Search found 112 matches

by Needtoknow
Sun Jun 28, 2020 4:10 am
Forum: Personal Finance (Not Investing)
Topic: Home mortgage deferral with Wells Fargo
Replies: 37
Views: 4004

Re: Home mortgage deferral with Wells Fargo

Yes, when you receive the paperwork the word forbearance is then used. They give several options. I was just going to stick the payments to the end of the loan just to increase liquid cash funds for just in case emergency fund. I did not take advantage of it because they mentioned you could possibly...
by Needtoknow
Sun Apr 19, 2020 2:01 pm
Forum: Personal Finance (Not Investing)
Topic: Home mortgage deferral with Wells Fargo
Replies: 37
Views: 4004

Re: Home mortgage deferral with Wells Fargo

Well Fargo is doing the bait and switch. It advertises that you can just put the three payments on the back of the loan, but when you get the paperwork at home in rhe mail, it states you have to pay back at the end of the three month loan period.
by Needtoknow
Sun Apr 19, 2020 1:04 pm
Forum: Personal Finance (Not Investing)
Topic: Pension vs. simply investing? Is pension even worth it at all?
Replies: 58
Views: 3713

Re: Pension vs. simply investing? Is pension even worth it at all?

I’m a California educator and we belong to a state funded pension plan to which we contribute called CALSTRS. Up to about 5 years ago we contributed 8% of our income. Now we contribute 10%. Our formula is based upon years of service credit x highest salary x age factor (age at retirement). For an ol...
by Needtoknow
Tue Apr 07, 2020 8:28 pm
Forum: Personal Finance (Not Investing)
Topic: COVID 19 Wells Fargo Mortgage Forbearance?
Replies: 9
Views: 1289

Re: COVID 19 Wells Fargo Mortgage Forbearance?

This is NOT a loan forebear an even. It is a 3 month stop of payment that goes to the end of the loan. There is no additional interest paid.
by Needtoknow
Thu Dec 26, 2019 3:11 am
Forum: Personal Finance (Not Investing)
Topic: Genworth raising LTCi premiums 150% over next 5-7 years
Replies: 165
Views: 9015

Re: Genworth raising LTCi premiums 150% over next 5-7 years

JoeRetire, would you mind disclosing the rough terms of the policy you hold (lifetime benefit, monthly premium, elimination period, etc...)? Second, do you think you could buy a similar policy today (one with reasonable premiums and where the premiums either don't increase ever or won't increase by ...
by Needtoknow
Wed Sep 25, 2019 9:44 am
Forum: Personal Finance (Not Investing)
Topic: Help with pension choices
Replies: 36
Views: 2983

Re: Help with pension choices

The GPO refers to the government worker whose spouse dies and he is entitled to social security benefits but receives a government pension. The spouse, widow or widower is the government employee and not the spouse of the government worker. I'm not affected by this, but just curious, does this mean...
by Needtoknow
Tue Sep 24, 2019 12:32 am
Forum: Personal Finance (Not Investing)
Topic: Help with pension choices
Replies: 36
Views: 2983

Re: Help with pension choices

Hi Needtoknow. At this point, I am leaning towards the "100% Beneficiary w/Allowance Increase" based on the valuable insight I've received in this thread. (Additionally, the allowance increase option costs only $31/month, with the added benefit, if my spouse were to predecease me, I'd revert the Un...
by Needtoknow
Tue Sep 24, 2019 12:14 am
Forum: Personal Finance (Not Investing)
Topic: Help with pension choices
Replies: 36
Views: 2983

Re: Help with pension choices

Based upon what i have read on these two social security sites regarding GPO and WEP, your wife’s social security (as well as mine) should not be affected) https://www.ssa.gov/pubs/EN-05-10007.pdf https://www.ssa.gov/pubs/EN-05-10045.pdf If they have their own social security accounts, it will be se...
by Needtoknow
Mon Sep 23, 2019 1:06 am
Forum: Personal Finance (Not Investing)
Topic: Help with pension choices
Replies: 36
Views: 2983

