Search found 2650 matches

by #Cruncher
Fri Sep 21, 2018 8:42 pm
Forum: Investing - Help with Personal Investments
Topic: Using Capital Losses to Free Up Headspace for Roth Conversions in 12% Tax Bracket
Replies: 2
Views: 350

Re: Using Capital Losses to Free Up Headspace for Roth Conversions in 12% Tax Bracket

I know capital losses ... will be wasted if used up on capital gains which would be taxed at 0% in the 12% tax bracket. However could those capital losses still have value by reducing your AGI and thus opening up "headspace" in the 12% bracket for taxpayers who are making Roth conversions to the to...
by #Cruncher
Fri Sep 21, 2018 7:36 pm
Forum: Investing - Help with Personal Investments
Topic: Buying secondary market TIPS via Vanguard Brokerage
Replies: 7
Views: 424

Re: Buying secondary market TIPS via Vanguard Brokerage

(3). Your total purchase price is as follows: The inflation adjusted principal calculated by multiplying the par value by the TIPS inflation index ratio Interest accrued from the last coupon date to the settlement date of the purchase. ... You forgot to include the price, HueyLD! If the TIPS were p...
by #Cruncher
Fri Sep 21, 2018 1:35 pm
Forum: Personal Finance (Not Investing)
Topic: Delaying SS? How Long It Will Take for It to Pay Off?
Replies: 49
Views: 4185

Re: Delaying SS? How Long It Will Take for It to Pay Off?

But the decision [when to start SS benefits] should be made separately for each year. There's nothing special about one year. [1] The diagonal in the following table shows the one-year breakevens. But the table also shows the other combinations of yearly commencement of benefits. For example the br...
by #Cruncher
Thu Sep 20, 2018 12:12 pm
Forum: Personal Finance (Not Investing)
Topic: Delaying SS? How Long It Will Take for It to Pay Off?
Replies: 49
Views: 4185

Re: Delaying SS? How Long It Will Take for It to Pay Off?

Another way of looking at is to compare delaying Social Security to starting it early and buying an annuity with that money when you are 70. … Assume: 1) This is for a single person to keep it simple 2) They could get $1,000 a month in Social Security at the age of 62 3) If they delay starting Soci...
by #Cruncher
Tue Sep 18, 2018 8:27 pm
Forum: Personal Finance (Not Investing)
Topic: Effect of Social Security when Retiring before Benefits Begin
Replies: 24
Views: 6055

Re: Effect of Social Security when Retiring before Benefits Begin

I'm going to discuss a new subject. But it shares one thing with the topic of this thread: how it can be useful to capitalize expected future Social Security benefits. The context here is one often discussed on the forum (some might say too often :wink: ): whether to begin collecting SS at age 62 or...
by #Cruncher
Tue Sep 18, 2018 7:03 pm
Forum: Personal Finance (Not Investing)
Topic: Foreign annuity tax question.
Replies: 2
Views: 165

Re: Foreign annuity tax question.

… I put funds in a local bank. In august, I converted the cash balance to a monthly annuity. … Will the full amount be taxable at my normal tax rate? I'm not a tax specialist, especially regarding foreign income. But it seems that only part of your annuity may be taxable. See IRS Publication 939: G...
by #Cruncher
Mon Sep 17, 2018 11:00 am
Forum: Personal Finance (Not Investing)
Topic: Delaying Social Security Until 70
Replies: 114
Views: 8438

Re: Delaying Social Security Until 70

I used to be firmly in the wait till 70 camp but I learned that I was making an incorrect assumption that is making me look seriously at drawing at FRA of 66-8. I am married and my spouse will be drawing based on half my benefit rather than hers. I had incorrectly assumed that she would get half of...
by #Cruncher
Sun Sep 16, 2018 10:59 pm
Forum: Personal Finance (Not Investing)
Topic: Delaying SS? How Long It Will Take for It to Pay Off?
Replies: 49
Views: 4185

Re: Delaying SS? How Long It Will Take for It to Pay Off?

