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This might be a dumb question, but can I convert a portion of my rollover IRA (401k) into a traditional IRA? The reason I ask is that my DW and I owe about $4200 in 2022 taxes to the feds. To reduce our federal tax burden, Turbotax is ‘recommending’ we each invest $7000 into a traditional IRA before April 14, 2023 (total $14,000). This would reduce our tax liability to about $900. However, this money would need to be a distribution from my rollover 401K IRA, and my wife’s inherited IRA, which we would take prior to April 18, 2023. It appears we would get the tax credit for 2022, but would be taxed on the distribution in 2023? Is this correct? We are both retired (65 and 58 yro, respectively), no pensions, and I have deferred SS, so far…plan...

Does EZPass work in Florida too?

In our area groceries are still high; but other items are coming down, including gas, which are now lower than they have been.

Nisiprius - thanks for the suggestion about the local HS. That might be an option too. Part of my reluctance to get rid of the old cameras was that they are given to me by by Dad as gifts 40 yrs ago. Sentimental value more than anything; but its time to let go...my adult kids really dont want them either.
Thanks again.

Thank you for the replies; sounds like best option is to donate to Goodwill. Because they are not Leica or other more high end cameras, not worth the hassle with ebay. THanks again.

Hello,
I have several old (40+ yr) Konica cameras and lenses. All are in good working order. Haven't been used in 20 years or more. Not sure what to do with them? Is there a market for old film cameras? Starting to downsize and don't want to carry these around any longer. Any tips would be appreciated.
Thank you.

3723.7
Happy New Year!

Merry Christmas Taylor! I look forward to reading this post every year! Thank you for your service.

We did the Danube cruise in Sept 2016. My first cruise...wonderful experience. Viking does a first class job. River cruises are great in that there are generally less than 200 guests on board. We had no issues with low water levels. However, our second Viking cruise on the Rhine in November 2020 we did experience low water levels. Unfortunately we had to be bused around one of the locks and pack, and board another identical vessel. A bit inconvenience but all went smoothly. I think if you go in the spring there will be less chance for low water levels. YOu cant confidently predict water levels for various times of the year. We enjoyed the Viking experience so much we are doing their Mediterranean cruise (Barcelona to Venice) next year.

Thank you all again for the excellent advice provided here; my wife is quite sore. We are speaking with an attorney later this week to discuss what our options might be.
DJN

thank you all for the good replies; the other driver has insurance (AMICA); good advice not to hastily sign any settlements; I will talk with a few attorneys and select one i am comfortable with.
Thank you again; much appreciated.
DJN

Hello, We were hit by a drunk driver head-on 2 days ago on a major 4-lane highway (other car was driving south in the north bound lanes); thankfully my wife and I are OK. We did go to a doctor to get things checked out; i do have a small burn on my ankle from the air bags...nothing serious. Just very glad to be here. My 2022 RX350 may or may not be totaled (only one month old). THe Lexus performed flawlessly...all the airbags went off and likely saved our lives. THe driver of the other car was >2x legal limit. Without giving any legal advice, do I have any recourse with the other driver's insurance t o cover the lost value of the car if it is not totaled and if I would go to sell it later? I've been driving for >55 years and have never had ...

Not to derail the thread, but would anyone recommend doing the MOAB area in early September rather than in April? We're retired and planning a similar trip out west in the next year or two.

Similar to Toons,
My wife and I live in our fifth wheel RV for 3-4 months in florida (winter)
We too could do this for the next 10 years
And still not pay anywhere near what it would cost
to purchase a condo,,,etc in this area,
No responsibilities ,headaches,property to maintain.
Works for us too!! It’s our ‘happy place’

4857.61

Miriam,
I'm in!! I am joining the ranks of the retired. I notified HR last month that January 2022 will be the end.

Age 65
Wife 58

Relieved and excited, but 'tinged' with a bit of trepidation. I have never not worked, but now I am looking forward to traveling with my wife and dogs in our RV; we have trips planned nearly each month beginning in February; and in between traveling working on my guitar and golf skills, or lack thereof. The advice provided on this forum, however, has given me the confidence to know we'll be fine.

Thank you all.

Thanks for the replies; still considering to convert or not.

question: what does "Convert up to the top of the 24% bracket for at least the next several years" mean? Does this mean convert XX dollars from tax-deferred IRAs up to the top of the 24% tax bracket?

Franklin institute is good for kids. Do the ‘Rocky Run’ up the art museum stairs. Barnes is nearby too. If time allows the Simone Auto museum is located in southwest Philly, if they are interested in cars. Have fun.

Thank you for the replies; our tax deferred assets are $4M; future tax burden might be an issue. I may consider gradually converting some tax deferred assets to a ROTH. Thank you.

Hello, I plan to retire early next year. Me = 65 yrs; wife = 58 yrs. We've reached our FIRE number; no debt. Neither of us have a pension, or a ROTH IRA, and I dont plan to take SS until 70; wife to take SS at 62 (she retired this year). We're assessing the pros and cons of converting some of our 401k assets and/or smaller inherited IRA to a Roth. We are planning to use the inherited IRA (~$350K) to supplement our income until I reach 70 for SS since this IRA must be used within 9-10 years from now. Are there any advantages at this time for us to convert a part of our assets to a ROTH, or should we simply withdraw from our 401k and inherited IRA and pay the taxes along the way? Anything we should consider beforehand if we were to convert so...