Re: Help with pension choices

Hello Blake 7, I have read this thread with some interest. I am in Calstrs and had the same dilemma about which option to give my wife. I decided upon the 100% option. The difference in my wife’s age compared to mine is 14 years so it was a slam dunk. However, I wanted to share with you something ab...
by Needtoknow
Tue Sep 17, 2019 2:05 am
Forum: Personal Finance (Not Investing)
Topic: Paying "early" on mortgage may be unwise
Replies: 298
Views: 29078

Re: Paying "early" on mortgage may be unwise

As I’ve read through this thread, I’ve seen a lot of good ideas and knowledgeable people responding correctly to the information at hand. Some comments are very skewedł. I like the mortgage professor. When it comes to home loans and payments I find the Mortgage Professor the knowledgeable and accura...
by Needtoknow
Tue Aug 13, 2019 11:50 am
Forum: Personal Finance (Not Investing)
Topic: help understanding pension
Replies: 19
Views: 1440

Re: help understanding pension

Always cash out of pensions when given the chance. Why wouldn’t you? There are too many variables to make this blanket statement. I would be crazy to cash out my pension. It would be about $385,000. However, I am taking my pension and I will receive almost 90% of my pay and my wife will also receiv...
by Needtoknow
Mon May 13, 2019 1:45 am
Forum: Personal Finance (Not Investing)
Topic: Moving to The Woodlands,TX
Replies: 60
Views: 12067

Re: Moving to The Woodlands,TX

Irony at its best, I am visiting the Woodlands as we speak, with an interview tomorrow. One thing that stands out is how the homes are right on top of each other, which is something I’m not used to. there are plenty of places to live outside of the Woodlands that are not on top of each other and yo...
by Needtoknow
Sun May 12, 2019 3:29 am
Forum: Personal Finance (Not Investing)
Topic: Moving to The Woodlands,TX
Replies: 60
Views: 12067

Re: Moving to The Woodlands,TX

I am considering applying for a job that is located in The Woodlands,TX. Could someone tell me the good,bad and the ugly of living in the area? Thank you. I have read all of the previous comments. Some are pretty accurate and some are very biased. I will give my take on it. I am in the process of r...
by Needtoknow
Sun May 12, 2019 1:49 am
Forum: Personal Finance (Not Investing)
Topic: Moving to The Woodlands,TX
Replies: 60
Views: 12067

Re: Moving to The Woodlands,TX

Grew up in Houston. The summer is 7 months. That's seven. Horrible heat and humidity. I'm not going back unless I'm in handcuffs. I'm in the Albuquerque area now. Best weather in the country, IMHO. Summer is NOT 7 months. It’s really hot for about 3 and half months. July, August and September. It c...
by Needtoknow
Fri May 03, 2019 3:08 am
Forum: Personal Finance (Not Investing)
Topic: Has anyone down-shifted in their career?
Replies: 59
Views: 8129

Re: Has anyone down-shifted in their career?

I downshifted this year from being a high school principal to a being a classroom teacher again. I am in the process of moving from California to Texas. My wife and daughter just moved there but I have two more years to maximize my pension. I am 59 with two more years to go. I went back to the class...
by Needtoknow
Tue Mar 26, 2019 7:53 pm
Forum: Personal Finance (Not Investing)
Topic: Swithced to bi-weekly payments, now one month ahead?
Replies: 3
Views: 618

Re: Swithced to bi-weekly payments, now one month ahead?