... For instance, the article states that for those with FRA of 67, delaying SS from 62 to 70 could be recouped within 10.3 yrs, i.e. by the age of 80.3. All calculators I tried showed the break-even point well into the late 80s. As remomnyc says above, "Breakevens depends on what rates you use". T...
by #Cruncher
Sun Sep 16, 2018 12:37 pm
Forum: Personal Finance (Not Investing)
Topic: delaying claiming SS from age 64 to 70 while not working
Replies: 21
Views: 1518

Re: delaying claiming SS from age 64 to 70 while not working

I'll be retiring this year at age 64, two years before FRA of 66. I have calculated my possible benefits at 64, but can't pin down what they would be if I didn't claim until age 70. You were born in 1954 so your Normal Retirement Age (aka Full Retirement Age) is 66. According to SSA's Effect of Ear...
by #Cruncher
Fri Sep 14, 2018 11:35 am
Forum: Investing - Theory, News & General
Topic: Argument for taking social security before 70. Comments?
Replies: 111
Views: 7381

Re: Argument for taking social security before 70. Comments?

The problem is with the following plan of action (which I see often -- you can even see it in this thread): A married person looks up their life expectancy and their spouse's life expectancy from a credible source, The person then performs an analysis (whether in an online calculator or a DIY sprea...
by #Cruncher
Thu Sep 13, 2018 4:36 pm
Forum: Investing - Theory, News & General
Topic: Argument for taking social security before 70. Comments?
Replies: 111
Views: 7381

Re: Argument for taking social security before 70. Comments?

Here's how I estimate the break-even. It's easiest to do one year at a time. Suppose that you have enough money to cover this year's Social Security. You can ... take Social Security now and buy a TIPS ladder which will cover the future years' payments. The break-even is the point where the TIPS la...
by #Cruncher
Wed Sep 12, 2018 8:50 pm
Forum: Investing - Theory, News & General
Topic: Argument for taking social security before 70. Comments?
Replies: 111
Views: 7381

Re: Argument for taking social security before 70. Comments?

I don't know if the calculations included any investment returns. Ignoring that (i.e. put all your SS money under the pillow), ... Since SS benefits are inflation-indexed, to not "include any investment returns" is not the same as to "put all your SS money under the pillow". The latter would repres...
by #Cruncher
Wed Sep 12, 2018 9:48 am
Forum: Investing - Help with Personal Investments
Topic: TIPS with Fidelity through HSA
Replies: 6
Views: 988

Re: TIPS with Fidelity through HSA

TIPS are less volatile than nominal bonds of the same duration, … This is probably a good assumption since nominal Treasury yields reflect both real yields and inflation expectations, while TIPS yields reflect only the former. The history since 2004 sort of backs this up. The following chart shows ...
by #Cruncher
Wed Sep 12, 2018 12:13 am
Forum: Investing - Theory, News & General
Topic: Argument for taking social security before 70. Comments?
Replies: 111
Views: 7381

Re: Argument for taking social security before 70. Comments?

... my wife has a limited work history and is only eligible for spousal benefits on my work record. ... To my amazement I could die at any age between 70 and 95 and it would not affect the breakeven age at all. If my assumed return was 0%, breakeven age was 88. If my assumed return was 2%, breakeve...
by #Cruncher
Thu Sep 06, 2018 7:55 am
Forum: Investing - Help with Personal Investments
Topic: Pension early distribution options
Replies: 12
Views: 955

Re: Pension early distribution options

Here are my options: Single lump sum payment of $49,600 paid in November 2018. … Start monthly benefits beginning November 2018 - options: Single life annuity $238/mo 100% Joint and Survivor Annuity $216/mo Make no election now & defer payment until retirement (no lump sum avail) - options: Age 60 ...
by #Cruncher
Wed Sep 05, 2018 7:30 pm
Forum: Personal Finance (Not Investing)
Topic: Time to look at SS [When should I take Social Security?]
Replies: 55
Views: 4927

Re: Time to look at SS [When should I take Social Security?]

I am now 73. I took SS at 62 and have never regretted it for a second. … If the CAGR of your portfolio exceeds 8% there is no break even age. You could live to 150 and not break even. As a practical matter if your portfolio CAGR is greater than about 5% you are better off claiming early. I agree th...
by #Cruncher
Wed Sep 05, 2018 11:51 am
Forum: Personal Finance (Not Investing)
Topic: 2018 tax - filling marginal tax rate with Roth
Replies: 5
Views: 623

Re: 2018 tax - filling marginal tax rate with Roth

I assume my actual tax rate is derived by adding social security benefit plus my pension ... Not all of SS benefits are taxable. The actual amount is determined by a complicated method that is explained in the Wiki's Taxation of Social Security benefits . One result of this is additional ordinary i...
by #Cruncher
Tue Sep 04, 2018 4:34 pm
Forum: Personal Finance (Not Investing)
Topic: Excel sheet for approximate tax / income planning?
Replies: 7
Views: 853

Re: Excel sheet for approximate tax / income planning?

