Search found 145 matches
- Mon Feb 22, 2021 11:03 am
- Forum: Personal Finance (Not Investing)
- Topic: Cash: a survey
- Replies: 95
- Views: 6135
Re: Cash: a survey
1) Cash is currently 8.5%. I include checking, savings, MM, and short term bonds. 2) About 5 years of expenses 3) I am retired for 5 years, taking SS, no RMD until next year One of the thing that has surprised me is that I seem to have a psychological need to have cash around. I never had that need ...
- Fri Feb 05, 2021 11:43 am
- Forum: Personal Finance (Not Investing)
- Topic: I have FEHB. Do I need Medicare Part B?
- Replies: 11
- Views: 775
Re: I have FEHB. Do I need Medicare Part B?
I retired in 2016 at 65 had FEHB and decided not to apply for Medicare Part B. I determined that with Roth conversions we would be in the high income bracket and would remain there once RMD's started. The premium would have been about $9,000 as previously mentioned. The co-pays and the out of pocket...
- Sat Oct 31, 2020 9:52 am
- Forum: Personal Finance (Not Investing)
- Topic: Can I use savings to replace withholding in Roth conversion?
- Replies: 11
- Views: 1001
Re: Can I use savings to replace withholding in Roth conversion?
This year I did a Roth conversion. I placed the estimated taxes(110% of last years taxes) in a savings account and scheduled the withdrawals thru the federal electronic tax payment site. It has worked fine so far. I only had to schedule once so it was easy. I wish Ally payed more in interest but it ...
- Wed Sep 23, 2020 11:04 am
- Forum: Personal Finance (Not Investing)
- Topic: Retirement re-planning for 50+
- Replies: 30
- Views: 3495
Re: Retirement re-planning for 50+
22twain thanks. The income limits before IRMAA kick in are fairly high so I wouldn’t say most Roth conversions need to be done before applying for Medicare Part B, there’s plenty of opportunity after applying depending on specific situation but I do agree it is good to be aware of the issue. Thanks...
- Tue Sep 22, 2020 2:17 pm
- Forum: Personal Finance (Not Investing)
- Topic: Retirement re-planning for 50+
- Replies: 30
- Views: 3495
Re: Retirement re-planning for 50+
22twain thanks. The income limits before IRMAA kick in are fairly high so I wouldn’t say most Roth conversions need to be done before applying for Medicare Part B, there’s plenty of opportunity after applying depending on specific situation but I do agree it is good to be aware of the issue. Thanks...
- Sun Sep 20, 2020 10:54 am
- Forum: Personal Consumer Issues
- Topic: Retiring to Canada
- Replies: 54
- Views: 4752
Re: Retiring to Canada
You can be a dual citizen of the US & Canada. Never had to surrender my Canadian passport when I became a US citizen. If you retire in Canada and don't renounce your US citizenship you'll have to file taxes in both countries. You'll wait in line for healthcare though you can purchase supplement...
- Sun Sep 20, 2020 9:58 am
- Forum: Personal Finance (Not Investing)
- Topic: Retirement re-planning for 50+
- Replies: 30
- Views: 3495
Re: Retirement re-planning for 50+
At least two things you should think about: 1) If you plan on signing up for Medicare part B you should do most of your financial selling and Roth conversions 2 years before you apply because those can significantly increase what you need to pay for Medicare Part B. 2) You should have significant am...
- Thu Sep 17, 2020 11:37 am
- Forum: Personal Finance (Not Investing)
- Topic: Yet Another Question on Tax Safe Harbor
- Replies: 3
- Views: 233
Re: Yet Another Question on Tax Safe Harbor
Yes. I meant 2020 taxes and 110% of 2019 taxes. Thanks.
- Thu Sep 17, 2020 11:07 am
- Forum: Personal Finance (Not Investing)
- Topic: Yet Another Question on Tax Safe Harbor
- Replies: 3
- Views: 233
Yet Another Question on Tax Safe Harbor
On the Federal Tax Payment site (EFTPS) I scheduled 4 equal quarterly payments which along with pension withholding was 110% of my 2020 Federal taxes. I took a larger Roth Conversion and I estimate I will owe an additional $10K in federal tax. The EFTPS site appears to let me make an additional paym...