If you are trying to accelerate your mortgage by one payment every year, you can do the bi weekly payments which will give you the equivalent of one extra payment at the end of the year or 13 monthly payments instead of 12 monthly payments. However, I do this. I divide my monthly mortgage payment by...
by Needtoknow
Mon Mar 25, 2019 2:34 pm
Forum: Personal Finance (Not Investing)
Topic: Long-term care insurance
Replies: 45
Views: 2634

Re: Long-term care insurance

[quote=hmy care is adequate and meeting the criteria of the insurance company so I will get the benefits without hassle. My policy also allows adult s
Do you have Genworth?Sounds like our policy in terms of price,increase and benefits.
[/quote]

Yes, I have Genworth.
by Needtoknow
Sun Mar 24, 2019 2:34 pm
Forum: Personal Finance (Not Investing)
Topic: Long-term care insurance
Replies: 45
Views: 2634

Re: Long-term care insurance

I have watched many here make comments on long term care insurance and it’s interesting to me how some are so ill informed or make statements that don’t make sense. There are some here who are also knowledgeable about LTC insurance and are probably there to defend it since they sell it. I am neither...
by Needtoknow
Tue Feb 05, 2019 10:27 am
Forum: Personal Finance (Not Investing)
Topic: Is Long Term Care Insurance worth it?
Replies: 318
Views: 14362

Re: Is Long Term Care Insurance worth it?

...UNLESS you happen to work for the government and have a LTCI plan as a benefit... Even then LTCI can be a bad deal. DW worked for the State of CA, and we bought a plan through CalPERS. The literature said that our premium would never increase, but a few years later it did start to increase. Some...
by Needtoknow
Sun Feb 03, 2019 12:29 pm
Forum: Personal Finance (Not Investing)
Topic: Where should we place savings?
Replies: 11
Views: 1178

Re: Where should we place savings?

So the concern is truly how to invest to ensure short term and long term savings without being raped with taxes. I did not believe we were eligible for Roth IRA’s and HSA because of income restrictions. Backdoor Roth gets you around the income restrictions. HSAs are not subject to income caps. Agai...
by Needtoknow
Sun Feb 03, 2019 11:19 am
Forum: Personal Finance (Not Investing)
Topic: Where should we place savings?
Replies: 11
Views: 1178

Re: Where should we place savings?

My wife’s company is not a Fortune 500 company. I am not totally sure of its strength. Two years ago, the gave her supposedly $100,000 in company stock instead of her bonus. She has to stay with the company five years in order to keep that stock. I must say that we both don’t fully understand it, b...
by Needtoknow
Sun Feb 03, 2019 11:14 am
Forum: Personal Finance (Not Investing)
Topic: Where should we place savings?
Replies: 11
Views: 1178

Re: Where should we place savings?

Does she have a High deductable medical plan? a HSA is a good option here. Do you take care of a dependant (parant or child or someone you are guardian of)? A Dependant care Flex spending plan is another option. Our medical insurance is paid for from my job. We have a six year old but don’t pay for...
by Needtoknow
Sun Feb 03, 2019 11:09 am
Forum: Personal Finance (Not Investing)
Topic: Where should we place savings?
Replies: 11
Views: 1178

Re: Where should we place savings?

First off, are you talking only about savings (e.g. cash equivalents), or are you looking to increase your longer-term wealth though investments? Or both? For shorter term savings, you could look at Treasury Series I Savings Bonds , a treasury money market fund like Vanguard's VUSXX , high-yield sa...
by Needtoknow
Sun Feb 03, 2019 10:33 am
Forum: Personal Finance (Not Investing)
Topic: Where should we place savings?
Replies: 11
Views: 1178

Re: Where should we place savings?

Lots of information going on here. The deferred compensation plan is interesting. I'm comfortable putting $80k/year away in mine, but I work for a Fortune 500 company in a regulated industry. I would start by digging more into this plan. Who is the trustee, what are the assets behind the plan (are ...
by Needtoknow
Sat Feb 02, 2019 8:19 pm
Forum: Personal Finance (Not Investing)
Topic: Where should we place savings?
Replies: 11
Views: 1178

Where should we place savings?

