Search found 414 matches

by kmurp
Mon Jan 01, 2024 6:27 am
Forum: Personal Finance (Not Investing)
Topic: What does Schwab do better than Fidelity?
Replies: 305
Views: 49333

Re: What does Schwab do better than Fidelity?

I’m torn as I have accounts with Vanguard, Schwab and Fidelity and want to consolidate to one account as I retire this year. Schwab retirement services, who our firm uses was very helpful setting up our rollover and they provide free financial plans each year. Fidelity holds our HSA funds which we will keep for LTC. Fidelity also has the retirement planner that I’ve put a lot of work into; I would hate to leave that behind. If Schwab offered HSAs I would probably stay with them.
by kmurp
Thu Dec 28, 2023 3:48 pm
Forum: Personal Finance (Not Investing)
Topic: Taxing of social security, should you pay per month or at years end?
Replies: 19
Views: 3044

Re: Taxing of social security, should you pay per month or at years end?

nguy44 wrote: Thu Dec 28, 2023 2:29 pm We just do a tIRA withdrawal at end of year (did it last week) and assign all of it to federal and state taxes. No underpayment penalty for paying all taxes at once in this manner, as withholding is treated as if it were being done throughout the year. Easier than quarterly tax payments for us.
Do you have the IRA custodian pay the taxes from this late year withdrawal? Also, can anyone drawing off from their IRA do this?
by kmurp
Sat Dec 09, 2023 1:57 pm
Forum: Personal Consumer Issues
Topic: Heat Pump Propaganda?
Replies: 173
Views: 21259

Re: Heat Pump Propaganda?

We use our heat pump as a replacement for baseboard electric so I think (hope) we are using far less electricity to heat with our units now than we did with the baseboard. As our rates are 20 cents/kwh the savings should be significant though I don’t know if the system will pay for itself over ten years at its $15,000 cost after rebates.
by kmurp
Fri Dec 01, 2023 5:35 am
Forum: Personal Finance (Not Investing)
Topic: Intrafamily loan for home
Replies: 23
Views: 2777

Re: Intrafamily loan for home

Thank you all for your thoughtful replies. You have given me much to consider.
by kmurp
Thu Nov 30, 2023 3:19 pm
Forum: Personal Finance (Not Investing)
Topic: Intrafamily loan for home
Replies: 23
Views: 2777

Re: Intrafamily loan for home

OP, Can you afford to give/lose the whole amount to her? If not, don't do it. KlangFool I could be straying beyond the bounds of the OP’s post, but… I’ll second, this would be my bottom line. Don’t loan what you can’t afford to give away. Good advice. Have you considered just giving your daughter a portion of the down payment, with no expectation of repayment? It might be lower than she needs for the house she wants, but not for a house that's almost what she wants. This is actually exactly what my parents did for us (my wife and me) when we bought our first house in what was then an absolutely crazy seller's market. Initially we asked them for a loan of X and they thought it over and said, "no loan, but we'll give you 50% of X"....
by kmurp
Thu Nov 30, 2023 3:16 pm
Forum: Personal Finance (Not Investing)
Topic: Intrafamily loan for home
Replies: 23
Views: 2777

Re: Intrafamily loan for home

greg24 wrote: Thu Nov 30, 2023 11:14 am I would do it with the expectation that rates will never come down.
Thanks and “Go Hawks”!
by kmurp
Thu Nov 30, 2023 11:03 am
Forum: Personal Finance (Not Investing)
Topic: Intrafamily loan for home
Replies: 23
Views: 2777

Re: Intrafamily loan for home

OP, Can you afford to give/lose the whole amount to her? If not, don't do it. KlangFool I could be straying beyond the bounds of the OP’s post, but… I’ll second, this would be my bottom line. Don’t loan what you can’t afford to give away. Good advice. Have you considered just giving your daughter a portion of the down payment, with no expectation of repayment? It might be lower than she needs for the house she wants, but not for a house that's almost what she wants. This is actually exactly what my parents did for us (my wife and me) when we bought our first house in what was then an absolutely crazy seller's market. Initially we asked them for a loan of X and they thought it over and said, "no loan, but we'll give you 50% of X"....
by kmurp
Thu Nov 30, 2023 6:37 am
Forum: Personal Finance (Not Investing)
Topic: Intrafamily loan for home
Replies: 23
Views: 2777