- Wed Sep 16, 2020 4:25 pm
- Forum: Personal Finance (Not Investing)
- Topic: Thinking of moving/emigrating to Canada
- Replies: 35
- Views: 4909
Re: Thinking of moving/emigrating to Canada
I did not mean to imply that I planned to take advantage of Canada's National Health Service. We would have private insurance thru BCBS. I do wonder if there is some option for paying for service. I was in Australia for 3 months last year and had two health issues and they have a single payer system...
- Wed Sep 16, 2020 7:46 am
- Forum: Personal Finance (Not Investing)
- Topic: Thinking of moving/emigrating to Canada
- Replies: 35
- Views: 4909
Re: Thinking of moving/emigrating to Canada
Thanks for the info. I have done the drive from Sarnia to Niagara multiple times. The Toronto/Hamilton traffic is terrible.
- Tue Sep 15, 2020 10:00 am
- Forum: Personal Finance (Not Investing)
- Topic: Thinking of moving/emigrating to Canada
- Replies: 35
- Views: 4909
Thinking of moving/emigrating to Canada
We are thinking of moving to Canada and am am looking for references: books, advisors, etc. We are both retired and would not be looking for employment. Questions I have include: Qualifications: My son and his wife are also considering this. They are in their late 30's and work for big Pharma and be...
- Sat Sep 05, 2020 9:53 am
- Forum: Personal Finance (Not Investing)
- Topic: What is Best Path to Buy House in Retirement
- Replies: 4
- Views: 889
Re: What is Best Path to Buy House in Retirement
I don't know if the math works out for your situation. We were moving from a HCOL to a MCOL area. We refinanced our current home and used the money to pay for the second home. We then sold our house and used the proceeds to pay off the 1st house and remodel the 2nd house. I don't remember the costs ...
- Wed Aug 12, 2020 12:59 pm
- Forum: Personal Finance (Not Investing)
- Topic: CFP - One-Time Consultation (to Generate Plan), Worth It?
- Replies: 22
- Views: 1098
Re: CFP - One-Time Consultation (to Generate Plan), Worth It?
I used a fee-only financial planner when I and my wife were about 55. I did it to confirm for myself that what I was doing was mostly correct and to give my wife someone she could ask questions about my plans. She did not try to sell us anything. Suggested some minor tweaks. It made me feel more com...
- Sat Aug 08, 2020 12:58 pm
- Forum: Personal Finance (Not Investing)
- Topic: Looking for resources
- Replies: 4
- Views: 340
Re: Looking for resources
Use a Fitbit. Wife is awaiting hip revision so doesn't walk much.
I would not think I would need or be eligible for public assistance. We live in a small town in a short season resort area with a few options.
I would not think I would need or be eligible for public assistance. We live in a small town in a short season resort area with a few options.
- Sat Aug 08, 2020 9:49 am
- Forum: Personal Finance (Not Investing)
- Topic: Looking for resources
- Replies: 4
- Views: 340
Looking for resources
My wife and I are both 69 and I am thinking I should do some planning for the eventual need for long term care. I am looking for references to resources that might help with that. I googled it and got hits for long term care insurance and elder care lawyers. So I am probably not stating my query cor...
- Wed Jul 29, 2020 8:49 am
- Forum: Personal Finance (Not Investing)
- Topic: Michigan 529: deductions, rollovers, and K-12 expenses
- Replies: 25
- Views: 1353
Re: Michigan 529: deductions, rollovers, and K-12 expenses
Sorry to beat a dead horse. If I make semi-regular contributions to my Michigan 529 plan and at the end of 15 years I have $100K of contributions and $50K of growth. I make a $15K non-qualified withdrawal. MESP informs me the $10K was part of my original contribution and thus not subject to tax or p...