Hello All, I am looking for some advice. I am 59 and about to retire in two years. I have a pension that will cover all of our expenses. However, I am worried about the best way to handle my wife’s income so that Uncle Same will not get most of it. She makes $225K but has no write offs as her compan...
by Needtoknow
Wed Jul 19, 2017 9:02 am
Forum: Personal Finance (Not Investing)
Topic: Pension Survivor Benefit in Lieu of Long Term Care Insurance?
Replies: 27
Views: 2460

Re: Pension Survivor Benefit in Lieu of Long Term Care Insurance?

I made this decision at age 55 even though I will not retire until 61.5. I made the decision because my retirement benefit increased the earlier I made the decision prior to my retirement age. It turns out to be about $300 more a month. My suggestion would be that you take the 100% joint survivor wh...
by Needtoknow
Tue Jun 06, 2017 2:39 am
Forum: Personal Finance (Not Investing)
Topic: Teachers: what are your best personal finance tips?
Replies: 91
Views: 15569

Re: Teachers: what are your best personal finance tips?

Yes, it is interesting how the pension numbers can change quite a bit by moving the retirement age just slightly. I played with the CalSTRS pension calculator and assumed the highest salary on the schedule when I retire will be the same as it is today (just for a crude estimate). Here are the month...
by Needtoknow
Sun Jun 04, 2017 2:35 pm
Forum: Personal Finance (Not Investing)
Topic: Teachers: what are your best personal finance tips?
Replies: 91
Views: 15569

Re: Teachers: what are your best personal finance tips?

Do these numbers also include the additional years worked between 58 and 62? Remember, also, that the longer you stay in, the more likely that there might be pay increases. If you started out as a sub or worked a partial year, look into whether you can purchase service credit for that time. The las...
by Needtoknow
Sun Jun 04, 2017 6:44 am
Forum: Personal Finance (Not Investing)
Topic: Teachers: what are your best personal finance tips?
Replies: 91
Views: 15569

Re: Teachers: what are your best personal finance tips?

There are so many items that can be placed in your blog that I cannot even imagine where you can start. However, many are already stated. I am a school administrator and have been for the last 20 years. I am going to retire in a few years. I have always tried to educate my new teachers about plannin...
by Needtoknow
Sun Jun 04, 2017 5:42 am
Forum: Personal Finance (Not Investing)
Topic: Teachers: what are your best personal finance tips?
Replies: 91
Views: 15569

Re: Teachers: what are your best personal finance tips?

Do these numbers also include the additional years worked between 58 and 62? Remember, also, that the longer you stay in, the more likely that there might be pay increases. If you started out as a sub or worked a partial year, look into whether you can purchase service credit for that time. The las...
by Needtoknow
Sun Jun 04, 2017 5:33 am
Forum: Personal Finance (Not Investing)
Topic: Teachers: what are your best personal finance tips?
Replies: 91
Views: 15569

Re: Teachers: what are your best personal finance tips?

We're on a trajectory to be able to retire in our late 50s. However, I really love my job and may continue to do it for longer than that. Your CalSTRS pension at 58 will have an age factor of 1.8. At age 61.5 (assuming 30 years), the age factor maxes at 2.4. Huge difference. Yes, it is interesting ...
by Needtoknow
Sun Jun 04, 2017 5:04 am
Forum: Personal Finance (Not Investing)
Topic: Teachers: what are your best personal finance tips?
Replies: 91
Views: 15569

Re: Teachers: what are your best personal finance tips?

Not to mention in our state, teachers' pensions are reduced for SS benefits (including spousal SS) which makes them less generous then they may appear on the surface. Other way around. It's the Social Security benefits that are reduced, not the pension. Windfall Elimination Provision. Also, if the ...
by Needtoknow
Sun Mar 26, 2017 6:11 pm
Forum: Personal Finance (Not Investing)
Topic: Where to Invest 401k Rollover & How to save taxes in Retirement
Replies: 2
Views: 559

