Search found 315 matches

by mnnice
Wed Jul 11, 2018 8:36 am
Forum: Personal Finance (Not Investing)
Topic: How much should i expect to pay for car insurance?
Replies: 22
Views: 1264

Re: How much should i expect to pay for car insurance?

Hi Bogleheads, Apologies for missing out on some essential info. Here are the below points: 1) age: 26 2) marital status: single 3) driving history: this is my first car 4) make and model of car: honda accord 2015 5) state of residence: NJ 6) whether to be used for business: no 7) where i work: NY ...
by mnnice
Wed Jun 27, 2018 4:01 pm
Forum: Personal Finance (Not Investing)
Topic: Can you retire on $2M?
Replies: 173
Views: 20673

Re: Can you retire on $2M?

Honestly, I don't understand how people live on $40K, $50K or even $60K per year. Including taxes as well as healthcare before Medicare kicks in, I struggle to get it below $100K for two people, assuming we want to do anything besides sit in the house not spending money. But if we just sit in the h...
by mnnice
Tue Jun 26, 2018 10:57 am
Forum: Personal Finance (Not Investing)
Topic: Can you retire on $2M?
Replies: 173
Views: 20673

Re: Can you retire on $2M?

Honestly, I don't understand how people live on $40K, $50K or even $60K per year. Including taxes as well as healthcare before Medicare kicks in, I struggle to get it below $100K for two people, assuming we want to do anything besides sit in the house not spending money. But if we just sit in the h...
by mnnice
Mon Jun 25, 2018 9:57 am
Forum: Personal Finance (Not Investing)
Topic: Can you retire on $2M?
Replies: 173
Views: 20673

Re: Can you retire on $2M?

In doing the math, it seems like if you're 40 with $2M you could possibly retire. $2M @ 8% interest annually for 40 years (die at 100 years old) yields you $161,000 annually. You may not draw $161,000 to start, maybe you draw $60,000 and therefore grow your overall pot over 40 years. Then again, if...
by mnnice
Fri Jun 22, 2018 4:54 pm
Forum: Personal Finance (Not Investing)
Topic: Is it normal for federal and state taxable income to be wildly different?
Replies: 10
Views: 752

Re: Is it normal for federal and state taxable income to be wildly different?

We have had no federal liability and a solid four figure state liability as my state taxes LTCG as regular income and our rate is zero on those from the feds.
by mnnice
Fri Jun 22, 2018 12:53 pm
Forum: Personal Finance (Not Investing)
Topic: Two Toyotas - time to update for long trips?
Replies: 25
Views: 2076

Re: Two Toyotas - time to update for long trips?

I have a 2010 Prius with 100k and a 2004 Pontiac Vibe (a GM branded Toyota) with 216k. I wouldn’t hesitate to drive either 500 miles in non-blizzard conditions.
by mnnice
Tue Jun 19, 2018 12:20 pm
Forum: Personal Finance (Not Investing)
Topic: Lost job. Take early SS or draw from accounts?
Replies: 54
Views: 6051

Re: Lost job. Take early SS or draw from accounts?

I would argue to wait til at least 65 to take SS. The way the current system works by taking it now you are both decreasing your SS annunity amount and increasing your monthly health care premiums.
by mnnice
Sun Jun 17, 2018 8:49 pm
Forum: Personal Finance (Not Investing)
Topic: Lost job. Take early SS or draw from accounts?
Replies: 54
Views: 6051

Re: Lost job. Take early SS or draw from accounts?