- Tue Jul 28, 2020 6:24 pm
- Forum: Personal Finance (Not Investing)
- Topic: Michigan 529: deductions, rollovers, and K-12 expenses
- Replies: 25
- Views: 1353
Re: Michigan 529: deductions, rollovers, and K-12 expenses
So, if I understand correctly. I contribute 10K in 2020 and receive a $435 tax deduction and then decide in 2035 that I am going to spend the money for a non-deductible education expense, I need to: 1) pay a 10% penalty on the investment growth, 2) pay income tax on the investment growth, and 3) red...
- Tue Jul 28, 2020 9:03 am
- Forum: Personal Finance (Not Investing)
- Topic: Michigan 529: deductions, rollovers, and K-12 expenses
- Replies: 25
- Views: 1353
Re: Michigan 529: deductions, rollovers, and K-12 expenses
I did not mean to imply that a non-qualified distribution would not be taxed. I just meant that Michigan would not try to recover the tax deduction I took earlier when I made the contribution.
- Mon Jul 27, 2020 12:29 pm
- Forum: Personal Finance (Not Investing)
- Topic: Michigan 529: deductions, rollovers, and K-12 expenses
- Replies: 25
- Views: 1353
Re: Michigan 529: deductions, rollovers, and K-12 expenses
I am contributing to a Michigan 529 plan to my son and it is intended for a potential grandchild. I checked with the Michigan Education Savings Program as to whether I would have to pay back the tax deduction if I did not have a grandchild and used the money for other purposes. They told me that the...
- Sat Jul 18, 2020 6:55 am
- Forum: Personal Finance (Not Investing)
- Topic: For those of you who moved when you retired, when did you sell your home relative to when you retired?
- Replies: 15
- Views: 1746
Re: For those of you who moved when you retired, when did you sell your home relative to when you retired?
We found a home in an area we were going to retire to. We did a cash out refinance on old house and used the cash to purchase the new home. We were living in a HCOL area and had a good deal of equity in the house. We rented our new house to the previous owner while their house was being built. Once ...
- Fri Jun 12, 2020 8:47 am
- Forum: Personal Finance (Not Investing)
- Topic: How calculate my tax withholding for last year
- Replies: 21
- Views: 1082
Re: How calculate my tax withholding for last year
If your disability insurance was paid with after tax money then the amount should not be taxable income. I think!
- Thu May 14, 2020 2:14 pm
- Forum: Personal Finance (Not Investing)
- Topic: Considering a move to Australia
- Replies: 3
- Views: 670
Re: Considering a move to Australia
Good points, thanks for info.
- Thu May 14, 2020 11:48 am
- Forum: Personal Finance (Not Investing)
- Topic: Considering a move to Australia
- Replies: 3
- Views: 670
Considering a move to Australia
Very various reasons which I will not go into we are considering a move to Australia(after the pandemic is over). My youngest son moved to Australia 8 years ago and now has citizenship there. My only other child is also considering moving to Australia. It is my understanding that we would qualify fo...
- Tue Apr 21, 2020 1:33 pm
- Forum: Personal Finance (Not Investing)
- Topic: Increasing tax withholdings to avoid penalties
- Replies: 11
- Views: 540
Re: Increasing tax withholdings to avoid penalties
I have tax withheld from my wife's federal pension and no tax withheld from my SS. I figure out what a 110% of last years taxes were, subtract the amount withheld, subtract the overpayment (if any), and divide by 4. I schedule 4 withdrawals from a savings account on the federal online tax payment si...
- Sat Mar 07, 2020 10:21 am
- Forum: Personal Finance (Not Investing)
- Topic: Changing jobs, to roll over 403b or not?
- Replies: 5
- Views: 330
Re: Changing jobs, to roll over 403b or not?
You can also roll-over the old 403b to an IRA or Roth IRA(if you have Roth money in the 403b plan). You can roll it over to the new 403b plan if the investment options are good. I had Vanguard roll-over my 403b plans and TSP when my wife and I retired. I wanted to make sure I severed the relationshi...