Re: What to invest in now

I think it is cool that you are on a Bogleheads website and trying to avoid the financial advisor. They do tend to like annuities, the commission for the advisor can be in the 6 percent area so they are tempted to sell you them. It is so funny that say this. I had not hear from him since we came to...
by Needtoknow
Sun Mar 26, 2017 5:17 pm
Forum: Personal Finance (Not Investing)
Topic: Where to Invest 401k Rollover & How to save taxes in Retirement
Replies: 2
Views: 559

Where to Invest 401k Rollover & How to save taxes in Retirement

My DW and I are reviewing her alternatives for saving. I am retiring in four years with a six figure pension and she will receive the same amount upon my death as we are 14 years apart. I have 403B with over $100,000. We have a four year old who we hope to go to college one day so a 529 account has ...
by Needtoknow
Sat Feb 25, 2017 8:24 am
Forum: Personal Finance (Not Investing)
Topic: BH thoughts on Time shares
Replies: 123
Views: 12630

Re: BH thoughts on Time shares

I know that many Bogleheads do not believe in timeshares, but I must tell you that I get a lot of value from mine. VRBO Arbnb do not get give me the kind of value I get. First, I own a two bedroom at Marriott's Ko Olina. I bought it resale for $8000 during the financial crisis. I currently pay about...
by Needtoknow
Fri Dec 18, 2015 11:51 pm
Forum: Personal Finance (Not Investing)
Topic: CalSTRS account balance purpose?
Replies: 3
Views: 628

Re: CalSTRS account balance purpose?

Your wife's Calstrs account balance only comes into play if she were to pass away before retirement or if she for some reason or the other wanted to leave teaching and for some reason did not want to take the retirement monthly pension payout. The account balance is a combination of the amount of mo...
by Needtoknow
Sat Oct 24, 2015 11:27 pm
Forum: Personal Finance (Not Investing)
Topic: LTC insurance AGGHH !!! Can I self-insure ?
Replies: 53
Views: 7147

Re: LTC insurance AGGHH !!! Can I self-insure ?

I have seen many posts here on people who feel they will self insure. That is a possibility, but many people that I know who make decent incomes cannot self insure this expense if they will need it. For sure most people will not need it for an extended amount of time. However, if you have a spouse, ...
by Needtoknow
Sat Oct 26, 2013 2:50 am
Forum: Personal Finance (Not Investing)
Topic: Long Term Care Policy Poll
Replies: 60
Views: 6877

Re: Long Term Care Policy Poll

I bought a policy for me and my wife three years ago when I was 51 and my wife was 37. I am glad I did when I did as in those three years, the prices have gone up substantially for the exact some policies we have. Also, the amount of coverage of our policies have increased as well since we have the ...
by Needtoknow
Mon Oct 14, 2013 1:56 pm
Forum: Personal Finance (Not Investing)
Topic: LTC Insurance Revisited
Replies: 20
Views: 2367

Re: LTC Insurance Revisited

So is there an internet site where I can price LTC policies without having to deal with an agent...at least initially? No, because there are so many variables involved in determining the cost of LTC. That is why you need to see an agent. I would suggest an independent one that can show you various ...
by Needtoknow
Sun Oct 13, 2013 2:29 am
Forum: Personal Finance (Not Investing)
Topic: LTC Insurance Revisited
Replies: 20
Views: 2367

Re: LTC Insurance Revisited

With a single pay, you would be protected from price increases.
by Needtoknow
Sat Oct 05, 2013 11:23 pm
Forum: Personal Finance (Not Investing)
Topic: LTC Insurance Revisited
Replies: 20
Views: 2367

Re: LTC Insurance Revisited

Yes. these do exist. Many companies that sold LTC insurance had them, but many of them do not offer them anymore. They are legitimate policies.
by Needtoknow
Fri Aug 30, 2013 10:40 pm
Forum: Personal Finance (Not Investing)
Topic: Pension Question
Replies: 22
Views: 2582

Re: Pension Question

gvsucavie03, You are only 32! Do you really need to make your J&S survivor option choice now for all time? I have trouble imagining you won't get to change your choice when retirement happens. I just retired and we didn't even have an option to make our J&S choice until then. Prior to that it defau...
by Needtoknow
Thu Aug 22, 2013 7:33 pm
Forum: Personal Finance (Not Investing)
Topic: LTCI, Age 28?
Replies: 13
Views: 1578

Re: LTCI, Age 28?