I'm looking to find / build an Excel spreadsheet for approximate tax planning. The Compare sheet of my Marginal Tax Rates spreadsheet might suffice. It's not slick like the online calculators and requires you to combine income into one of four categories. [*] But it does show how taxable SS is dete...
by #Cruncher
Tue Sep 04, 2018 3:56 pm
Forum: Investing - Theory, News & General
Topic: 2-Year Treasury Note Auction
Replies: 86
Views: 7412

Re: 2-Year Treasury Note Auction

I guess a standard approach would be to just use the XIRR function to calculate the internal rate of return based on the cash flows and dates. For the case of a non-rolling bond ladder set up so that approximately the same amount of principal and interest come due each year, the return can be more ...
by #Cruncher
Tue Sep 04, 2018 11:56 am
Forum: Investing - Theory, News & General
Topic: 2-Year Treasury Note Auction
Replies: 86
Views: 7412

Re: 2-Year Treasury Note Auction

I think the important point is that the reinvestment rate has a lot to do with the realized return over longer time periods. This is true, Kevin, only if we assume that interest coupons are reinvested. If, instead, they are spent, then reinvestment rate is irrelevant. This would be the case, for in...
by #Cruncher
Mon Sep 03, 2018 7:41 am
Forum: Investing - Theory, News & General
Topic: Wade Pfau's TIPS ladder guide
Replies: 9
Views: 4610

Re: Wade Pfau's TIPS ladder guide

Recently I located this old thread to examine Wade Pfau's ladder . But I noticed that the link to his article in the original post no longer worked. Here is a working link: How Do I Build a TIPS Bond Ladder for Retirement Income? That 1.29% number is just an internal rate of return calculation where...
by #Cruncher
Sun Sep 02, 2018 7:27 am
Forum: Investing - Theory, News & General
Topic: 2-Year Treasury Note Auction
Replies: 86
Views: 7412

Re: 2-Year Treasury Note Auction

It's also more accurate for cases when the premium or discount to par is greater. ... Seems to me that this is more a function of the assumed reinvestment rate on the coupons over the long holding period, rather than the amount of premium or discount to par. ... I should have said that the YIELD fu...
by #Cruncher
Fri Aug 31, 2018 6:02 pm
Forum: Personal Finance (Not Investing)
Topic: loan payoff question - take 25% discount or keep paying 0%
Replies: 12
Views: 868

Re: loan payoff question - take 25% discount or keep paying 0%

How do I figure out if I should keep paying 0%, or, accept their 25% discount for paying it now? You'd get a return of about 4.6% on your money by paying off the loan. I assume 156 monthly payments (12 X 13 years). Since the interest rate is 0%, for each $156 you owe, the monthly payment is $1. You...
by #Cruncher
Fri Aug 31, 2018 12:34 pm
Forum: Investing - Help with Personal Investments
Topic: Will I ever sell Ibonds from 2001 - 3% fixed
Replies: 78
Views: 4991

Re: Will I ever sell Ibonds from 2001 - 3% fixed

Let me comment on some of your points, AlphaLess. 2. Historical rate of iBonds. This is a 2-dim table, as one needs to know both the issue date of iBond and historical semiannual inflation rate: https://www.treasurydirect.gov/indiv/research/indepth/ibonds/IBondRateChart.pdf This table has the same i...
by #Cruncher
Fri Aug 31, 2018 8:46 am
Forum: Investing - Help with Personal Investments
Topic: Will I ever sell Ibonds from 2001 - 3% fixed
Replies: 78
Views: 4991

Re: Will I ever sell Ibonds from 2001 - 3% fixed

I bonds from the 2001 year paid an above average fixed rate in the mid to high 3%. Not quite. Here are the fixed rates for I Bonds bought in 2001 according to TreasuryDirect's What have rates been in the past? : 3.4% : January - April 3.0% : May - October 2.0% : November - December How is the infla...
by #Cruncher
Thu Aug 30, 2018 11:56 am
Forum: Forum Issues and Administration
Topic: Please Try Out Test Posts Here
Replies: 235
Views: 197401

