Search found 1491 matches

by basspond
Tue Oct 18, 2022 1:34 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone unretiring?
Replies: 59
Views: 12648

Re: Anyone unretiring?

I have planned for retirement for almost 40 years so I didn't have to think about going back to work when I did.
by basspond
Tue Oct 18, 2022 1:29 pm
Forum: Personal Finance (Not Investing)
Topic: Eggs in One Basket (banking/brokerage/savings)
Replies: 46
Views: 4421

Re: Eggs in One Basket (banking/brokerage/savings)

1. It depends. We still haven't divested our company's savings plan, have two outside financial institutions for our investments and two banking accounts (plus we can write checks from our financial institutions.)
2. Its not set in stone because we will move money in for entire year expenses.
by basspond
Wed Jan 26, 2022 6:53 am
Forum: Personal Finance (Not Investing)
Topic: Spousal Income Differential
Replies: 53
Views: 6490

Re: Spousal Income Differential

You can start by combining accounts. Your spouse might have more skin in the game if they knew that all your accounts are joint. How would you feel if your spouse wanted to keep accounts separate because they made more?
by basspond
Wed Jan 26, 2022 6:41 am
Forum: Personal Finance (Not Investing)
Topic: Modifying Pension Plan - Final Average Salary
Replies: 6
Views: 953

Re: Modifying Pension Plan - Final Average Salary

Our plan was based on the highest 3 year salary in the last 10 years.
by basspond
Wed Jan 26, 2022 6:36 am
Forum: Personal Finance (Not Investing)
Topic: Didn't claim college kid in 2020 but will in 2021
Replies: 5
Views: 794

Re: Didn't claim college kid in 2020 but will in 2021

This happened to us in 2019 and 2020 and haven’t been audited yet.
by basspond
Mon Jan 24, 2022 8:10 am
Forum: Personal Finance (Not Investing)
Topic: How many stimulus paments 2021?
Replies: 16
Views: 2051

Re: How many stimulus paments 2021?

Like everyone said there was only one in 2021. However, we were not eligible for the two in 2020 based on our 2019 return. However, since our 2020 income went down drastically, when filing our 2020 taxes we were able to take the two in 2020 and apply them as credits to our 2020 return.
by basspond
Sun Jan 23, 2022 3:14 am
Forum: Personal Finance (Not Investing)
Topic: Nearing Retirement - Any missing pieces?
Replies: 27
Views: 3833

Re: Nearing Retirement - Any missing pieces?

My company has insurance for retirees, but the rules changed so once you go off their coverage you can’t get back on. So check the rules with yours and there is no guarantee it will remain the same.

I don’t know why you choose April but I would work until your child is off for summer break.

I would hold off paying your house off at least a year.
by basspond
Fri Jan 21, 2022 10:21 am
Forum: Personal Consumer Issues
Topic: Car help (Buying)
Replies: 17
Views: 2445

Re: Car help

I would stick with a hybrid. It gives you the best of both worlds.
by basspond
Sun Dec 19, 2021 6:22 am
Forum: Personal Finance (Not Investing)
Topic: State Income Tax brackets
Replies: 13
Views: 1434

Re: State Income Tax brackets

Life is better when you don't have to worry about deductions, income, or nuances. That's the case here in Florida, because we have no state income tax, and the property taxes are relatively low, too. In fact, I was thrilled to vote recently to reduce our city's property taxes by 37%. That should help with my upcoming re-election! :happy That's made possible by all the tourists who pay a lots of our taxes. We moved a relative to Florida and your auto fees and insurance are higher. You have to look at all things and a lot of them are indirectly not taxes. Some municipalities fund their budgets by having high utility (water, sewer, etc…) rates, give property tax relief for seniors, higher taxes on gasoline and other utilities/products, fees f...
by basspond
Sat Dec 11, 2021 3:58 pm
Forum: Personal Finance (Not Investing)
Topic: Harvesting Gains and Qualified Divs. vs. Roth Conversions
Replies: 58
Views: 4890

