Search found 110 matches

by GeoMetry
Sat Jul 25, 2020 12:04 pm
Forum: Personal Finance (Not Investing)
Topic: Talking to my widowed Mom about money
Replies: 34
Views: 3036

Re: Talking to my widowed Mom about money

I appreciate all the comments and advice but I am a bit disappointed that no one even tried to answer the question that I asked.
by GeoMetry
Sat Jul 25, 2020 6:37 am
Forum: Personal Finance (Not Investing)
Topic: Talking to my widowed Mom about money
Replies: 34
Views: 3036

Re: Talking to my widowed Mom about money

Proximity, I live 10 miles away, he lives 400 miles away.
by GeoMetry
Sat Jul 25, 2020 6:34 am
Forum: Personal Finance (Not Investing)
Topic: Talking to my widowed Mom about money
Replies: 34
Views: 3036

Re: Talking to my widowed Mom about money

Thanks for the financial advice. I agree and I am steering her that way. She has been doing Roth conversions up to the top of the 24%/28% bracket for years. Her pension and SS cover all her expenses. She and my Father have been all in with Tech stock funds since the 1980s 0% bonds. Her accounts just...
by GeoMetry
Sat Jul 25, 2020 3:53 am
Forum: Personal Finance (Not Investing)
Topic: Talking to my widowed Mom about money
Replies: 34
Views: 3036

Talking to my widowed Mom about money

My parents are from a generation that avoids talking about money. My father passed away last year and out of necessity my mother has confided in me about her finances and I have been giving her guidance and making sure that the necessary things get done, i.e. taxes and estate stuff related to my Dad...
by GeoMetry
Fri Jul 24, 2020 10:17 am
Forum: Personal Finance (Not Investing)
Topic: Are Savings Bonds in an estate problematic?
Replies: 15
Views: 844

Are Savings Bonds in an estate problematic?

A coworker said something to me the other day but he didn't provide any details. He said that the US Savings Bonds in his Mothers estate caused some difficulty. Has anyone else experienced this? What is the problem?
by GeoMetry
Mon Jul 20, 2020 11:40 pm
Forum: Personal Finance (Not Investing)
Topic: Utility of a Living Trust for our particular situation?
Replies: 14
Views: 1076

Re: Utility of a Living Trust for our particular situation?

Not a lawyer. My understanding is that assets where the ownership is recorded in public records (Titles) will be required to go through probate in order to assign title to someone else after the person that held the title dies. If the title is held by a trust you can avoid probate. Probate is a publ...
by GeoMetry
Sun Jul 19, 2020 5:45 pm
Forum: Personal Finance (Not Investing)
Topic: Where to find value of old car for estate tax filing.
Replies: 12
Views: 804

Where to find value of old car for estate tax filing.

My father passed away recently. There is a 1969 Ford Cortina MK II in his estate that needs to have a value assigned to it. It has been kept in the garage for the past 20 years and it can be started but it has not been driven out of the driveway in years. The interior is in good shape other than a c...
by GeoMetry
Fri Jul 17, 2020 10:15 am
Forum: Personal Finance (Not Investing)
Topic: Stumbling upon Retirement
Replies: 18
Views: 2546

Re: Stumbling upon Retirement

You are currently 59.5, when do you turn 60? If you are turning 60 before the end of 2020, see the article linked below, you might need to adjust your social security estimate.

https://financialducksinarow.com/14070/ ... er-forget/
by GeoMetry
Mon Jul 13, 2020 7:38 am
Forum: Personal Finance (Not Investing)
Topic: Form 706 for portability election
Replies: 32
Views: 5318

Re: Form 706 for portability election

As with everything you ever wanted to know how to do there are YouTube videos that might help.
These are not the only ones, Search form 706.

https://www.youtube.com/watch?v=XSpaJsn7Dm4

https://www.youtube.com/watch?v=jbqGVk5WfAc
by GeoMetry
Sun Jul 12, 2020 6:26 pm
Forum: Personal Finance (Not Investing)
Topic: Form 706 for portability election
Replies: 32
Views: 5318

Re: Form 706 for portability election

I am in this exact same situation. Dad died left everything to Mom, no trusts no previous gift tax filing, no previous marriages, $3.5 million estate. I would also like to know how to fill out this form just for portability. I will be following this thread as I attempt this task.
by GeoMetry
Sun Jul 12, 2020 6:14 pm
Forum: Personal Finance (Not Investing)
Topic: Is it necessary/advisable to probate my fathers will?
Replies: 7
Views: 847

Is it necessary/advisable to probate my fathers will?