Intrafamily loan for home

We are considering an intrafamily loan to help our adult child with a home purchase. The reason for this is high mortgage rates make a home purchase unaffordable for her. We can offer a lower rate per the IRS ( though that rate has moved up to 5% recently) if we are the lender. My plan would be for her to refinance with a traditional lender when interest rates decline. My question is if this is possible: that is, could she refinance her home with a traditional lender in the future and pay us off if she has an existing intrafamily loan with us?
by kmurp
Mon Nov 06, 2023 8:09 am
Forum: Personal Finance (Not Investing)
Topic: annuity with long term care benefits
Replies: 11
Views: 1841

Re: annuity with long term care benefits

If my previous post seemed too negative, let me suggest that there are some types of FIXED annuity (FA) products that do offer reasonable LTC protection, but without much inflation protection. Here we are talking about DEFERRED fixed annuities - you won't access those funds until you need LTC (that is what the word "deferred" is trying to indicate, i.e. you aren't using this annuity to generate regular living expenses). An example will clarify. It is possible to purchase a deferred fixed annuity contract with a LTC supplemental rider. The fixed annuity will grow SLOWLY (1-3% annually under current interest rate conditions), but you will loose 1%+ each year to pay for the LTC rider. Say you invest $50,000 and it grows to $75,000 b...
by kmurp
Tue Jul 18, 2023 12:49 pm
Forum: Personal Finance (Not Investing)
Topic: Fidelity Retirement Score - How Good is it??
Replies: 35
Views: 7985

Re: Fidelity Retirement Score - How Good is it??

My employer has our 401K established with Fidelity and I have been happy with it, especially the retirement planning tool. I've used the tool from day one when it became available. And up until recently (last 2 years) have always had a retirement score in the 95 to 105 range, which I felt comfortable with. However as a result of the pandemic we have taken a significant hit to our retirement account. My wife operates her own international travel company and we have had zero income from it for 2 years now. This year things have come back strong, which we are grateful for, however there appears to be strong headwinds with the economy, at least in the next couple of years so we expect our profits to be less than 2019's for a few more years. In...
by kmurp
Tue Jul 18, 2023 6:00 am
Forum: Personal Finance (Not Investing)
Topic: Fidelity Retirement Score - How Good is it??
Replies: 35
Views: 7985

Re: Fidelity Retirement Score - How Good is it??

I have spent quite a bit of time adjusting inputs in the Fidelity planner. A couple of things bother me:
1. I don’t see any documentation on how the tool handles tax rates after the death of one spouse. Does it increase the rate to reflect that the widow is no longer MFJ?

2. When I look at the detailed table output for results over time, the withdrawals from savings column seems to have figures below what my RMD should be.
by kmurp
Thu Feb 23, 2023 3:07 pm
Forum: Personal Consumer Issues
Topic: Gas Furnance Replacement vs Other Options
Replies: 52
Views: 6255

Re: Gas Furnance Replacement vs Other Options

TheGreyingDuke wrote: Thu Feb 23, 2023 10:27 am
THY4373 wrote: Thu Feb 23, 2023 8:35 am

The other thing on some bids were how little detail was included in some. No specific equipment model numbers and not specific about what was or was not included beyond the equipment (e.g. line set replacement). Those folks got eliminated immediately.
Indeed, the choice of the installer and their competence can mean the difference between a great experience and a disaster. Especially with renovations, this is not a plug-and-play situation.
So true. Our two year old heat pump is great when it works but it has failed multiple times due to coolant leaks caused by improper installation. Some brands may be more prone to this; I don’t know.
by kmurp
Thu Feb 16, 2023 7:52 am
Forum: Personal Investments
Topic: Too Late for Roth Conversions..?
Replies: 124
Views: 11569

Re: Too Late for Roth Conversions..?