Once she loses her job and finds herself in greatly reduced circumstances, the Medicaid people use that, not her YTD earnings/income in calculating her eligibility. Perhaps "is eligible for unemployment at $405/week for 26 weeks. " impacts her ability to get Medicaid http://www.wnylc.com/health/ent...
by mnnice
Fri Jun 15, 2018 8:39 am
Forum: Personal Finance (Not Investing)
Topic: can we afford to spend $20K on travel annually
Replies: 89
Views: 6994

Re: can we afford to spend $20K on travel annually

I remember staying in a nice city center hotel for a vacation we took when our kids were about 6 and 9. The 9 year old liked the hotel. The 6 year old thought that the next vacation we should have a “better “ hotel. When asked for specifics he wanted a waffle machine and a pool he could stand up in....
by mnnice
Sat Jun 09, 2018 8:33 pm
Forum: Personal Finance (Not Investing)
Topic: Moved Family Across Country for New Job and Job is now gone
Replies: 27
Views: 6537

Re: Moved Family Across Country for New Job and Job is now gone

Collecting unemployment is not contingent on your location. I collected unemployment from state A (when I worked there I lived in state B), and moved to state C while collecting unemployment.
by mnnice
Thu Jun 07, 2018 1:35 pm
Forum: Personal Finance (Not Investing)
Topic: How much to budget for a week long vacation for 2?
Replies: 79
Views: 4466

Re: How much to budget for a week long vacation for 2?

Since my "final" retirement in April 2017, we've taken 7 vacations, each lasting 1-3 weeks. Of these, 5 were done using a website that offers free accommodations in exchange for pet sitting duties, and 2 of the pet sits were international (Vancouver and SW France). Often this included airport picku...
by mnnice
Mon Jun 04, 2018 2:20 pm
Forum: Personal Finance (Not Investing)
Topic: How gameable is the FAFSA for the early retiree?
Replies: 24
Views: 2702

Re: How gameable is the FAFSA for the early retiree?

I actually think having an income low enough for reduced lunch accomplishes the same thing.

I think the bigger problem is a EFC of zero will be gapped at nearly all colleges in this country.
by mnnice
Fri Jun 01, 2018 7:15 pm
Forum: Personal Finance (Not Investing)
Topic: Do average kids from upper middle class families get any free college money (Scholarships / non-repayable grants etc)
Replies: 266
Views: 17961

Re: Do average kids from upper middle class families get any free college money (Scholarships / non-repayable grants etc

Due to grade inflation in high schools accompanied with the SAT being made easier it is difficult for the top kids to differentiate themselves. Even the SAT Math II score of 800 is awarded to 75% of the kids who take it. Are you sure? I find it hard to believe. I understand that there is grade infl...
by mnnice
Tue May 22, 2018 2:08 pm
Forum: Personal Finance (Not Investing)
Topic: Buy an old farmhouse?
Replies: 52
Views: 5108

Re: Buy an old farmhouse?

My experiences with country living was mixed. Things I would be leery of would be snow removal both how are you going to take care of your drive and how timely will your road be plowed. I would expect lots more utilities expense. We had four figure utility bills when we lived in a house of that size...
by mnnice
Mon May 21, 2018 9:34 pm
Forum: Personal Consumer Issues
Topic: Anyone Using Food Sealing Vacuums (eg FoodSaver)?
Replies: 23
Views: 1881

Re: Anyone Using Food Sealing Vacuums (eg FoodSaver)?

I don’t have one but unless I had something super premium (halibut steaks or grass feed lamb chops or something) I wouldn’t bother. For things like berries or peas freezer ziplocks are superior as I can divvy out what I want. They tend to not freezer burn to bad anyway. I prefer freezer paper for me...
by mnnice
Sun May 20, 2018 8:04 pm
Forum: Personal Finance (Not Investing)
Topic: Finance a $28,000 house for Brother?
Replies: 73
Views: 5485

Re: Finance a $28,000 house for Brother?

https://www.trulia.com/p/tx/brownsville/2628-yolanda-st-brownsville-tx-78521--2071564852 Here is a link to the house I used to live in for those who think a 20k or 30k house doesn't exist or must be condemned. The owner never made a repair in the years I lived there. Property taxes are 400/yr or so...
by mnnice
Thu May 17, 2018 10:21 pm
Forum: Personal Finance (Not Investing)
Topic: I will be laid off but can not get unemployment benefits?
Replies: 26
Views: 4018

Re: I will be laid off but can not get unemployment benefits?