My father passed away last year. In his will he left everything to my mother. It is a simple estate, one house (JTWROS) two old cars, two IRAs and a brokerage account at Fidelity. The accounts at Fidelity are now in my mothers name. No trusts, no previous marriages. I think the cars may be in my fat...
by GeoMetry
Sun Jul 12, 2020 5:29 pm
Forum: Personal Consumer Issues
Topic: Invisalign / Adult Orthodontia Costs
Replies: 18
Views: 1470

Re: Invisalign / Adult Orthodontia Costs

My dentist made the same suggestion, and gave me the exact same reason. I want to trust my dentist but I also wonder if this is just another product they can sell me to increase sales/profits.
by GeoMetry
Thu Jul 09, 2020 6:26 pm
Forum: Personal Finance (Not Investing)
Topic: Should my Mother file form 706?
Replies: 6
Views: 472

Should my Mother file form 706?

My father passed away and of course left everything to his surviving spouse. The value of the estate is well below the current estate tax exclusion amount, but it is still a substantial amount. I have no difficulty imagining that the exclusion will be lower in the future and I am wondering if it wou...
by GeoMetry
Tue Jun 23, 2020 6:18 am
Forum: Personal Finance (Not Investing)
Topic: IRS Expands eligibility for Corona Virus Related Distributions
Replies: 79
Views: 8585

Re: IRS Expands eligibility for Corona Virus Related Distributions

Sorry, one more dumb question. Let's say I am impacted by DW is not. Can DW only do a CRD, or must it be me? Can we both do a CRD if only one of us is impacted (specifically, had reduced work hours)? Thank you! See p. 4-5 of https://www.irs.gov/pub/irs-drop/n-20-50.pdf: if either is affected, both ...
by GeoMetry
Fri Jun 19, 2020 5:46 am
Forum: Personal Finance (Not Investing)
Topic: Graph of how SS benefits can change with decreases in 2020 national wages for one born in 1960
Replies: 89
Views: 7183

Re: Graph of how SS benefits can change with decreases in 2020 national wages for one born in 1960

So does that mean someone born in 1960 will receive 16% less soc security than someone born in 1959 Under current law, it depends on what the 2020 AWI is. Don't know that yet. It also depends (a lot less) on the AWI for 2019 which we also don't know yet. The trustees projected 3.1% increase for 201...
by GeoMetry
Fri Jun 19, 2020 5:30 am
Forum: Personal Finance (Not Investing)
Topic: Graph of how SS benefits can change with decreases in 2020 national wages for one born in 1960
Replies: 89
Views: 7183

Re: Graph of how SS benefits can change with decreases in 2020 national wages for one born in 1960

The article implies that this could affect 1961 as well. But I have also read that unemployment is disproportionately affecting lower income folks. The reason this hits folks born in 1960 so hard is because so many people had jobs at the beginning of 2020. The number of people receiving a W2 is the ...
by GeoMetry
Thu Jun 18, 2020 5:55 pm
Forum: Personal Finance (Not Investing)
Topic: Graph of how SS benefits can change with decreases in 2020 national wages for one born in 1960
Replies: 89
Views: 7183

Re: Graph of how SS benefits can change with decreases in 2020 national wages for one born in 1960

Link below to an Excel spreadsheet that does the calculations and allows you to fiddle with the appropriate numbers. No guarantees but it looks correct to me. It matches my anyPIA32 results within 10 cents, until I fiddle with the AWI numbers for 2019 and 2020. Pretty disheartening to see the affect...
by GeoMetry
Mon Jun 15, 2020 6:34 pm
Forum: Personal Consumer Issues
Topic: New construction house - what to consider?
Replies: 161
Views: 10713

Re: New construction house - what to consider?

Run an empty 2 or 3 inch conduit from the basement to the attic. Probably cost less than $30. But when you need to run your new super conducting wire harness from the force field generator in the attic to your artificial quantum singularity power source in the basement (or maybe a 7G antenna wire) y...
by GeoMetry
Mon Jun 15, 2020 6:21 pm
Forum: Personal Consumer Issues
Topic: Recommend a mattress?
Replies: 50
Views: 4850

Re: Recommend a mattress?