As a follow-up, I did obtain two other quotes and went with a much lower bid (nearly 40% less than the first quote). We have 36 panels 340w, and includes 25 year warranty. DC system size is about 12.25 kW. Installer was great. For the first 3 full months of operation we are running at about 104% of projected so I am pleased with actual performance. Final payback period is expected to be 6-7 years with the SREC credits. Pays to get multiple quotes!

RV'er here. With proper planning, we have had no problems reserving space at RV parks this year. We have already planned and booked many of our trips for 2022 already. With that said though, when and where to want to go may be more difficult to get space (unless you boondock). For example, reserving space on Key West or south FL during the winter months will be very difficult without planning well ahead.
There are many more RV'ers now than there were a few years back, and parks are getting more crowded. But I wouldnt let that hold you back from getting an RV if that is what you want to do.

I live in Lewes. Wonderful small coastal town. Lots of biking paths nearby and path to Rehoboth Beach, restaurants, especially in Rehoboth Beach. Golf courses nearby; Ocean CIty, MD is about 35 minute drive, and be twice as long in summer. Lewes has gotten a bit pricey the last few years and development in surrounding area is nearly out of control. Taxes are low compared to many surrounding states.

Yes; just say federal has check writing. Thank you.

Hello,
Does anyone know why Vanguard eliminated their check writing to money market funds? I have Cash Reserves Federal Fund (VMMXX), which had been converted to Cash Reserves Federal Admiral Shares (VMRXX)...it appears check writing is no longer available for either fund. This is my taxable account and I used these funds for periodic checking writing to pay bills/emergency fund. Now I will have to use my Total Index Fund for checking writing from this account.

My wife and I have been on two Viking river cruises. First class...wonderful experience. Smaller ships...180 or so guests. Liked them so much we also will be taking their Mediterranean cruise next year from Barcelona to Venice. Only about 700 guests...far less than 4000+ on other ocean lines. I’m not a cruise guy but I did enjoy the Viking experience.

I'd switch to low cost Vanguard fund(s) if it were me, and look at your overall asset plan... FYI - It was my understanding that for an inherited IRA you must take RMDs and that this IRA must be depleted within 10 years of the passing (death) of the original owner? There are exceptions of course... and perhaps you or this IRA meet one of criteria for the exceptions.

Thanks for the replies; i plan to get 2-3 more estimates. The first estimate I received seems too high. Thanks again.

Hello, I received a quote for solar installation of $49,493 (without tax credit) for a 12.87 kW system (39 panels [330W modules]). After tax credit system cost is $36,625. This would account for my systems utility offset of 101%. Cost per KW is approx. $3.87 and $2.84 before tax credit and after tax credit, respectively. Includes 25 year system warranty. We live in southern Delaware. I've read the average KW cost nationwide is approx. $2.81...(not sure if this was before or after tax credit). For those that have solar systems of similar sized system, were costs comparable? Do the costs of our proposed system seem reasonable? If we move forward with this project, and other questions or concerns we should be aware of? Thanks in advance for an...

Yes, we max out on 401K each year; no mortgage...no debt. Our asset allocation is about 65/35... Only reason we 'need' the income is to delay SS for me.

My wife inherited an inherited IRA (~$400K). We understand that this account needs to be depleted within 10 years per IRS guidelines, which is fine with us because we could use the income (required distributions) in the intervening years before I take full SS at 70 (wife is 57; I am 64... I plan to retire at the end of this year).

My question is: since we could the income until I take SS, would either the Wellington or Wellesley Funds be appropriate for this IRA? Or perhaps the Vanguard Balanced Income Fund?

Thank you.
Doug

Thank you again; this was very helpful.

Thanks for the replies. My gut tells me to stay away from the EIAs, and your replies enforce that. So, how do SPIAs really work? If we were to lump sum ~$500K into an SPIA for 'guaranteed' income, is that for the life of the annuitant regardless of age, or only for a specific period of time? 20 years? 10 years? Does vanguard offer SPIAs?

I have been re-reading this post from years ago and Mel's articles in Forbes. I am 64 and wife 57. I plan to retire in Dec 2021 and would like to hold off taking SS until at least 67...maybe 70. Wife will take SS at 62. We have more than enough in 401K's to cover retirement based on our annual spend rate (no debt); our asset allocation is about 60/40 and we are comfortable with this allocation...may go to 50/50 or close to it in a few years. Because neither of us has a pension, I am thinking an SPIA would be a good annuity for my wife and me to make up any potential shortfall before I take SS. A good friend of mine (and he is a good friend) who is a financial planner recommends an equity index annuity (Prudential Flexguard). Are these EIAs ...

