Search found 12 matches

by mc126
Wed Oct 28, 2020 10:49 pm
Forum: Personal Finance (Not Investing)
Topic: 457/403b Millionaires - What's next?
Replies: 17
Views: 3395

Re: 457/403b Millionaires - What's next?

Thank you for all the responses. I do think I need to increase our taxable savings and will be doing this with a portion of the additional cash flow. In regards to some of the questions: Our current federal tax bracket is 24%. Additional contributions would not drop us below that. To qualify for my ...
by mc126
Tue Oct 27, 2020 9:29 pm
Forum: Personal Finance (Not Investing)
Topic: 457/403b Millionaires - What's next?
Replies: 17
Views: 3395

457/403b Millionaires - What's next?

You read about it but it doesn’t seem likely or even real when it happens. Wife and I (54/53) work in nonprofit/education fields. We have been steadily contributing to 403b/457 accounts since our mid20s. Retirement accounts finally hit 7 figures. Now I worry maybe we should have used Roths when we w...
by mc126
Mon Oct 19, 2020 11:33 am
Forum: Personal Finance (Not Investing)
Topic: 2nd house, for Univ. kids/students
Replies: 85
Views: 6516

Re: 2nd house, for Univ. kids/students

My son's landlord in a college town charges rent per semester with move in dates much like the college with maybe an extra week to move in /move out. He also has a discounted summer rent amount or a charge for leaving your stuff there in the summer. I think that probably works better for the landlor...
by mc126
Fri Aug 28, 2020 1:34 pm
Forum: Personal Finance (Not Investing)
Topic: Finding balance in life: When do you let up off the gas?
Replies: 105
Views: 9804

Re: Finding balance in life: When do you let up off the gas?

FWIW, I respect your scarcity mindset, and can appreciate your history of high debt. It’s not unnatural to have the reaction you’re having when experiencing such a dramatic change in socioeconomic status. In fact there’s a great deal of research in how people coming up from low socioeconomic status...
by mc126
Thu May 07, 2020 9:14 am
Forum: Personal Finance (Not Investing)
Topic: Pay Sibling's Undergrad or Refinance Parent's Mortgage
Replies: 52
Views: 3368

Re: Pay Sibling's Undergrad or Refinance Parent's Mortgage

I have 3 college students in my house and 2/3 are not enjoying the online learning experience. They are not receiving the same instruction, support, or experience. If they do not return in fall or return for only a short time and universities have to return to online learning, I would feel somewhat ...
by mc126
Fri Mar 27, 2020 1:52 pm
Forum: Personal Finance (Not Investing)
Topic: Seek Mental Health Help, Negative Consequences and Adverse Actions in future Personal Finance matters?
Replies: 30
Views: 2099

Re: Seek Mental Health Help, Negative Consequences and Adverse Actions in future Personal Finance matters?

I agree with the above posters. See someone if you need to. I am a psychologist and really don't see this being an issue for most posters. However, if you are really concerned about insurance and future coverage, there are many mental health professionals that also provide "life coaching" ...
by mc126
Tue Aug 27, 2019 9:33 pm
Forum: Personal Investments
Topic: Extra Funds – Open Traditional 457, Roth 457, or Backdoor Roth?
Replies: 4
Views: 372

Re: Extra Funds – Open Traditional 457, Roth 457, or Backdoor Roth?

403b plans typically have horrendous expenses but some do not. I would probably choose the lowest expense option between the accounts. You don't state, but if 457 is non-governmental, I would hesitate. If governmental, that is a fine consideration if fees are low. The 403b plan just switched to Val...
by mc126
Tue Aug 27, 2019 1:47 pm
Forum: Personal Investments
Topic: Extra Funds – Open Traditional 457, Roth 457, or Backdoor Roth?
Replies: 4
Views: 372

Extra Funds – Open Traditional 457, Roth 457, or Backdoor Roth?

I’ve read the wikis on Traditional vs Roth and on Prioritizing Investments. These all indicate sticking with contributing to the traditional plans. However, based on raises and other factors, wife and I will be able to max out both of our 403b plans/HSA and should still have 10-15K left over. Almost...
by mc126
Mon Aug 27, 2018 5:01 pm
Forum: Personal Finance (Not Investing)
Topic: Wills and children
Replies: 25
Views: 3150

Re: Wills and children

I'm in the process of updating wills. Children are ages 19-19-22. I'm still planning to use a trust and a trustee for the funds due to their ages and the amount they will be receiving. I do not want one child in charge of the money for the others just to avoid any misunderstandings/hard feelings/con...
by mc126
Fri May 04, 2018 10:07 pm
Forum: Personal Investments
Topic: Confused by Fees - Valic 401k
Replies: 4
Views: 1260

Re: Confused by Fees - Valic 401k

I have the same question I found posted in past without a response. Anyone help me out in understanding these fees. Funds are listed with expense ratio on one table. 0.20% COLUMBIA SMALL CAP IDX INSTL 2 Funds have another Table which has 3 columns: COLUMBIA SMALL CAP IDX INSTL 2 0 0.1 0.1 1st column...
by mc126
Fri Mar 02, 2018 6:14 pm
Forum: Personal Finance (Not Investing)
Topic: Any strategies if one spouse is over FICA max and other is not?
Replies: 5
Views: 669

Any strategies if one spouse is over FICA max and other is not?

Any tax strategies/benefits for a married couple if one spouse makes over the SS/FICA limit of $128,400 taxable maximum income while the other spouse makes well below the limit. Is there any benefit to maxing out the 403/457 options for one spouse over the other? Would maxing the lower earning spous...
by mc126
Tue Apr 19, 2011 9:14 am
Forum: Personal Finance (Not Investing)
Topic: Networth vs. Cumulative income
Replies: 37
Views: 4883

Early 40s. Married, both employed. 3 kids.

Estimating around 25% with savings and real estate, possibly higher if I did a "real" net worth of possessions. We save well but 3 kids eat into that :)