Whatever is on sale at Costco.
by GeoMetry
Mon Jun 15, 2020 6:19 pm
Forum: Personal Consumer Issues
Topic: Recommendations for auto window tinting
Replies: 14
Views: 906

Re: Recommendations for auto window tinting

Ziebart did a good job for me. Several years and no problems at all.
by GeoMetry
Mon Jun 15, 2020 5:35 pm
Forum: Personal Consumer Issues
Topic: Do you reward yourself for achieving a financial goal?
Replies: 167
Views: 12350

Re: Do you reward yourself for achieving a financial goal?

Each time we rack up another million we go to McDonald's and get ice cream cones!
by GeoMetry
Sat May 30, 2020 4:24 pm
Forum: Investing - Theory, News & General
Topic: Penalty-free withdrawals from 401(k)s
Replies: 39
Views: 3742

Re: Penalty-free withdrawals from 401(k)s

I am looking at my wife's overtime for the months of April and May, it was lower each pay period since March than the same pay period in any of the last three years. In addition overtime in each pay period was less than the average for the same pay period over the last 2,3,4 or 5 years. That's as fa...
by GeoMetry
Fri May 29, 2020 11:02 am
Forum: Personal Investments
Topic: Am I panicking or being prudent?
Replies: 68
Views: 6950

Re: Am I panicking or being prudent?

Thank you all for the sage advice. You talked me off the ledge. I will give some thought to my risk tolerance. I don't know why every once in a while I forget that I can't time the markets.

BTW My age is 60 and I have 2 years worth of expenses in cash.
by GeoMetry
Fri May 29, 2020 9:54 am
Forum: Personal Investments
Topic: Vanguard Prime Money Market
Replies: 14
Views: 1383

Re: Vanguard Prime Money Market

What kind of emergency are you thinking of? Is it an emergency that might also cause the market to tank? If so then I would definitely say don't put it in the market. If it is an emergency like a major car repair of the air conditioner on your house then maybe. Based on where the market has been thi...
by GeoMetry
Fri May 29, 2020 9:41 am
Forum: Personal Investments
Topic: Am I panicking or being prudent?
Replies: 68
Views: 6950

Am I panicking or being prudent?

I'm less than a year from retirement. I don't have a pension to speak of. My stock/Bond portfolio is around $2.2M which closely matches my savings goals for retirement. My portfolio is 60/40 stocks/bonds. I was intending to keep it invested that way in retirement. My portfolio is currently down only...
by GeoMetry
Tue May 26, 2020 12:54 pm
Forum: Personal Finance (Not Investing)
Topic: Am I a qualified individual for purposes of section 2202 of the CARES Act?
Replies: 1
Views: 155

Am I a qualified individual for purposes of section 2202 of the CARES Act?

A friend emailed me the following questions: With regard to section 2202 of the cares act; I would like to do a CRD. (Corona Related Distribution) If I am still working full time but getting demonstrably less pay because my overtime hours have been reduced since Coronavirus hit, do you think that I ...
by GeoMetry
Thu May 21, 2020 8:23 pm
Forum: Personal Finance (Not Investing)
Topic: Ages 48-54: Should we bother converting Term-to-75 to Level Term 20 policies?
Replies: 8
Views: 618

Re: Ages 48-54: Should we bother converting Term-to-75 to Level Term 20 policies?

Match the insurance to the need. If your wife is worried about the loss of your income, the first question is how much longer are you going to work if you don't die? Lets say 10 years for this example. If you make $100K a year you might think you need a million dollars of life insurance, but life in...
by GeoMetry
Thu May 21, 2020 12:49 pm
Forum: Personal Finance (Not Investing)
Topic: Ages 48-54: Should we bother converting Term-to-75 to Level Term 20 policies?
Replies: 8
Views: 618

Re: Ages 48-54: Should we bother converting Term-to-75 to Level Term 20 policies?

Life insurance should be purchased for a known purpose. If the purpose is to pay off the house if you die then a mortgage life insurance policy is designed for that specifically. It may not require a medical exam. Because the balance is going down and inflation a mortgage insurance policy is the eff...
by GeoMetry
Thu May 21, 2020 12:44 pm
Forum: Personal Finance (Not Investing)
Topic: [Advantage to not taking this year's RMD?]
Replies: 6
Views: 393

Re: [Advantage to not taking this year's RMD?]

To keep the comparison fair, if he makes the charitable contribution using liquid assets that he has already paid taxes on, the amount of tax paid on those assets should be included when comparing the options. He will never pay tax on the amount donated via a QCD.
by GeoMetry
Thu May 21, 2020 12:06 pm
Forum: Personal Finance (Not Investing)
Topic: [Advantage to not taking this year's RMD?]
Replies: 6
Views: 393

Re: [Advantage to not taking this year's RMD?]