Re: Harvesting Gains and Qualified Divs. vs. Roth Conversions

We are pulling nonqualified dividends from our IRAs for living expenses. Apologies, but are you sure about that? Traditional IRA distributions are taxed at income-tax rates, they do not differentiate between capital gains or dividends, or qualified or non-qualified dividends. It's just distributions. Hmm, unless you have after-tax contributions in there, then there's pro-rata return of those after-tax contributions. I can confirm that all dollars in tax-deferred are treated as ordinary income when they are withdrawn or converted. The fact that basspond happens to withdraw the same amount from tax-deferred as his/her dividends is just a coincidence. In fact, I suggest basspond withdraw a different amount, starting this year to help break th...
by basspond
Sat Dec 11, 2021 7:52 am
Forum: Personal Finance (Not Investing)
Topic: Harvesting Gains and Qualified Divs. vs. Roth Conversions
Replies: 58
Views: 4890

Re: Harvesting Gains and Qualified Divs. vs. Roth Conversions

We are close to your age and starting to do a little Roth conversions. We could do more but to make a dent in our RMDs we would have to make huge conversions. Our thought is somewhat balance our income streams to limit huge tax payments now knowing the piper is coming later. We are pulling nonqualified dividends from our IRAs for living expenses.
by basspond
Sat Dec 11, 2021 7:37 am
Forum: Personal Finance (Not Investing)
Topic: Impact of timing of property tax payment on income taxes
Replies: 9
Views: 1218

Re: Impact of timing of property tax payment on income taxes

jaybee9 wrote: Thu Dec 09, 2021 8:41 pm Okay so sounds like it works but how do you pay 2 full years in one? It sounds like maybe you only have one payment per year?
Only one payment a year and yes we have very generous charitable contributions that we also bundle. We do not have a mortgage either.
by basspond
Thu Dec 09, 2021 8:37 pm
Forum: Personal Finance (Not Investing)
Topic: Impact of timing of property tax payment on income taxes
Replies: 9
Views: 1218

Re: Impact of timing of property tax payment on income taxes

My SALT for 2 years is under $10k. I live in a reasonable priced house and a state with no income tax.
by basspond
Thu Dec 09, 2021 8:34 pm
Forum: Personal Finance (Not Investing)
Topic: Review Family Spending -- Budget mid 30s with kids
Replies: 140
Views: 12510

Re: Review Family Spending -- Budget mid 30s with kids

Do you realize that pro sports teams depreciate their assets (contracted players) as they age? Where is your depreciation line? My point is depreciation should not be considered for personal budgets.
by basspond
Thu Dec 09, 2021 8:26 pm
Forum: Personal Finance (Not Investing)
Topic: Impact of timing of property tax payment on income taxes
Replies: 9
Views: 1218

Re: Impact of timing of property tax payment on income taxes

For the last 15+ years we have been delaying one year to January and paying the next year’s tax in December, thus reporting 2 years in one. So we can itemize one year and take the standard deduction the next.
by basspond
Tue Nov 30, 2021 12:45 pm
Forum: Personal Finance (Not Investing)
Topic: How should I fund 2022?
Replies: 8
Views: 1758

Re: How should I fund 2022?

If you are trying to minimize taxes, withdraw enough from your brokerage account to keep capital gains under 20% and your retirement account at least (could be more) to 22% tax rate.
by basspond
Tue Nov 30, 2021 12:55 am
Forum: Personal Finance (Not Investing)
Topic: Financial planning advice for first time father
Replies: 15
Views: 2042

Re: Financial planning advice for first time father

Congratulations on being a future father. My DW was able to work part time while our two were younger. We made sure we fully funded our retirement accounts before socking any other money into their education savings. Kids came after we were in our forever home so you will need to decide when will be the right time to upgrade, the sooner you can though the better but I would wait at least a year after the baby is born. Our house was paid off before they started college. We were able to cash flow their education and used the educational savings to boost our retirement. Teach your child(ren) early on the concepts of finances and the advantages of saving as soon as possible. We incentivized their savings by matching what they saved into an acco...
by basspond
Tue Nov 23, 2021 7:36 am
Forum: Personal Finance (Not Investing)
Topic: What is the best travel CC for annual travel budget of around $20k
Replies: 13
Views: 2032

Re: What is the best travel CC for annual travel budget of around $20k

You need to look at the extra benefits for each card. For example, the United card gives you a free bag on every flight.
by basspond
Sat Nov 20, 2021 3:41 am
Forum: Personal Finance (Not Investing)
Topic: COVID Tests for International Travel - Insurance and Logistics?
Replies: 43
Views: 4265

Re: COVID Tests for International Travel - Insurance and Logistics?

