883

Re: Can we afford a new house? (stay-at-home parent edition)

It might be considered blaspheme here but you could consider reducing your 401k contributions on a temporary basis. That might help with cash flow for a time if you buy the home. We put a lot of value in our home. I am sole income provider for my family and my wife is a stay at home mom with 4 children. We don't spend a lot on cars, trips, or entertainment. But we have a nice home. Consider a more detailed budget and do a better job of tracking expenses. Having a "misc" budget category of $4,500 per month is not optimal. You can probably trim expenses and put more value in your home. Besides principal/interest, make sure your budget includes increase in property taxes, insurance, utilities, and maintenance for a bigger home. It m...