Use a QCD to make your charitable contribution.
by GeoMetry
Tue May 12, 2020 6:50 pm
Forum: Investing - Theory, News & General
Topic: Penalty-free withdrawals from 401(k)s
Replies: 39
Views: 3742

Re: Penalty-free withdrawals from 401(k)s

In order to take advantage of section 2202 one of the qualifiers is that you are "diagnosed with the virus SARS-CoV-2 or with coronavirus disease 2019 (COVID-19) by a test approved by the Centers for Disease Control and Prevention" How do I know if the test I was diagnosed with was "a...
by GeoMetry
Thu Apr 23, 2020 11:36 am
Forum: Personal Finance (Not Investing)
Topic: Quicken alternative features
Replies: 3
Views: 383

Re: Quicken alternative features

Microsoft Money Sunset edition and Microsoft gives it away for free. This might not be a picture of the sunset edition.
Image
by GeoMetry
Wed Apr 01, 2020 5:59 am
Forum: Investing - Theory, News & General
Topic: Penalty-free withdrawals from 401(k)s
Replies: 39
Views: 3742

Re: Penalty-free withdrawals from 401(k)s

Hypothetically, if I was employed in an essential service and I have not myself lost any income as a result of Corona virus, but my spouse's income has been reduced as a result of Corona virus, do you think that will qualify ME for a penalty free withdrawal from MY retirement account? Does it make ...
by GeoMetry
Tue Mar 31, 2020 6:16 pm
Forum: Investing - Theory, News & General
Topic: Penalty-free withdrawals from 401(k)s
Replies: 39
Views: 3742

Re: Penalty-free withdrawals from 401(k)s

Hypothetically, if I was employed in an essential service and I have not myself lost any income as a result of Corona virus, but my spouse's income has been reduced as a result of Corona virus, do you think that will qualify ME for a penalty free withdrawal from MY retirement account? Does it make a...
by GeoMetry
Sat Mar 28, 2020 12:36 pm
Forum: Investing - Theory, News & General
Topic: Penalty-free withdrawals from 401(k)s
Replies: 39
Views: 3742

Re: Penalty-free withdrawals from 401(k)s

I imagine it will take a while for the rules to be published and then for the various custodians to implement them because there are so many unanswered questions. My guess is that in the end it will come down to a simple self certification of an adverse financial consequence. Can you imagine a situa...
by GeoMetry
Sat Mar 28, 2020 8:41 am
Forum: Personal Finance (Not Investing)
Topic: Sec. 2202 - Special rules for use of retirement funds
Replies: 17
Views: 1096

Re: Sec. 2202 - Special rules for use of retirement funds

In the final bill this is actually Section 2103. I suggest changing the subject to: CARES Act - Section 2103. Special rules for use of retirement funds. Can you provide a link to the final bill? I stand corrected, The current Subject is correct https://www.congress.gov/bill/116th-congress/house-bil...
by GeoMetry
Sat Mar 28, 2020 8:27 am
Forum: Personal Finance (Not Investing)
Topic: Sec. 2202 - Special rules for use of retirement funds
Replies: 17
Views: 1096

Re: Sec. 2202 - Special rules for use of retirement funds

According to this, “A participant may also repay the distribution to an eligible retirement plan any time during the three year period beginning on the date of the distribution and the repayment is treated as an eligible rollover distribution.” So since I am allowed to spread out the taxes due over...
by GeoMetry
Sat Mar 28, 2020 8:24 am
Forum: Personal Finance (Not Investing)
Topic: Sec. 2202 - Special rules for use of retirement funds
Replies: 17
Views: 1096

Re: Sec. 2202 - Special rules for use of retirement funds

In the final bill this is actually Section 2103. I suggest changing the subject to:
CARES Act - Section 2103. Special rules for use of retirement funds.
by GeoMetry
Fri Mar 27, 2020 7:11 pm
Forum: Personal Finance (Not Investing)
Topic: Sec. 2202 - Special rules for use of retirement funds
Replies: 17
Views: 1096