First make sure what tests will be accepted by each organization you are required to get tested by. We use the CVS minute clinic for rapid results PCR tests. You can schedule 14 days in advance. We have the BinaxNow cards in backup if our appointments get canceled. A couple of things to consider. Ensure your test is coded correctly because my DW and I got the same test, we were notified by phone that we were negative, but mine was coded differently and I didn’t notice until we were in route to the port. The BinaxNow cards have an expiration and when we got ours in the mail it said they expired in a couple of weeks (the expiration date was extended though). We were traveling with friends and their test was cancelled. They had to scramble and...
by basspond
Sat Nov 13, 2021 9:45 pm
Forum: Personal Finance (Not Investing)
Topic: Inflation 2021/2022 and your retirement plans
Replies: 130
Views: 14191

Re: Inflation 2021/2022 and your retirement plans

There are several things that will make inflation worse then better.

1). It would be suicide for the FED to raise interest rates to curb inflation because of our debt.
2). Having policies that makes energy more expensive drives up all prices.
3). Throwing money at everything.
4). Making up (it will be years) for lower business in certain areas due to COVID.

But hopefully we will have enough because since COVID our expenses are lower then expected. Our fixed investment returns are lower then expected but equities are higher.
by basspond
Fri Nov 05, 2021 8:25 am
Forum: Personal Finance (Not Investing)
Topic: Options When Nearing IRA Phaseout
Replies: 17
Views: 1262

Re: Options When Nearing IRA Phaseout

Many years we hit the max of 401k contributions and every amount over the limit went into the after tax account. When we retired and moved the 401k account into an outside brokerage account, we used our after the tax contribution amount to offset our NUA transfer and transferred the remaining balance to a Roth.
by basspond
Thu Nov 04, 2021 11:16 pm
Forum: Personal Finance (Not Investing)
Topic: Homeowners Association reserve fund
Replies: 27
Views: 2224

Re: Homeowners Association reserve fund

mary1492 wrote: Wed Oct 27, 2021 6:18 am
basspond wrote: Tue Oct 26, 2021 8:11 pm Be thankful you have a reserve fund. What would the costs be if the HOA had to take out a loan to cover some huge expense?
1. HOA is required to have a reserve fund

2. HOA would have a special assessment to all homeowners. HOA would not take out a loan. I have been in the situation where because of the nature of the reason for a special assessment and the amount involved, a local bank provided loans to the homeowners individually (if they wanted to accept), which then had payments bundled with property taxes for 10 years.
So some homeowners might have to take out a loan to pay this off? What is the difference? In the end still more expenses to the home owners.
by basspond
Thu Nov 04, 2021 9:23 pm
Forum: Personal Finance (Not Investing)
Topic: Roth401K to roth easy as it looks or gottchas?
Replies: 9
Views: 1071

Re: Roth401K to roth easy as it looks or gottchas?

It gets tricky but you shouldn’t have a problem. When you close out the 401k you can roll Roth and Pretax balances into the new IRA Roth and Pretax accounts. In addition only the after tax paid contribution can be rolled into the Roth but all the earnings have to be rolled into the Pretax IRA.
by basspond
Tue Nov 02, 2021 12:54 am
Forum: Investing - Theory, News & General
Topic: Vanguard Customer Service Mega-thread
Replies: 1514
Views: 169525