Does anyone know of any software that will model Roth conversions(for those of us who are spreadsheet ignorant)?
by kmurp
Fri Feb 10, 2023 8:52 am
Forum: Personal Investments
Topic: Withdrawing monies from Ira when "not needed"-Taxes
Replies: 28
Views: 3335

Re: Withdrawing monies from Ira when "not needed"-Taxes

Traditionally, I’ve read to withdraw from taxable before tax deferred. Is it better to withdraw from tax deferred first if one’s IRA is large? The inheritance angle looks better for taxable accounts now as well.
by kmurp
Wed Feb 01, 2023 6:57 am
Forum: Personal Finance (Not Investing)
Topic: Cost Basis When Selling Home
Replies: 18
Views: 1813

Re: Cost Basis When Selling Home

What is the price you expect to sell the house for? If you are married and selling your home, none of this matters unless you home sale is for more than $500,000 more than your costs basis. So, if you are noodling $10K in the cost basis, it may not matter. He bought a $280,000 house 25 years ago. I don't think there's anywhere in the country (outside of maybe Detroit) where he won't have a gain of at least $500,000. Sadly that’s not true. We sold our upstate NY house in an Albany suburb well known for its excellent public schools 18 months ago that we bought in 1989 (for $185,000). While the sales price was more than what we paid, at $390,000, it was less that what we paid when combined with the cost of all the renovations that we did over...
by kmurp
Thu Jan 19, 2023 12:34 pm
Forum: Personal Finance (Not Investing)
Topic: Surprise Healthcare Bill
Replies: 33
Views: 4952

Re: Surprise Healthcare Bill

nisiprius wrote: Thu Jan 19, 2023 12:12 pm
kmurp wrote: Thu Jan 19, 2023 12:02 pmI’m guessing that this procedure was at a surgi-center.
Please educate me. What's a "surgi-center," how do you know that you are in one, and how is it legally/structurally/operationally different from other places where surgery is performed?
It’s a free standing facility separate from a hospital where GI procedures or surgeries are performed. They usually have a web site which should state their ownership. Most hospitals won’t tolerate their anesthesia group being out of network. That’s why the big hospital system in Charlotte fired their anesthesia group ( which was owned by a private equity company ) a year or two ago. Surprise billing was part of their business plan.
by kmurp
Thu Jan 19, 2023 12:02 pm
Forum: Personal Finance (Not Investing)
Topic: Surprise Healthcare Bill
Replies: 33
Views: 4952

Re: Surprise Healthcare Bill

Recently had a medical procedure done. I've heard about surprise billing where one of the healthcare workers who works on your case is actually NOT in-network and you get this huge bill for their services. Since I knew about this situation, we checked with the facility to be sure the entire procedure would be in-network before we had the procedure done and they said it would be. Turns out the anesthesiologist was not in-network and we got a huge bill from them. What should I do? It appears that no anesthesiologists are in any network and nobody will ever admit it before the procedure. Contact both the in-network facility and the anesthesiologist office and contest the bill. Be persistent and don’t give up easily. I contested a billing from...
by kmurp
Wed Dec 28, 2022 3:51 pm
Forum: Personal Investments
Topic: Schwab Treasury Ladder question
Replies: 3
Views: 536

Re: Schwab Treasury Ladder question

I think I may have figured it out. I think it was a charge for accrued interest. Thank you for your replies.
by kmurp
Wed Dec 28, 2022 3:16 pm
Forum: Personal Investments
Topic: Schwab Treasury Ladder question
Replies: 3
Views: 536

Schwab Treasury Ladder question

I did my first ever treasury ladder today using the Schwab ladder builder tool. The process seemed easy but I have a question. Minutes after completing the trade the securities appeared in my account. Surprisingly to me, they all showed a loss: .12%, .16%, .33%, .68% and 1.38%. I was under the impression that purchase of treasuries was not subject to large spreads. Could the spread have been the reason for the losses? A couple of these were rather large it seems to me.
by kmurp
Sun Nov 27, 2022 12:30 pm
Forum: Personal Finance (Not Investing)
Topic: HSA contribution eligibility for spouse
Replies: 6
Views: 580

Re: HSA contribution eligibility for spouse

Yes, max out the $1000 this year for sure. I’m confused by your Fidelity question; do you have her HSA somewhere else right now and can’t you just continue it? Next year, her limit will be the single $3850+$1000 catch-up. Yes, the current HSA is administered by on outside benefits administration firm. They told me no more contributions are allowed. I was thinking they were incorrect in that determination which is why I was asking here. Therefore, if it looks like the consensus here is that I can still contribute for her, I will open an HSA for her at Fidelity and make the contributions there. So it looks like what I will do is open the HSA at Fidelity. I will finish out this year by completing her 2022 catch up ( and maybe half the single ...
by kmurp
Sun Nov 27, 2022 9:34 am
Forum: Personal Finance (Not Investing)
Topic: HSA contribution eligibility for spouse
Replies: 6
Views: 580