Re: Sec. 2202 - Special rules for use of retirement funds

You will have to document that the distribution is coronavirus related and there is adverse financial consequences (or you or a family member actually have the virus). I see that and I agree but I wonder how the relationship will be determined. Can we only take out the amount that we lost. So I mis...
by GeoMetry
Fri Mar 27, 2020 6:27 pm
Forum: Personal Finance (Not Investing)
Topic: Sec. 2202 - Special rules for use of retirement funds
Replies: 17
Views: 1096

Re: Sec. 2202 - Special rules for use of retirement funds

According to the analysis I read it would be treated like a rollover.
by GeoMetry
Fri Mar 27, 2020 6:19 pm
Forum: Personal Finance (Not Investing)
Topic: Sec. 2202 - Special rules for use of retirement funds
Replies: 17
Views: 1096

Re: Sec. 2202 - Special rules for use of retirement funds

According to https://www.lexology.com/library/detail.aspx?g=f03a3498-9967-4357-a7f6-ee6f46776ac8 A participant may (but is not required to) spread the amounts required to be included in gross income from a CRD over three tax years. A participant may also repay the distribution to an eligible retirem...
by GeoMetry
Fri Mar 27, 2020 6:05 pm
Forum: Personal Finance (Not Investing)
Topic: Sec. 2202 - Special rules for use of retirement funds
Replies: 17
Views: 1096

Re: Sec. 2202 - Special rules for use of retirement funds

My wife is 51 and has a TSP account with a large tax deferred balance. The TSP does not allow in plan Roth conversions. Could the afore mentioned provisions enable her to withdraw $100K from the TSP penalty free, recontribute the money to an IRA, then do Roth conversions? In conjunction with that st...
by GeoMetry
Thu Mar 26, 2020 9:20 am
Forum: Personal Finance (Not Investing)
Topic: When the RMDs are suspended can I do a Roth conversion without first doing an RMD?
Replies: 4
Views: 647

When the RMDs are suspended can I do a Roth conversion without first doing an RMD?

Under the Worker, Retiree, and Employer Recovery Act of 2008 Retirement account holders were allowed to skip their RMD for 2009. Was a retirement account holder allowed to do a Roth conversion without first doing an RMD?
by GeoMetry
Sat Feb 22, 2020 9:55 am
Forum: Personal Finance (Not Investing)
Topic: Retirement planning tips/thoughts for married couples
Replies: 12
Views: 1479

Re: Retirement planning tips/thoughts for married couples

Specifically, going into retirement with enough Roth assets to control your MAGI (to, say, 250% or 300% FPL), one can access an ACA plan at very reasonable rates. I wouldn't argue with you on that but, I want to say this in the most politically neutral way possible, I'm not confident that the ACA w...
by GeoMetry
Sat Feb 22, 2020 8:58 am
Forum: Personal Finance (Not Investing)
Topic: Retirement planning tips/thoughts for married couples
Replies: 12
Views: 1479

Retirement planning tips/thoughts for married couples

These are the tips I often pass along. Can you add to the list? 1. If one of you does not work outside the home don’t forget about spousal IRAs. 2. If you are unable to max out all your tax advantaged accounts (401k, IRA) you should max out the younger spouse’s accounts first because the RMDs will c...
by GeoMetry
Sat Jan 25, 2020 4:54 am
Forum: Personal Finance (Not Investing)
Topic: Estimated Socai Security Benefits
Replies: 8
Views: 1229

Re: Estimated Socai Security Benefits

In addition your estimate is calculated based upon an assumption that you will continue to work until you retire. So if you are making $100K this year it assumes you will continue to make $100K every year until you retire. If you are young (say 35) the estimate is based upon the assumption that you ...
by GeoMetry
Sat Jan 18, 2020 2:36 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up Your Retirement Paycheck?
Replies: 8
Views: 1100

Re: Setting up Your Retirement Paycheck?

Simple advice is pull it from accounts to move towards your desired asset allocation. In other words if your asset allocation is 60/40 stocks/bonds and your stocks are currently 61% sell stocks. Your asset allocation is probably more complex. Also take into account the tax treatment of the accounts ...
by GeoMetry
Fri Jan 17, 2020 3:46 pm
Forum: Personal Finance (Not Investing)
Topic: New FDIC Insurance Rules?
Replies: 5
Views: 881

Re: New FDIC Insurance Rules?

bikechuck wrote: Fri Jan 17, 2020 12:19 pm I received the same notice from ALLY and I suppose that I will reluctantly provide the information they requested but I have not been asked for this information by my local brick and mortar bank ... I wonder why.
Have you named beneficiaries? Did you already provide their SSN?