Re: Vanguard customer service

Let’s see, Vanguard yanked medical benefits from their retirees but reinstated it after they received a lot of backlash. I’m assuming there might be some very disgruntled employees.
by basspond
Tue Oct 26, 2021 8:11 pm
Forum: Personal Finance (Not Investing)
Topic: Homeowners Association reserve fund
Replies: 27
Views: 2224

Re: Homeowners Association reserve fund

Be thankful you have a reserve fund. What would the costs be if the HOA had to take out a loan to cover some huge expense?
by basspond
Tue Oct 26, 2021 8:37 am
Forum: Personal Finance (Not Investing)
Topic: Can I Use 2020 Tax Year Turbo Tax to Model 2021 Taxes?
Replies: 21
Views: 2390

Re: Can I Use 2020 Tax Year Turbo Tax to Model 2021 Taxes?

The version I got let’s me store at least 4 separate returns. Extra versions work nice for estimating current year taxes except that this year I had to adjust for the Covid credits.
by basspond
Tue Oct 26, 2021 8:27 am
Forum: Personal Finance (Not Investing)
Topic: The combined ages of your cars?
Replies: 38
Views: 2519

Re: The combined ages of your cars?

17 (200,000 one major repair 7 years ago) + 8 (95,000) = 25 (avg 12.5).
by basspond
Tue Oct 19, 2021 1:27 am
Forum: Personal Finance (Not Investing)
Topic: Help with my car situation please!
Replies: 37
Views: 5831

Re: Help with my car situation please!

May need a new catalytic converter? I have a code reader and the codes are very specific of what is wrong. I’ve had to replace a sensor or two which were very cheap or had a check engine light appear when I floored the vehicle while pulling a trailer. Reset with the later code and no issues. I bought the reader after I was charged $50 to read the code and the fix was to tighten the gas cap.
by basspond
Fri Oct 01, 2021 2:17 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need life insurance?
Replies: 37
Views: 3258

Re: Do I need life insurance?

Congratulations you don’t need it but I would have at least a 2x living expense term policy so the survivor doesn’t have to worry about finances while they are grieving.
by basspond
Sun Sep 26, 2021 7:32 am
Forum: Personal Finance (Not Investing)
Topic: How to to Save for a Child's Future?
Replies: 13
Views: 1747

Re: How to to Save for a Child's Future?

Congratulations! Whatever you decide to do, spend time with your child teaching them the value of money and one of the most powerful forces in the universe, compounded investing. A couple of things we did, opened a brokerage account and helped them select investments, matched what they put in their savings to be used for college and after college expenses (we provided for tuition, room and board).
by basspond
Tue Sep 14, 2021 10:01 pm
Forum: Personal Finance (Not Investing)
Topic: What's the advantage of claiming children as dependents after age 18 (full time college students)?
Replies: 31
Views: 2764

Re: What's the advantage of claiming children as dependents after age 18 (full time college students)?

From what I recall, a child can only claim themselves if they provide over 50% of their living expenses. And yes it is very much tax efficient for them to claim.
by basspond
Tue Sep 14, 2021 9:56 pm
Forum: Personal Finance (Not Investing)
Topic: Is there such a refinancing rule in Texas?
Replies: 7
Views: 1121

Re: Is there such a refinancing rule in Texas?

Yes, it was closing out the Escrow when we refinanced with over 20% equity.
by basspond
Fri Sep 10, 2021 6:58 am
Forum: Personal Finance (Not Investing)
Topic: Was not converting to Roth a good idea?
Replies: 188
Views: 16283

Re: Was not converting to Roth a good idea?

We will be converting a very small percentage. Investing not only means to have diverse holdings but also diversifying your tax buckets. I am not saying an even split between non taxable, taxable and Roth but enough to give you flexibility, but a minimum of at least 3 years of expenses in each. A lot of people neglect to include the Present Value of money when converting.
by basspond
Fri Sep 10, 2021 6:48 am
Forum: Personal Finance (Not Investing)
Topic: What provides larger returns? Residential rental real estate or s&p 500 index fund?
Replies: 49
Views: 7241

Re: What provides larger returns? Residential rental real estate or s&p 500 index fund?