2973.13

F250 (to pull 5th wheel),
Mercedes

I dont know where you live or if where your travels take you. But, if your 5-yr old is interested in dinosaurs, The Morrison Formation is a famous sedimentary (e.g. sandstone, mudstones) rock formation found in the western United States known for dinosaur fossils. Most of the fossils occur in the green siltstone beds and lower sandstones, which reflect ancient rivers and floodplains of the Jurassic-age period. This formation outcrops (present at the land surface) in Montana, North Dakota, South Dakota, Nebraska, and Kansas (if i recall).

<r>Thanks for the replies everyone. I dont have a pension; wife and I were faithful contributors to 401K. Plan to use Cobra until 65 then medicare. We'll have to fund wife healthcare for a few years. I live near Philly too...I like the idea of April timeframe when weather improves... bonuses, however, if any, for 2020 will be in early March so I plan to stay till then (I and company had a very good year considering...). Will take SS at FRA (66). Based on above, I think a good strategy is to retire in early part of month, regardless of what month it is. I also want to provide smooth transition and provide sufficient notice for others to take over my accounts/projects. Early June looks to be a good time... <E>:sharebeer</E> <br/> <br/> Thanks...

Hello,
I am considering retiring June 2021; i am 64 yrs old; wife will be 58 but she will continue to work 2 days a week; i might consult a bit, which i can do, if i find something interesting. We have no debt...and we are fortunate to be in good health and we have 'enough'. I have heard differing opinions as to when to retire in a given year. Am i better off waiting till end of 2021 to retire or mid year (June/July) for social security reasons or tax consequences? The years are getting 'precious' and the thought of working full time through next year is starting to look less appealing to me.

Thank you in advance for any advice.

My Dad's 10-inch Craftsman circular saw
Lionel Trains - just over 60 years old
Buck knife

It can be a concern for houses built on slabs too but generally less so; if the integrity of the slab is suspect (i.e. cracks), the cracks provide a pathway for the radon gas to migrate into the living space. New homes that are energy efficient and constructed on slabs could be vulnerable to radon issues. Older houses constructed on a slab that may not be as 'air tight' as new construction probably less susceptible to radon issues.

It is fairly easy and inexpensive to mitigate. If you tested before and 'passed' or barely so, then subsequently refinished the basement making it more air tight with new windows etc., i recommend you test again. Chances are you might have radon levels higher than previously detected due to less outside air being drawn into the basement. Also, radon levels are somewhat dependent upon atmospheric pressure. During periods of low pressure systems (stormy weather) recorded radon levels can be higher than during high pressure systems (fair weather).

With $5.0M in assets and no mortgage, sounds like you can retire now. congrats.

I am in similar situation without the $5.0M. 63 yrs old; DW 56. Came back from a weeks vacation in June and dreaded going back to work...first time in ~40 years when I didnt look forward to going back, and still dont have the 'spark'. Came to the conclusion it is time to retire. I will work remainder of this year through Feb or March 2021; early next year I turn 64. As someone posted, there are no do-overs in life.

Best of luck with your decision

Sell the house to your brother...excellent idea. Make him an offer he cant refuse and be done with it. Work till 70 before taking SS all good ideas.
You're a good son and helped your parents out earlier on their terms and that apparently didnt work out too well. They're family, help them again if you can, but next time on your terms only. Good luck...you're in a tough spot, but they made their own decisions.

+1 DeWalt for my power tools. Although Milwaukee, Mikita, Porter Cable are probably equally as good. Very pleased quality and reliability of the DeWalt 20V system. Batteries used for weed trimmer and blower too. I recommend whatever brand you purchase use same brand for all tools so batteries can be interchanged amongst different tools...assuming you go with battery powered tools.

Must be 'the season' or something... ; my wife wanted a convertible. Miata is always a solid choice; three weeks ago we found a 2019 Mustang GT convertible with only 11,000 miles on it. <$34K. I had a 2008 Mustang GT...trouble free. V8 engine is stellar. Good deals can be had on convertibles due to prevalence of SUV market.
Good luck.

Pomodoro's in Bethany Beach, one block off the boardwalk; small pizzeria...takeout only. Ate there once and i thought it was very good

First, i live in southern DE (Sussex County) so my observations reflect this area.  This part of DE is largely rural except along the coast from Lewes - Rehoboth- Dewey - Bethany Beach; most towns inland are small and rural. If you dont need to be right on the beach i would look at either Lewes or Milton, both are very nice, small towns. A few thoughts: PROS Cost of living - I am a transplant initially from NY and then PA ~3 years ago now. In my experience compared to Long Island (and PA), food is about the same in this area (Lewes/Rehoboth) but produce is more expensive. Water is also more expensive here than I paid up north. If you have Tidewater Utilities for your water there is a quarterly administrative charge of just under $70, and th...

3617.33

We too chose the Delaware shore to retire. It is not for everyone; growth is rampant here in Sussex County; it is 'Lower Slower Delaware' (as the locals say); can be difficult to find family doctors; and traffic in the area for 2-3 months is brutal.
But we like it; temperate climate (i havent shoveled snow in 3 winters), low property taxes, and no sales tax, on anything. From where we are in DE we're within 2-3 hours (day trip) of our family/grandchildren, DC, Baltimore, Philly or NY metro areas. Airplane travel is not required to visit family except one in CA and another in Pittsburgh.