I think that LTCi is a good thing. I have policies for my wife and myself that I bought a few years ago. I am in my early 50's and my wife in her late 30's. There is not that big a difference in our premiums. I would suggest you wait 25 or so years and revisit this. Paying all of those premiums at s...
by Needtoknow
Sat Aug 17, 2013 11:02 am
Forum: Personal Finance (Not Investing)
Topic: So You're Going to Self Insure Long Term Care?
Replies: 83
Views: 8689

Re: So You're Going to Self Insure Long Term Care?

funny how he uses part of a post from an insurance agent site with misleading stats within the post. this has been discussed time and time again. please use the search button. of course even on that same site are other threads from other insurance agents who sell ltci regarding how the companies do...
by Needtoknow
Sat Aug 17, 2013 5:53 am
Forum: Personal Finance (Not Investing)
Topic: So You're Going to Self Insure Long Term Care?
Replies: 83
Views: 8689

So You're Going to Self Insure Long Term Care?

I know that many on this forum don't believe that LTCi is worth the money. However, I bought a policy and have great peace of mind knowing my wife and family will not be able to make sure I am taken care of if needed without putting so much strain on the family financially and emotionally. I know th...
by Needtoknow
Mon Jul 08, 2013 11:24 am
Forum: Personal Finance (Not Investing)
Topic: Long-Term-Care Insurance Leaves Customers Groping
Replies: 61
Views: 7659

Re: Long-Term-Care Insurance Leaves Customers Groping

The bottom line is this. No one can predict the future so if you have it and end up needing it, you have been smart. If you buy it and never use it, that's good because you're healthy. If you don't buy it and need it, you could be screwed. Those who could have bought it but are saving in those HSA a...
by Needtoknow
Wed Jun 19, 2013 3:02 pm
Forum: Personal Finance (Not Investing)
Topic: Are hybrid cars cost effective?
Replies: 109
Views: 11661

Re: Are hybrid cars cost effective?

I own a 2007 Toyota Camry Hybrid. I bought it new in 2006. Other than oil changes and regular maintenance checks, I have had NO problems. I like the mileage a great deal. I usually get around 35 mpg but depending on what and where I am going I can do better or worse. I have about 125,000 miles on it...
by Needtoknow
Tue Jun 04, 2013 3:40 pm
Forum: Personal Finance (Not Investing)
Topic: When to consider buying long-term care insurance?
Replies: 64
Views: 13414

Re: When to consider buying long-term care insurance?

It would be interesting to hear from those who have purchased LTCi within the last 0-3 years , and see what their calculations were. I just do not see how the numbers add up. - How does the policy provide increasing benefits to somehow approximate the true costs 15-25 years in the future? - How doe...
by Needtoknow
Sat Jun 01, 2013 7:55 pm
Forum: Personal Finance (Not Investing)
Topic: When to consider buying long-term care insurance?
Replies: 64
Views: 13414

Re: When to consider buying long-term care insurance?

The bottom line is this. If you want the insurance and can afford it then buy it. if you don't and want to gamble that you won't need it, then don't buy it. As for canceling the insurance whenever they want to, that statement is incorrect. It is not like like car insurance in that respect. It's just...
by Needtoknow
Mon May 27, 2013 2:06 am
Forum: Personal Finance (Not Investing)
Topic: When to consider buying long-term care insurance?
Replies: 64
Views: 13414

Re: When to consider buying long-term care insurance?

As with everything there is not a hard and fast rule. There are always exceptions. I bought policies for my wife and me when I was 52 and she was 38. The difference for our annual premium about $300. That's not very much to me. However, her policy will be paid up if I should die first or my policy w...