Check your state. I collected unemployment for about nine months and had a part-time job (w-2) nearly the entire time. There are pretty massive variations from the most generous states and the least. woww how is this possible? I guess it depends on the state. I think in Texas, they will deduct part...
by mnnice
Thu May 17, 2018 10:14 pm
Forum: Personal Consumer Issues
Topic: Must See in South Dakota
Replies: 58
Views: 4350

Re: Must See in South Dakota

I would like to clarify if you are going from the Twin Cities to the Black Hills Sioux Falls is not the mid-point. It’s about four hours of a thirteen hour drive. Minneapolis to Sioux Falls: 4 hours Sioux Falls to Rapid City: 5 hours Still another hour to Custer. I personally don’t consider Rapid C...
by mnnice
Thu May 17, 2018 6:58 pm
Forum: Investing - Help with Personal Investments
Topic: Long term investment in grains/wheat
Replies: 22
Views: 1462

Re: Long term investment in grains/wheat

aristotelian wrote:
Thu May 17, 2018 5:16 pm
Stock in Archer Daniels, The Andersons, or Cargill?
Cargill is a private company. 8-)

The prepper in me thinks maybe having a 100lbs that you rotate through ever year or two wouldn’t be the worst idea :wink
by mnnice
Thu May 17, 2018 8:24 am
Forum: Personal Finance (Not Investing)
Topic: I will be laid off but can not get unemployment benefits?
Replies: 26
Views: 4018

Re: I will be laid off but can not get unemployment benefits?

Check your state.

I collected unemployment for about nine months and had a part-time job (w-2) nearly the entire time. There are pretty massive variations from the most generous states and the least.
by mnnice
Tue May 15, 2018 11:03 am
Forum: Personal Consumer Issues
Topic: Must See in South Dakota
Replies: 58
Views: 4350

Re: Must See in South Dakota

Palisades State Park has not been mentioned yet. It’s my favorite park in eastern South Dakota.

I would like to clarify if you are going from the Twin Cities to the Black Hills Sioux Falls is not the mid-point. It’s about four hours of a thirteen hour drive.
by mnnice
Mon May 14, 2018 5:52 pm
Forum: Personal Finance (Not Investing)
Topic: Best way to define "rich"?
Replies: 32
Views: 2484

Re: Best way to define "rich"?

If you can afford to buy the Tropicana even if the other brand of orange juice is on sale. I struggle with this and I don’t think another 1 million, 5 million would get me to be not mindful of the price of every day purchases. Other people people live paycheck to paycheck and always just buy their ...
by mnnice
Fri May 11, 2018 3:27 pm
Forum: Personal Finance (Not Investing)
Topic: Payment in Lieu of Health Benefits
Replies: 10
Views: 921

Re: Payment in Lieu of Health Benefits

I received cash in lieu of health insurance for ~10 years. It ended up being $600-700 per month but we did take DH’s more expensive, less comprehensive coverage. It was a benefit negotiated by the union as we had several married couples on staff. It was a great deal while it lasted and it ended sudd...
by mnnice
Wed May 09, 2018 8:00 pm
Forum: Personal Finance (Not Investing)
Topic: Pay capital gains now, avoid ACA cliff later?
Replies: 22
Views: 2795

Re: Pay capital gains now, avoid ACA cliff later?

What is your current yield on your taxable? Do you have any concerns about any individual stocks (if you own any) being acquired by someone else or declaring a special dividends, or anything else that could inadvertently push you over 400% of poverty? I would be careful not to cut it too close.
by mnnice
Wed May 09, 2018 8:08 am
Forum: Personal Consumer Issues
Topic: AMC Movie Theaters -- typical OR not?
Replies: 61
Views: 4722

Re: AMC Movie Theaters -- typical OR not?