I have never owned rental property but I hear the management fees are outrageous.
by basspond
Mon Aug 30, 2021 6:27 pm
Forum: Personal Finance (Not Investing)
Topic: How much $$ do you actually need per month
Replies: 97
Views: 15212

Re: How much $$ do you actually need per month

Bare minimum $4k, living the life with unexpected maintenance and medical, $10k.
by basspond
Sun Aug 29, 2021 7:29 pm
Forum: Personal Finance (Not Investing)
Topic: Midlife career doldrums - how to cope
Replies: 74
Views: 13892

Re: Midlife career doldrums - how to cope

Accept the fact that there are more satisfying activities in life then work. Its called work for a reason.
by basspond
Sun Aug 29, 2021 7:24 am
Forum: Personal Finance (Not Investing)
Topic: Breaking "Poor" Mentality
Replies: 86
Views: 11470

Re: Breaking "Poor" Mentality

I have seen several posts like yours about how to not be frugal. It all goes back to where is money on your priority list? If it’s on top you will either have a hard time letting it go or a hard time not spending it. Get involved with good charitable organizations. You first have to change your heart before you will be less stressed about the pitfalls of money.
by basspond
Fri Aug 27, 2021 2:24 am
Forum: Personal Finance (Not Investing)
Topic: Social Security -- Take it at 62, 67 or 70
Replies: 452
Views: 57327

Re: Social Security -- Take it at 62, 67 or 70

So where is this "house"? And what do you mean by "win"? Does that mean you "lose"? Think about all the people that raked in money when they lived a long time. And you forgot to include the sentence immediately after the "1 out of 8 twenty year olds" statement that you quoted: "About 96% of persons aged 20-49 who worked in covered employment in 2019 have survivors insurance protection for their children under age 18 (and surviving spouses caring for children under age 16). " Think of all the survivors that raked in money. Perhaps you can find some understanding there. Perhaps not. Remember we are trying to help a fellow Boglehead with this decision. You have stated your personal reasons and...
by basspond
Thu Aug 26, 2021 1:30 am
Forum: Personal Finance (Not Investing)
Topic: Social Security -- Take it at 62, 67 or 70
Replies: 452
Views: 57327

Re: Social Security -- Take it at 62, 67 or 70

JoeRetire wrote: Wed Aug 25, 2021 7:26 pm
basspond wrote: Wed Aug 25, 2021 6:25 pm
And in the end the house will win because the only distribution you get when you die is a $255 death benefit.
Not sure how that follows, but okay.
Really? First their actuaries align with actual and average end of life. Second my heirs will be receiving whatever is left in my estate, SS a mere $255. Do you understand now? And think about all the money the government raked in for people who died before they even took a dime out. IRS fact sheet says that 1 out of 8 twenty year olds will not make it to age 67.
by basspond
Wed Aug 25, 2021 6:25 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security -- Take it at 62, 67 or 70
Replies: 452
Views: 57327

Re: Social Security -- Take it at 62, 67 or 70

Fun. Now do the same for your homeowner's insurance premiums. Then your life insurance premiums. Knowing that I’m taking my money as soon as I can get to it. How does this follow from your above statement? If you will be relying on SS to live you need to work and save longer and delay taking SS. If not it doesn’t matter. It doesn't matter, as long as you don't wish to maximize your lifetime benefits. Otherwise, it does. I consider SS an investment/annuity, not insurance so your fun logic is not accurate. I would be better off without the government investing my money and that is why I’m taking it out as soon as I can. I can invest their pittance and make more with it. And in the end the house will win because the only distribution you get ...
by basspond
Sun Aug 22, 2021 12:34 am
Forum: Personal Finance (Not Investing)
Topic: Pet Insurance
Replies: 18
Views: 1998

Re: Pet Insurance

Self insure. Growing up on a farm I realized dogs are great but they are just animals and normally have a life span between 10-15 years. Love them, take good care of them and enjoy their companionship. Set a reasonable threshold on how much you would spend on treatments.
by basspond
Sun Aug 22, 2021 12:20 am
Forum: Personal Finance (Not Investing)
Topic: Social Security -- Take it at 62, 67 or 70
Replies: 452
Views: 57327

Re: Social Security -- Take it at 62, 67 or 70

I looked at how much money I would have had if I had taken all my SS payments (-2% of salary for disability insurance piece) and invested in S&P500. My investment in my private SS account would have generated over double my projected monthly SS payment and my heirs would be able to keep the entire principle. Knowing that I’m taking my money as soon as I can get to it.