Re: Please Try Out Test Posts Here

testing if I can upload pic: [url=https://imgur.com/fEhfgbM][img]http://i.imgur.com/fEhfgbM.png[/img] [/url] Here is what you had: [url][url=https://imgur.com/fEhfgbM][img]http://i.imgur.com/fEhfgbM.png[/img][/url][/url] Looks like you had an extra enclosing "url", "/url" pair, Blueskies123. The fo...
by #Cruncher
Tue Aug 28, 2018 10:29 pm
Forum: Investing - Theory, News & General
Topic: 2-Year Treasury Note Auction
Replies: 86
Views: 7412

Re: 2-Year Treasury Note Auction

The 2-year note, CUSIP 9128282T6, sold for 99.813152 on 8/28/2017, issued 8/31/2017 , with coupon rate of 1.250% … Bid quote for quantity 25 of 9128282T6 at Fidelity now is 98.765 . So price return is -1.05% = 98.765/99.813152 - 1. In three days you will have received the second coupon payment, so ...
by #Cruncher
Sun Aug 26, 2018 1:34 pm
Forum: Investing - Help with Personal Investments
Topic: TIPS Ladder in a taxable account
Replies: 7
Views: 746

Re: TIPS Ladder in a taxable account

Any suggestions how to build the ladder you suggest, assuming that, for example, I want $100,000 per year (inflation adjusted) and I also want the ladder to be able to cover the taxes for, say, 3% annual inflation? Here's one possibility with five TIPS to cover the 26 years from 2023-2048: Feb 2045...
by #Cruncher
Sun Aug 26, 2018 9:50 am
Forum: Investing - Theory, News & General
Topic: Where's the Inflation Hedge for Short-Term TIPS?
Replies: 79
Views: 4518

Re: Where's the Inflation Hedge for Short-Term TIPS?

An inflation hedge doesn't mean a positive real return. Precisely! The real yield of 5-year TIPS started out at -1.36% Jan 1, 2013; so it's not surprising the real return over the next five years would be negative. 5-year TIPS yields rose 1.71% points to +0.35% Jan 1, 2018. (See 5-year constant mat...
by #Cruncher
Sat Aug 25, 2018 8:38 pm
Forum: Personal Finance (Not Investing)
Topic: How do you calculate net worth with pensions?
Replies: 105
Views: 6635

Re: How do you calculate net worth with pensions?

... people can try to figure the value of their pensions but that is another useless number. Estimating the value of a pension can be useful when the pension doesn't start until after one retires. As explained In my post, Effect of Social Security when Retiring before Benefits Begin (underline adde...
by #Cruncher
Fri Aug 24, 2018 2:25 pm
Forum: Investing - Help with Personal Investments
Topic: Investing monthly Social Security payments
Replies: 33
Views: 2958

Re: Investing monthly Social Security payments

#Cruncher, ... the calculations rest on two variables (as you note): I submit it only depends on life expectancy and expected return on one's portfolio. Both of those variables are unknowable. Admiral, "unknowable" is a little strong. Granted I don't know precisely what my future investment return ...
by #Cruncher
Fri Aug 24, 2018 11:05 am
Forum: Investing - Help with Personal Investments
Topic: TIPS Ladder in a taxable account
Replies: 7
Views: 746

Re: TIPS Ladder in a taxable account

..., if over 30 years we have 3% inflation, then for every $1,000 of proceeds it would cost $32,839? For example, if I wanted $100,000 (real) per year for 30 years via a TIPS ladder, then that would cost about $3,283,900 in taxes? Over the course of 30 years? No, no! I was unclear. What I mean is t...
by #Cruncher
Fri Aug 24, 2018 8:28 am
Forum: Investing - Help with Personal Investments
Topic: TIPS Ladder in a taxable account
Replies: 7
Views: 746

Re: TIPS Ladder in a taxable account

The main thing holding me back at this point is that I'm struggling to understand the impact of taxes on the TIPS ladder, ... Welcome to the forum, sf64. The main problem with holding a TIPS ladder in a taxable account is that the after tax proceeds decline with higher inflation, making it impossib...
by #Cruncher
Thu Aug 23, 2018 1:04 pm
Forum: Investing - Help with Personal Investments
Topic: Investing monthly Social Security payments
Replies: 33
Views: 2958