The AMC closest to me it an late 1980s time warp. I have four theaters I frequent. One wins for convenience (its an easy walk). One wins for best movie choices and concessions. I have a Cinemark that wins for seats and having morning shows. The AMC stinks and I only go if I want to see a movie playi...
by mnnice
Fri May 04, 2018 8:32 am
Forum: Personal Finance (Not Investing)
Topic: Moving downtown Chicago. Should I sell my car?
Replies: 41
Views: 2777

Re: Moving downtown Chicago. Should I sell my car?

When I moved to downtown Chicago a few years ago I sold my car. I've had precisely zero regrets. Downtown is very walkable (flat, and all the essentials are a short walk). CTA is decent, and is generally convenient for crossing town or getting to either airport. Uber/Lyft are readily available and ...
by mnnice
Thu May 03, 2018 1:33 pm
Forum: Personal Finance (Not Investing)
Topic: "Gap in financial literacy widens for couples the longer the relationship lasts, study suggests"
Replies: 13
Views: 1874

Re: "Gap in financial literacy widens for couples the longer the relationship lasts, study suggests"

Classic partnership division of working roles. One is in charge of laundry and cooking. The other is in charge of home maintenance and paying bills. Trouble begins when that partnership division ends due to death, illness or divorce. And if we are honest they all end. I have stuff I do nearly every...
by mnnice
Wed Apr 25, 2018 9:09 am
Forum: Personal Finance (Not Investing)
Topic: FIRE and health insurance
Replies: 25
Views: 4123

Re: FIRE and health insurance

> How do you handle health insurance when you retire early? Simple. You're not financially independent until you have a plan to afford health care. I think the OP gets that. He or she is trying to figure out a rough estimate of what it will take to have insurance. I think if you retired right now y...
by mnnice
Mon Apr 23, 2018 8:56 pm
Forum: Personal Consumer Issues
Topic: Nomadic lifestyle in their 50s
Replies: 101
Views: 11144

Re: Nomadic lifestyle in their 50s

Hey OP! South Dakota has no income tax and is centrally located. You won't spend much of your condo profit buying this homebase. 3 bedrooms for only $29,600! https://www.zillow.com/homedetails/206-W-8th-St-Woonsocket-SD-57385/114566708_zpid/?fullpage=true That would qualify for what my SO calls “qu...
by mnnice
Thu Apr 19, 2018 8:59 am
Forum: Personal Finance (Not Investing)
Topic: Can I retire at age 40?
Replies: 158
Views: 17628

Re: Can I retire at age 40?

[quote=Tamalak 6) Ignore the widespread sentiment on this thread and elsewhere that REAL men work themselves into the grave :sharebeer [/quote] +1000 My only other comment as a semi-retired human with children still at home is that unless you homeschool, school schedules can severely limit travel ev...
by mnnice
Wed Apr 18, 2018 7:57 am
Forum: Personal Finance (Not Investing)
Topic: Retire early. Do you think it is possible?
Replies: 33
Views: 3466

Re: Retire early. Do you think it is possible?

Vacations are nowhere near the top of the list when it comes to expenses in an early retirement. You can get there, but the timing seems like it would be terrible. As mentioned, two kids in college, no access to medical coverage in early retirement, etc...... You need to do a lot more reading here ...
by mnnice
Tue Apr 17, 2018 8:41 am
Forum: Personal Finance (Not Investing)
Topic: better? Lowering taxable income to 12%, go below 63k to collect Savers credit, or max all Roths
Replies: 35
Views: 3092

Re: better? Lowering taxable income to 12%, go below 63k to collect Savers credit, or max all Roths

Roughly 3.75% of the balance needs to be taxed at 70 1/2. The amount increases as you age.