Re: HSA contribution eligibility for spouse

She is now covered by a high deductible health plan and will be next as well. I would like to contribute the full HSA amount next year and more than I have so far for her this year. This year I’ve only contributed $500 which is half of the catch up as our HR firm had us both stop contributions six months before I start Medicare.
by kmurp
Sun Nov 27, 2022 7:16 am
Forum: Personal Finance (Not Investing)
Topic: HSA contribution eligibility for spouse
Replies: 6
Views: 580

HSA contribution eligibility for spouse

I am 65 and still working and wife is 62 and retired with no income. I have been contributing max HSA for myself and $1000 per year for wife to our HSAs. I stopped contributions to both in June as I will start Medicare 1/1/23. Can I open an HSA somewhere like Fidelity for my wife if she has no income, and , if so, how much can I contribute per year?
by kmurp
Thu Oct 06, 2022 6:44 am
Forum: Investing - Theory, News & General
Topic: The Most Tax-Friendly States For Retirees: How To Compare State Income Tax Options (by Michael Kitces)
Replies: 55
Views: 8159

Re: The Most Tax-Friendly States For Retirees: How To Compare State Income Tax Options (by Michael Kitces)

So NY excludes 20k per year of IRA withdrawals. 40k per couple. Does anyone know if this 40k can be withdrawn from a single IRA or does 20k need to be withdrawn from each of the couples’ IRA?
by kmurp
Sat Sep 24, 2022 10:41 am
Forum: Personal Investments
Topic: Not sure if I should rebalance? Nearing retirement
Replies: 49
Views: 7184

Re: Not sure if I should rebalance?

It’d be worth your while to spend a bit of time with either of these two retirement calculators: https://cfiresim.com/ https://firecalc.com/ As others have said, you’ll undoubtedly find there isn’t a ton of difference between 60/40 and 50/50 in terms of expected success rates. I tried this one: https://cfiresim.com/ I have $3.2M saved and estimate I'll need $120K annual in retirement. I assumed I would retire next year and live another 30 years (I'm going on 61). Both 60/40 and 50/50 predict around $3.2M left after 30 years with 100% chance of success. If I change to 0/100, also around $3.2M left but 90% chance of success. The Fidelity calculator only predicts $750K after 30 years. Not sure why such a big difference. The Fidelity calculato...
by kmurp
Fri Sep 23, 2022 8:06 am
Forum: Personal Consumer Issues
Topic: Mini vacation to Albany, NY
Replies: 15
Views: 1413

Re: Mini vacation to Albany, NY

There is also a State museum very close to the Capitol Building. The capital building tour is quite good.
by kmurp
Sat Sep 17, 2022 4:52 am
Forum: Personal Consumer Issues
Topic: Retiring to Upstate NY
Replies: 160
Views: 23786

Re: Retiring to Upstate NY

A couple of questions for those in the know: Can anyone speak to the areas outside of Albany: Clifton Park or HalfMoon? Just the general vibe, notable characteristics, etc. Also with respect to property taxation:? I ncome for STAR eligibility purpose is defined rather oddly: it is prior year Federal AGI minus any taxable IRA distributions. (So, in particular, Roth conversions and RMDs do not hurt eligibility for this credit as long as you are converting or distributing from a tIRA. Converting or taking a distribution directly from a tax-deferred 401k or 403b or 457, however, does affect eligibility.) If I understand this correctly, direct distributions that are not RMDs or not converted to a Roth, do not get added to AGI for purposes of de...
by kmurp
Fri Sep 16, 2022 12:25 pm
Forum: Personal Consumer Issues
Topic: Retiring to Upstate NY
Replies: 160
Views: 23786

Re: Retiring to Upstate NY

A couple of questions for those in the know: Can anyone speak to the areas outside of Albany: Clifton Park or HalfMoon? Just the general vibe, notable characteristics, etc. Also with respect to property taxation:? I ncome for STAR eligibility purpose is defined rather oddly: it is prior year Federal AGI minus any taxable IRA distributions. (So, in particular, Roth conversions and RMDs do not hurt eligibility for this credit as long as you are converting or distributing from a tIRA. Converting or taking a distribution directly from a tax-deferred 401k or 403b or 457, however, does affect eligibility.) If I understand this correctly, direct distributions that are not RMDs or not converted to a Roth, do not get added to AGI for purposes of de...
by kmurp
Thu Sep 08, 2022 10:17 am
Forum: Investing - Theory, News & General
Topic: Winning the game and investing in Fixed Income
Replies: 272
Views: 37257