Re: Investing monthly Social Security payments

However, it now seems you [original poster] are thinking that you want the money for spending [instead of investing]...or at any rate might want it. That is a different set of variables and makes the decision lean more toward taking it: ... In many cases, Admiral, I don't think the issue of invest ...
by #Cruncher
Tue Aug 21, 2018 9:09 pm
Forum: Investing - Help with Personal Investments
Topic: Investing monthly Social Security payments
Replies: 33
Views: 2958

Re: Investing monthly Social Security payments

By delaying YOUR SS each year before FRA your age 62 benefit increases by @ 6% a year. When you reach FRA the Benefit increase 8% a year from the FRA benefit. That's approximately correct. Here are the precise increases the original poster would get each year by delaying. Since he will turn 63 in N...
by #Cruncher
Tue Aug 21, 2018 1:08 pm
Forum: Investing - Theory, News & General
Topic: 3 and 6 month tbills with the same CUSIP---same maturity
Replies: 4
Views: 491

Re: 3 and 6 month tbills with the same CUSIP---same maturity

… may be very common. Since all T-Bills generally mature on Thursdays, this is indeed quite common. Here is a list of T Bills maturing the 2nd half of 2018 which were issued more than once. For example, the one maturing 9/13/2018 was issued four times: 9/14/2017 52-week , 3/15/2018 26-week , 6/14/2...
by #Cruncher
Tue Aug 21, 2018 7:57 am
Forum: Personal Finance (Not Investing)
Topic: Choosing Best Annuity Option
Replies: 6
Views: 763

Re: Choosing Best Annuity Option

For our planning purposes we assumed I will live to be 92 and my wife projects 94. Since you are about to turn 65 and your wife is 61, this means you're projecting you will live 27 and your wife 33 more years. If this were actually to happen, the Single annuity at $263.78 / month would be a better ...
by #Cruncher
Sun Aug 19, 2018 12:51 am
Forum: Investing - Help with Personal Investments
Topic: Advantages of I-Bonds vs CD ?
Replies: 34
Views: 4612

Re: Advantages of I-Bonds vs CD ?

Lets compare I-bonds with 0.3% real vs TIPS at 0.8% real. Assume long term 3% inflation. Kevin M in the previous post did a good job quantifying the benefit of I Bond tax deferral versus TIPS held in a taxable account. Here is another way of looking at it. The following table shows what the tax rat...
by #Cruncher
Fri Aug 17, 2018 11:14 am
Forum: Investing - Help with Personal Investments
Topic: Any tool to help predict net worth in N years?
Replies: 11
Views: 1786

Re: Any tool to help predict net worth in N years?

Inputs: (real) assumed growth in equities and bonds. Periodic investments and amounts. All you have to do is compute the "interest" each month, add the periodic investment onto it and sum to the previous month. Drag down for however many months you have/want. This certainly works. But the same resu...
by #Cruncher
Thu Aug 16, 2018 9:18 pm
Forum: Investing - Help with Personal Investments
Topic: Advantages of I-Bonds vs CD ?
Replies: 34
Views: 4612

Re: Advantages of I-Bonds vs CD ?

... with the I Bond, you know you'll get the real rate of 0.3% (or whatever yours is) for one year, minus the penalty of three months of nominal interest, but you don't know what your 1-year nominal return will be (since you don't know what the composite rate will be in the second six-month period)...
by #Cruncher
Thu Aug 16, 2018 12:19 pm
Forum: Investing - Help with Personal Investments
Topic: Advantages of I-Bonds vs CD ?
Replies: 34
Views: 4612

Re: Advantages of I-Bonds vs CD ?