You might be okay as you could retire early and pay taxes on the 457 money much sooner. Just part of the big picture
by mnnice
Mon Apr 16, 2018 7:27 pm
Forum: Personal Finance (Not Investing)
Topic: Capital Gains Tax When Very Little Income
Replies: 7
Views: 1088

Re: Capital Gains Tax When Very Little Income

Don't forget to also figure out the impact on your state taxes since they may tax capital gains much differently. The long term capital gains may be taxed at zero percent but the income can also impact other things like getting a healthcare subsidy, or having such low income that you would be under...
by mnnice
Thu Apr 12, 2018 8:43 am
Forum: Personal Finance (Not Investing)
Topic: The "mechanics" of retiring
Replies: 20
Views: 4041

Re: The "mechanics" of retiring

Just a couple of comments. I think there are tax advantages to part-time (more so if you have dependents). We are nearly four years into semi retirement and have avoided SEPP route so far. It seems less flexible than our present “system” of Roth conversion, spending down taxable, and part time work....
by mnnice
Wed Apr 11, 2018 9:50 pm
Forum: Investing - Help with Personal Investments
Topic: Where to invest $2200 in a 16 year old's Roth IRA
Replies: 17
Views: 1214

Re: Where to invest $2200 in a 16 year old's Roth IRA

We did something similar the past two years. Fidelity is the custodian. DS picked the investment and he chose Nvidia. Not sure if this is good or bad. The good news is that his Roth balance exceeds his lifetime w-2 earnings. The bad news is he could think he is a great stock picker.
by mnnice
Tue Apr 10, 2018 7:16 am
Forum: Personal Finance (Not Investing)
Topic: Cash flow problems - best way to handle?
Replies: 134
Views: 8879

Re: Cash flow problems - best way to handle?

Anyone that is suggesting loans here is missing the forest for the trees. This is not a short term cash flow issue but a fundamental cash flow issue. There is a reason that lenders will not lend to you if Requires half of your take home pay going to housing. They have teams of statistical data sayi...
by mnnice
Mon Apr 02, 2018 1:25 pm
Forum: Personal Finance (Not Investing)
Topic: What age is the best to give a child control of an inheritance?
Replies: 192
Views: 12451

Re: What age is the best to give a child control of an inheritance?

Shikoku wrote:
Sun Apr 01, 2018 9:32 pm
mnnice wrote:
Sat Mar 31, 2018 10:02 pm
As it is written that we would have a testimary trust with a corporate trustee til 25 at which point each kid would get full control of his share.
It seems you mean testamentary trust.
Yes I am an awful speller. I tried a couple spellings. I think they were all wrong.
by mnnice
Sun Apr 01, 2018 9:04 pm
Forum: Personal Consumer Issues
Topic: Hand and bath towels- keep them or toss
Replies: 14
Views: 2205

Re: Hand and bath towels- keep them or toss

I realized about 5 years ago that no one in my house ever used a hand towels at all. I also realize that I like cheap thin washcloths better than fancier one. Last time I bought towels I bought ~8 nice bath towels ~18 cheap washcloths (at Target at the same time the colors match well) and zero hand ...
by mnnice
Sat Mar 31, 2018 10:02 pm
Forum: Personal Finance (Not Investing)
Topic: What age is the best to give a child control of an inheritance?
Replies: 192
Views: 12451

Re: What age is the best to give a child control of an inheritance?

I have thought about this a bit for my own situation. When the will my DH and I had written 16 years ago our potential estate was much smaller than it would be now. As it is written that we would have a testimary trust with a corporate trustee til 25 at which point each kid would get full control of...
by mnnice
Tue Mar 27, 2018 9:39 pm
Forum: Personal Finance (Not Investing)
Topic: Question about ACA Subsidy
Replies: 20
Views: 1965

Re: Question about ACA Subsidy

Would your SO quit very late in 2018 or 2019?