Re: Winning the game and investing in Fixed Income

This is probably good a thread as any to ask for the "expected" outline of fixed income once that goal has been achieved. End game goal is to move to Equity % / Fixed Income % Fixed income, as defined (by most on this board) is a combo of: I-Bonds, Treasuries, Muni's, Bond Funds, Individual Bonds, TIPS, Cash, Money Market Fixed income prior to retirement and/or winning the game: 1-5 years of cash sitting in a HYSA or Checking account depending on your preference. VPW % is what drives your selling. Order of operations (assumption on my part): Sell Fixed Income portion to cash / money market -> withdraw to checking account Sell Equity % to re-balance to Fixed Income % desired. Order of operations (in terms of account efficiency): T...
by kmurp
Wed Sep 07, 2022 8:20 am
Forum: Personal Investments
Topic: I was told my plan has no 401k management fees
Replies: 34
Views: 2841

Re: I was told my plan has no 401k management fees

Lastrun wrote: Tue Sep 06, 2022 11:40 am My employer pays 100% of our 401K expenses. The employees only pay the underlying fund fees, which are all mostly Vanguard funds.

But I would expect that this is unusual.
That’s what we do as well. Also, I think that an annual fee disclosure is required to be furnished.
by kmurp
Thu Aug 11, 2022 7:01 am
Forum: Personal Finance (Not Investing)
Topic: Tales from this insane real estate *rental* market
Replies: 54
Views: 9654

Re: Tales from this insane real estate *rental* market

Unless one plans to move within few years, renting for life is as dumb as it can get. I dunno, " dumb as it can get "??? Our rent here in Silicon Valley in 2022 is still 10% less than when we moved into our unit in 2018, mostly due to the pandemic and work from home. When we renewed in late 2020, we got a one year lease renewal that was 18.5% less than the previous year's. At this point we've saved about $15,000, as renters, over the last two years. It's the opposite of what's happening with rents in many other parts of the country, but it's true here. What we're paying now is easily $3,000 to $4,000 a month less than purchasing the equivalent residence with a similar commute time with 20% down. And that would mean condo or town ...
by kmurp
Thu Aug 11, 2022 6:49 am
Forum: Investing - Theory, News & General
Topic: Vanguard Website Changes-no Select Mutual Funds
Replies: 90
Views: 10461

Re: Vanguard Website Changes-no Select Mutual Funds

I can’t find yield information on the new display. Where is it?
by kmurp
Mon Aug 08, 2022 2:27 pm
Forum: Personal Consumer Issues
Topic: Retiring to Upstate NY
Replies: 160
Views: 23786

Re: Retiring to Upstate NY

I have lived in the Capital District since the 80s. Much of that in Niskayuna which was mentioned earlier. I would avoid Niskayuna for two reasons . 1. Property taxes are very high as a percentage of home value. I was paying $10,000 in taxes for a home assessed around $350,000. 2. GE Research which is an important local institution seems to have a bit of a uncertain future due to the GE breakup. Others probably know more than I do about this. Without a doubt, the most popular place to live in our area is Saratoga County. I think it’s the only county upstate that’s growing. A side benefit is relatively lower property taxes than the surrounding counties. It is mostly suburban and requires a car. Within Saratoga County, the most popular place ...
by kmurp
Fri Jun 24, 2022 6:24 am
Forum: Personal Finance (Not Investing)
Topic: $21m Employer 401k - Replacing TPA and Advisor
Replies: 10
Views: 2741

Re: $21m Employer 401k - Replacing TPA and Advisor

Our plan, with a little more in assets than yours uses Schwab. We have been satisfied with them.
by kmurp
Fri Jun 17, 2022 11:46 am
Forum: Personal Consumer Issues
Topic: Dead trees abutting right of way
Replies: 5
Views: 705

Re: Dead trees abutting right of way

Mike Scott wrote: Fri Jun 17, 2022 11:07 am I would have a chat with neighbor and if they are agreeable get out the chainsaw and cut them down. Or you can wait and cut them off the road when they fall. Why would you need a lawyer?
We “may” need a lawyer because we previously needed one regarding this right of way. We went to court and got an injunction to prevent the owner from blocking the right of way and denying us the ability to maintain the road in any way.
The property is now in a trust administered by the daughter of the deceased owner mentioned above.
by kmurp
Fri Jun 17, 2022 11:43 am
Forum: Personal Consumer Issues
Topic: Dead trees abutting right of way
Replies: 5
Views: 705

Re: Dead trees abutting right of way

galawdawg wrote: Fri Jun 17, 2022 11:16 am When you say "right of way", is there a recorded easement granting you access on her road?