- Wed Feb 26, 2020 9:49 am
- Forum: Personal Investments
- Topic: Super Lazy portfolio, just VSMGX? [Vanguard LifeStrategy Moderate Growth]
- Replies: 94
- Views: 14965
Re: Super Lazy portfolio, just VSMGX? [Vanguard LifeStrategy Moderate Growth]
I switched from a three fund (70/30) portfolio plus cash to a VSMGX plus cash portfolio at the beginning of the year. It made the instructions about handling the portfolio at my death much easier (stay the course).
I also wanted to spend less time watching the market. It has not worked yet.
I also wanted to spend less time watching the market. It has not worked yet.
- Tue Feb 18, 2020 1:36 pm
- Forum: Non-US Investing
- Topic: Saving for Education in Australia
- Replies: 4
- Views: 423
Saving for Education in Australia
I am a US resident. My son is a US expat with Australian citizenship and plans to stay. My daughter in-law is a UK expat with Australian citizenship. I have been investing for two years in a 529 plan for future grandchildren. I get a small tax deduction for investing and and earnings in the fund are...
- Mon Feb 17, 2020 11:51 am
- Forum: Personal Investments
- Topic: 529 tax implication to successor owner
- Replies: 1
- Views: 209
529 tax implication to successor owner
I have 529 plans set up for my two adult sons as beneficiaries and and my wife as successor owner. As soon as and if we get grandchildren I plan on making the grandchildren the beneficiaries and my sons the successor owners. It is unlikely that we will be alive to see these potential grandchildren g...
- Thu Feb 13, 2020 8:04 am
- Forum: Personal Investments
- Topic: Ally Bank buckets are operational
- Replies: 6
- Views: 1247
Re: Ally Bank buckets are operational
I have 10 savings accounts and 2 checking accounts at Ally that I have used as buckets for money to go for a long time. Are the new buckets at Ally still limited to 6 withdrawals per month of the underlying savings account? I have savings accounts for medical, travel, etc.. and routinely go over 6 t...
- Sun Feb 02, 2020 11:57 am
- Forum: Personal Investments
- Topic: Help me not make a costly mistake
- Replies: 16
- Views: 2163
Re: Help me not make a costly mistake
Welcome to the forum. My wife retired from the U.S. Senate about 8 years ago. We moved our money from TSP to a Vanguard IRA and it was simple to do. Just contacted Vanguard. We did that to consolidate our assets in one place but leaving them with TSP would have been fine. I would not be afraid of ma...
- Sat Feb 01, 2020 10:28 am
- Forum: Personal Investments
- Topic: Reinvest dividends in tIRA?
- Replies: 6
- Views: 466
Reinvest dividends in tIRA?
Sorry if this has been asked before. I am 69, converting some tIRA funds to Roth, and spending down my taxable account to pay taxes and cover expenses not covered by CS pension and SS. I find myself with less cash than I am comfortable with. I am considering converting some of VSMGX to a short term ...
- Fri Jan 24, 2020 10:38 am
- Forum: Personal Finance (Not Investing)
- Topic: Prepping for retirement 3 yrs out - what to do?
- Replies: 39
- Views: 3870
Re: Prepping for retirement 3 yrs out - what to do?
Make any modifications to your investments in your taxable account at least 2 years prior to becoming eligible for medicare so you are not subject to a higher premium when you start it. Also, if 3.7% is hard number that you must have, consider working longer to reduce that so you can make it a goal ...
- Mon Jan 20, 2020 4:40 pm
- Forum: Personal Investments
- Topic: How many months expenses held in cash in reirement
- Replies: 46
- Views: 2790
Re: How many months expenses held in cash in reirement
I have been retired for 4 years and I find that my budgeted expenses are mostly covered by pension and social security. I add another $1,500/month from cash to cover that. I have enough cash in the bank and taxable brokerage account to cover that. However, I have other expenses which are not very pr...
- Fri Nov 29, 2019 12:37 am
- Forum: Personal Investments
- Topic: Vanguard Life Strategy Moderate Growth
- Replies: 18
- Views: 2009
Re: Vanguard Life Strategy Moderate Growth
If I make the changes in the immediate future, prior to dividend and capital gains, will I still receive the capital gains and dividend due to this point for the fund currently owned?