Is the I-bond rate calculated after inflation? I see it has two rates... There are actually three rates: Fixed rate remains the same for entire time an I Bond is held. A new one is announced every May 1st and November 1st and applies to purchases for the next six months. Currently 0.3%. Semi-annual...
by #Cruncher
Thu Aug 16, 2018 7:19 am
Forum: Investing - Help with Personal Investments
Topic: Laddering I bonds as emergency fund
Replies: 8
Views: 1033

Re: Laddering I bonds as emergency fund

10K 12-01-2016 2.22% $10,344.00 … 5K 04-01-2013 2.48% $5,400.00 ... should I redeem the 2013 funds since those are past the 5 year mark or the ones from 2016 since they are earning the least interest? Redeem the one purchased April 2013. Both it and the December 2016 have the same 0.0% fixed rate. ...
by #Cruncher
Wed Aug 15, 2018 7:41 am
Forum: Investing - Theory, News & General
Topic: 40/60 portfolio
Replies: 5
Views: 984

Re: 40/60 portfolio

About 4.5% real long term, or thereabouts. I get about the same: 4.2% average compounded real growth for the 90 years from 1928 through 2017. I adjusted Damodaran's Annual Returns on S&P 500, 3-month T Bill, & 10-year T Note with the December CPI-U (series CUUR0000SA0 from the BLS Top Picks ) for 1...
by #Cruncher
Tue Aug 14, 2018 2:14 pm
Forum: Investing - Help with Personal Investments
Topic: Roth and Social Security
Replies: 8
Views: 1368

Re: Roth and Social Security

If I have Traditional [IRA rather than a Roth IRA], … my social security will be taxed more heavily.. Is that correct? Not necessarily. It's possible that none of your Social Security benefits will be taxed even if you do take distributions from a traditional IRA (TIRA). It depends on the amount of...
by #Cruncher
Sun Aug 12, 2018 4:22 pm
Forum: Investing - Help with Personal Investments
Topic: Buy back service time on pension
Replies: 42
Views: 3423

Re: Buy back service time on pension

Oh my gosh, if I'm doing this right, based on the cost of comparable annuities, the pension is a no brainer! If I were to retire at age 55 and pay $58k for annuity now, I'd only get $406 monthly with no death benefit (according to this site https://www.immediateannuities.com/information/annuity-rat...
by #Cruncher
Fri Aug 10, 2018 2:04 pm
Forum: Personal Finance (Not Investing)
Topic: SS 2019 COLA could be close to 3%
Replies: 26
Views: 2882

Re: SS 2019 COLA could be close to 3%

The August CPI figures were released today. The 3 month average CPI-W (June July August) is 246.429. Thats 3.1 % greater then the same period last year ... Actually it was the July CPI released today. And the average of the last three months CPI-W (not seasonally adjusted) is 246.040, not 246.429. ...
by #Cruncher
Thu Aug 09, 2018 8:59 am
Forum: Investing - Theory, News & General
Topic: Accrued Interest on Treasury Auctions
Replies: 6
Views: 504

Re: Accrued Interest on Treasury Auctions

Does one subtract it from the interest shown end of year on the 1099-INT or would that figure already have been adjusted for the accrued interest? It's been a few years since I bought Treasury securities in a taxable account. But the last time I did, the broker did not deduct the accrued interest f...
by #Cruncher
Wed Aug 08, 2018 4:58 pm
Forum: Investing - Theory, News & General
Topic: [Explain] something to me about bonds, please
Replies: 4
Views: 876

Re: [Explain] something to me about bonds, please

So why didn’t it take several years for IT bonds to recover after the down years? Because bond yields are constantly changing. [*] To illustrate this, I downloaded the monthly yields of the FRED data series 7-Year Treasury Constant Maturity and estimated the Gain (or Loss) in value from January 1st...
by #Cruncher
Wed Aug 08, 2018 12:07 pm
Forum: Investing - Theory, News & General
Topic: Simple Retirement Model of Withdraw Rate, Return Sequence, & Asset Allocation
Replies: 5
Views: 1575

Re: Simple Retirement Model of Withdraw Rate, Return Sequence, & Asset Allocation

Thanks for putting my spreadsheet through its paces, k66, and for the links to S&P 500 historical data. Just as a cursory review of S&P 500 Returns (including dividends, but in nominal terms), Damodaran's data suggest a maximum single year drawdown of -43.83% (1931). Annual Returns on Stock, T.Bonds...
by #Cruncher
Wed Aug 08, 2018 10:25 am
Forum: Investing - Help with Personal Investments
Topic: different types of interest penalties on withdrawal of CD. Which is better?
Replies: 8
Views: 615

Re: different types of interest penalties on withdrawal of CD. Which is better?

2) Certificates Having a Term Greater Than Six Months. … b) If redeemed [after first year], but prior to the maturity date, the early withdrawal penalty will equal 30% of what would have been earned if the certificate had been held to maturity, not to exceed total dividends earned It's possible to ...