I would think it might give you more flexibility to have fewer tax deferred contributions for 2018 in case you need more in 2019.
by mnnice
Sun Mar 18, 2018 12:55 pm
Forum: Personal Finance (Not Investing)
Topic: no health insurance as an early retirement strategy
Replies: 30
Views: 2256

Re: no health insurance as an early retirement strategy

As someone that is semi retired brfore Medicare eligibility it can doable. Having health insurance doesn’t have to be cost prohibitive if you can engineer your life and finances give you an ACA AGI under 400% of poverty.
by mnnice
Sat Mar 17, 2018 9:21 pm
Forum: Personal Finance (Not Investing)
Topic: Say I Can Scrape Up Some Money, Then What Do I Do?
Replies: 15
Views: 1307

Re: Say I Can Scrape Up Some Money, Then What Do I Do?

(PS: I read that people should save a minimum of 3 months in an emergency fund!! That'd be $15,000! Is that usually done by making that a number for the monthly budget too? : / yuck Yep and if your income is self-employment it probably should be more than three months. I have listened to lots of Dav...
by mnnice
Fri Mar 09, 2018 10:14 pm
Forum: Investing - Help with Personal Investments
Topic: Can I take an 85+% pay cut for fun?
Replies: 80
Views: 9487

Re: Can I take an 85+% pay cut for fun?

1. What does your spouse think of your plan? Remember that it will impact your entire family. 2. Cut your living expenses to $50K + taxes and actually live on that much for one year. If you can do that, you are ready. (I selected a number lower than others have since you already own your home.) May...
by mnnice
Wed Feb 28, 2018 8:41 am
Forum: Personal Consumer Issues
Topic: Amazon Prime Visa now 5% back at Whole Foods
Replies: 30
Views: 2981

Re: Amazon Prime Visa now 5% back at Whole Foods

I think the plan is to have prime only deals at Whole Foods. At Thanksgiving the had a prime deal that was an extra discount on turkey that was only for prime members. This doesn’t require people to have the prime card (yet).
by mnnice
Tue Feb 27, 2018 8:53 pm
Forum: Personal Finance (Not Investing)
Topic: Car & Car Loan in both names or just one?
Replies: 17
Views: 36372

Re: Car & Car Loan in both names or just one?

I don't know of any advantage of having one of you on the title and not both of you, but I'd certainly like to hear about such an advantage if it exists. Easier to sell in a private party sale. DH and I each sold the car we owned at the time we got married that way. We did not have to have the othe...
by mnnice
Tue Feb 27, 2018 2:23 pm
Forum: Investing - Help with Personal Investments
Topic: Buying pension credit: Should I use pre or post tax dollars?
Replies: 20
Views: 1465

Re: Buying pension credit: Should I use pre or post tax dollars?

I would be tempted to do some of each as a tax diversification strategy (unless you already have lots of Roth $). Also just because both your current and previous home states are state tax free you could end up elsewhere at some point.
by mnnice
Tue Feb 27, 2018 2:02 pm
Forum: Personal Finance (Not Investing)
Topic: Understanding 2017 ACA Insurance >> Alternative to ACA until age 65 >>Possible Solutions??
Replies: 115
Views: 8660

Re: Understanding 2017 ACA Insurance >> Alternative to ACA until age 65 >>Possible Solutions??

I would look super hard at buying travel health insurance and bugging out of the US for some longer periods of 2018. I suspect that travel insurance combined with self pay on cheap routine stuff like teeth cleanings might be both cheaper and less hassle than your currently arrangement.
by mnnice
Mon Feb 26, 2018 8:40 pm
Forum: Personal Finance (Not Investing)
Topic: $500 above EITC limit and $700 above 20% savers credit instead of 10%...
Replies: 17
Views: 1106

Re: $500 above EITC limit and $700 above 20% savers credit instead of 10%...

^my wife and I already did the maximum 5,500 each for last year. If I overpaid for my ACA last year I am assuming that turbotax is taking that into account and fixing it for me? is there any way we could possibly pay less taxes if we filed seperately? IIRC Married filing separately are not eligible...