If you will be relying on SS to live you need to work and save longer and delay taking SS. If not it doesn’t matter. Remember the odds are always in favor of the house.
by basspond
Sat Aug 21, 2021 10:02 am
Forum: Personal Finance (Not Investing)
Topic: Social Security / 35 highest earnings years
Replies: 95
Views: 15106

Re: Social Security / 35 highest earnings years

Yes you would be throwing away good money after bad. Had several people I worked with that could have retired earlier but they waited until their pension payments stopped increasing or would have been offset by SS.
by basspond
Sat Aug 21, 2021 9:53 am
Forum: Personal Finance (Not Investing)
Topic: Where to live
Replies: 36
Views: 4787

Re: Where to live

Personally I would pick the coast that you would be closer to your relatives. But if that is not part of your priority upper Florida or lower Oregon coast.
by basspond
Wed Aug 18, 2021 7:48 am
Forum: Personal Finance (Not Investing)
Topic: I'm 70 Years Old and I Can't Spend My Savings
Replies: 418
Views: 68645

Re: I'm 70 Years Old and I Can't Spend My Savings

I used to run marathons and I always tried to save a little bit for a kick in the last quarter of mile. Very exhilarating but I still felt like I was going to collapse. People underestimate the love of money. Until you learn how to put money on the bottom of your list you will never have real enjoyment of life.
by basspond
Wed Aug 18, 2021 7:30 am
Forum: Personal Finance (Not Investing)
Topic: Can we talk about what I think is a blind spot in our retirement planning?
Replies: 157
Views: 19088

Re: Can we talk about what I think is a blind spot in our retirement planning?

This symptom is called paralysis of the analysis. If we put all that could go wrong in our plan we would all be planning for a negative net worth retirement. If you are worried, invest in and plan for expenses to cover therapy, spending quality time with spouse, combining all accounts into joint that can be, gym membership, charitable contributions, heathy diet, both actively participate in social ministries,

And a word of advice, don’t spend six paragraphs beating around the bush just to hear yourself write. That could be a problem between spouses.
by basspond
Fri Aug 13, 2021 1:01 pm
Forum: Personal Finance (Not Investing)
Topic: Any Regret Over Being Too Frugal?
Replies: 220
Views: 25813

Re: Any Regret Over Being Too Frugal?

I'd rather have the feeling of having saved too much then that of not saving enough. Plus the life lessons learned from spending less then you make are invaluable. Don't listen to these people, they sound a lot like the posse of many celebrities. FInd something worthwhile to do which will be more rewarding then spending money.
by basspond
Wed Aug 11, 2021 6:53 pm
Forum: Personal Finance (Not Investing)
Topic: Do You Budget Pre/During Retirement?
Replies: 98
Views: 7991

Re: Do You Budget Pre/During Retirement?

Preretirement we only budgeted for savings and charity. Retirement we are doing every penny.
by basspond
Mon Aug 02, 2021 12:07 pm
Forum: Personal Finance (Not Investing)
Topic: Were your last few career years a slog?
Replies: 83
Views: 12400

Re: Were your last few career years a slog?

It sounds like you have hit the wall. You can either hang your head and tuck your tail or you can readjust your attitude to the goal that is just up the hill. It was pretty easy for me when I concentrated on the payoff ahead.
by basspond
Mon Aug 02, 2021 12:00 pm
Forum: Personal Finance (Not Investing)
Topic: Please help victim of fraud
Replies: 33
Views: 3110

Re: Please help victim of fraud

I would talk with your government representative to work on a law to make any sort of fraudulent attempt to scam people out of money a very severe felony. They take an oath to protect us but they don’t.