If so, are there any provisions in that easement requiring the grantee to maintain or care for the easement?

If there is no recorded easement, what authority, if any, grants you this "right of way" to use her road?
Yes we have a recorded easement.
by kmurp
Fri Jun 17, 2022 11:03 am
Forum: Personal Consumer Issues
Topic: Dead trees abutting right of way
Replies: 5
Views: 705

Dead trees abutting right of way

We access our home via a dirt road right of way that is owned by a neighbor. There is a line of trees Aron their property and along the right of way. A number of these trees (over 10) are dead. When they fall over (always on the road so far), I have chainsawed the tree up and stacked the wood at the side of the road. Today when I returned from an errand, I found a very large piece of one of the dead trees had come down on the road in the short time I was gone. I have been and now am even more concerned that these trees are a hazard. They could come down on one of us or our car, the power lines and can block the road (I’m especially concerned if they come down in a winter snowstorm as we would be trapped in our home as our plow guy couldn’t ...
by kmurp
Sat Apr 30, 2022 8:23 am
Forum: Personal Investments
Topic: Fundrise Review?
Replies: 44
Views: 8180

Re: Fundrise Review?

Does Fundrise depreciate the properties and use this to offset gains or income? If so, is this an advantage for owning this in a taxable account?
by kmurp
Tue Mar 01, 2022 6:23 pm
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth IRA issue with Turbo Tax
Replies: 22
Views: 1679

Re: Backdoor Roth IRA issue with Turbo Tax

I think I figured it out:
1. I answered: YES I made and tracked nondeductible contributions to IRA
2 That brought up a screen that asked me the basis as of 12/31/20
3. I entered 7000, which was my 2020 contribution that was made in 2021.
Hope I did it right.
by kmurp
Tue Mar 01, 2022 6:09 pm
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth IRA issue with Turbo Tax
Replies: 22
Views: 1679

Re: Backdoor Roth IRA issue with Turbo Tax

Katietsu wrote: Tue Mar 01, 2022 5:43 pm
kmurp wrote: Tue Mar 01, 2022 5:38 pm Could someone explain in more detail how to do this? I did an IRA contribution for 2020 in 2021 as well as one for 2021. My 1099-R for 2021 therefore shows a distribution of 14000 for 2021 which is two years of backdoor Roth conversions (2020 and 2021). Turbotax is giving me a tax hit with the 14,000 conversion.
Please look at my answer a few above.

It appears that you need to still report your 2011 contribution and your basis from “2020 and earlier”.
I understand that I need to somehow tell turbotax that but I'm struggling as to how to do it. I'm using the online version.
by kmurp
Tue Mar 01, 2022 5:38 pm
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth IRA issue with Turbo Tax
Replies: 22
Views: 1679

Re: Backdoor Roth IRA issue with Turbo Tax

Could someone explain in more detail how to do this? I did an IRA contribution for 2020 in 2021 as well as one for 2021. My 1099-R for 2021 therefore shows a distribution of 14000 for 2021 which is two years of backdoor Roth conversions (2020 and 2021). Turbotax is giving me a tax hit with the 14,000 conversion.
by kmurp
Fri Oct 01, 2021 5:12 pm
Forum: Personal Finance (Not Investing)
Topic: Maximum 403b Two jobs
Replies: 1
Views: 252

Maximum 403b Two jobs

I have a 403b at my current job maxing at 19% of salary. I am starting a new job which I will max the 403b at 19% but will also be working PRN at my old job. Am I able to continue to contribute to the 403b at my old job if I reach the $19,500 limit at the new job? The old job also offers a 457 so that's an option as is saving money for a house downpayment. I'm 30 years old.
by kmurp
Tue Jul 06, 2021 6:28 am
Forum: Investing - Theory, News & General
Topic: Fidelity retirement planner accurate ?
Replies: 40
Views: 9123

Re: Fidelity retirement planner accurate ?

I just ran the program and noticed something strange. When I enter my tax deferred retirement account as tax deferred, I end up with 30% more money when I die compared to entering the tax deferred as an IRA.
by kmurp
Tue Mar 09, 2021 3:42 am
Forum: Personal Finance (Not Investing)
Topic: I suspect stolen identity
Replies: 17
Views: 2803

Re: I suspect stolen identity

This happened to me with claims filed in two states. I contacted both states to report it, filed identity theft with the FTC (and followed their instructions). I froze my credit and I also applied for and IRS PIN in January (I think it has to be done annually), to help guard against someone filing a fraudulant tax return with my info. Lastly, I check my credit reports.
Good news is nothing else has gone amiss since my info was stolen.
by kmurp
Fri May 08, 2020 7:34 am
Forum: Personal Finance (Not Investing)
Topic: How Do Early Retirees Pay for Medical
Replies: 132
Views: 13303

Re: How Do Early Retirees Pay for Medical

I have postponed my retirement at the end of this year due to the ACA court case. I’m less worried about cost than I am about us not being able to purchase Heath insurance at all due to pre-existing conditions. Living in New York State, I wonder if the guaranteed insurability in New York would continue due to New York law?
by kmurp
Thu May 07, 2020 12:58 pm
Forum: Personal Finance (Not Investing)
Topic: PPP - For those getting approved, what was the % given to you out of possible total?
Replies: 19
Views: 1315

Re: PPP - For those getting approved, what was the % given to you out of possible total?

I underwrote a lot of ppp loans, and what 2.5mo was in the clients minds OFTEN did not match our analysis of their paperwork for various reasons. common examples: sole props wanted gross receipts but we only approved them for line 31 net income Companies requested amounts for independent contractors who were used regularly but not technically employees Companies provided unclear & jumbled payroll records as opposed to 2019 940s Also, frankly, with the sheer volume and urgency, im sure there was plenty of human error in the calculations on the banks side Caught my eye you underwrote PPP loans. If you would share how you considered 401k employee deferral, catchup, and employer profit sharing contributions in the calculation, I would appr...
by kmurp
Sun May 03, 2020 4:14 am
Forum: Personal Consumer Issues
Topic: Lawn mower recommendation
Replies: 91
Views: 8781

Re: Lawnmower recommendation

My Honda mower has a bit of gas in the carburetor after being run dry so I loosen a screw at the bottom each fall to drain that. Stabil is always a good idea as well.
by kmurp
Sun Apr 26, 2020 5:58 am
Forum: Personal Finance (Not Investing)
Topic: PPP Loan and Risk that Forgiveness Rules will Change
Replies: 15
Views: 1606

Re: PPP Loan and Risk that Forgiveness Rules will Change

It’s a dilemma. If we knew our PPP loan would not be forgivable, we likely would have continued to furlough our staff rather than borrow to pay them. That would defeat the purpose of the PPP. That said, we took it and are paying people. I do think that there might be a litmus test regarding showing financial distress during the PPP period. If it’s well thought out, I would welcome that and have no doubt we could demonstrate need.
by kmurp
Thu Apr 23, 2020 3:52 am
Forum: Personal Finance (Not Investing)
Topic: physician/APC pay cuts
Replies: 133
Views: 12328

Re: physician/APC pay cuts

If the hospital doesn’t survive this, you will be unemployed. My hospital has cash to make it through most of June before insolvency. The CARES act funding for the hospital will be 4-5 million on a budget of 330 million. Not much.
My private practice is projecting a 15-20% hit in compensation for the calendar year if we reopen in late may and don’t have to close again. That would equate to maybe 25th percentile MGMA levels.
So yes, I would consider the cut. Money doesn’t grow on trees for any of us.
by kmurp
Tue Apr 21, 2020 4:09 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 369
Views: 33294

Re: Optimizing PPP Forgiveness

I've had several of the same questions and here are the answers I've received from our banker and our CPA (top 10 firm). 1. The day your loan is funded. You get 56 days from that date for your 8 week window. 2. Utilities we were told are gas, water, sewer, electric, phone, internet, and cellular. No guidance on device payments, but we're going to include the entire billed amount and let them worry about it. 3. It is expenses paid during the 56 day window, not incurred. You cannot however prepay anything. Our window ends June 2 so we are going to include group health that is EFT on 6/1, etc... 4. Nothing, however we were advised not to go above the 100k pro rata limit (1923.08/week * 8 weeks) including their current salary. 5. We make our c...