- Thu Nov 28, 2019 2:58 am
- Forum: Personal Investments
- Topic: Vanguard Life Strategy Moderate Growth
- Replies: 18
- Views: 2009
Vanguard Life Strategy Moderate Growth
I just turned 69 and have been invested in basically a three fund portfolio at a 70/30 allocation for about 10 years. I have rebalanced every year.
I am thinking of going a little more conservative. What are the pros and cons of just putting the money in the vanguard moderate growth fund?
I am thinking of going a little more conservative. What are the pros and cons of just putting the money in the vanguard moderate growth fund?
- Thu Nov 07, 2019 5:06 pm
- Forum: Personal Finance (Not Investing)
- Topic: 2019 Tax Forms by hand or with help
- Replies: 2
- Views: 301
2019 Tax Forms by hand or with help
While I was working I did my own taxes with Turbo Tax. Because of a location change and moving to part time, I had a CPA doing it. I am now on glide path where it would seem my taxes should be easy do it. I will being doing an RMD in 2021 but am currently taking the equivalent value out and placing ...
- Fri Sep 27, 2019 9:48 am
- Forum: Personal Finance (Not Investing)
- Topic: Efficient way of transferring Euro to USD
- Replies: 19
- Views: 1617
Re: Efficient way of transferring Euro to USD
A couple of years ago I used transferwise to transfer money to my son in Australia and was quite happy with it. I transfered about $45K and I think it ended up costing me $375. All my son had to do was give me the bank information and transferwise deposited it in the account. If you are transferring...
- Sun Jul 28, 2019 10:28 am
- Forum: Personal Finance (Not Investing)
- Topic: How to prepare for RMDs in excess of what’s needed?
- Replies: 48
- Views: 3866
Re: How to prepare for RMDs in excess of what’s needed?
I am also in my late 60's but I am not working. In the last few years I have been rolling over to a Roth the equivalent of what an RMD would be just so I can get used to the taxes and will not be shocked when the RMD is required. In my case, RMDs are also not required to cover needed expenses+ but a...
- Tue Jun 25, 2019 8:00 pm
- Forum: Personal Finance (Not Investing)
- Topic: Question on Roth partial rollover
- Replies: 2
- Views: 354
Re: Question on Roth partial rollover
Thank you.
- Tue Jun 25, 2019 9:31 am
- Forum: Personal Finance (Not Investing)
- Topic: Question on Roth partial rollover
- Replies: 2
- Views: 354
Question on Roth partial rollover
In previous years I have done partial rollovers from my tIRA to my Roth IRA. This year, because I got spooked by 2018Q4, I thought I needed to have more cash and so I took the money from my tIRA and put it in my taxable account. It would have made much more sense to move to cash but to put it in the...
- Wed Jun 19, 2019 9:11 am
- Forum: Personal Finance (Not Investing)
- Topic: Which version of tax software do I need?
- Replies: 4
- Views: 305
Re: Which version of tax software do I need?
My CPA already filed for 2018. I was thinking I should buy the 2018 version so I could compare the CPA version and to have most of the information filled out for 2019.
- Wed Jun 19, 2019 8:52 am
- Forum: Personal Finance (Not Investing)
- Topic: Which version of tax software do I need?
- Replies: 4
- Views: 305
Which version of tax software do I need?
For 35 years of employment I did my own return in TurboTax. When I moved and retired I had a local CPA do my return for 5 years and I am considering doing it myself again. So what version do I need? Retiree Income: CSRS Pension(wife), SS(me), IRA withdrawal, Interest from bank account, capital gains...
- Sun Apr 21, 2019 11:41 am
- Forum: Personal Finance (Not Investing)
- Topic: Rethinking Asset Allocation
- Replies: 10
- Views: 869
Re: Rethinking Asset Allocation
Thanks to all. The total expenses include the taxes on the initial RMD. The expenses that I referred to as needing to be covered for 2, and 8 years were those total expenses less SS and pension. That said, even though I think I have my bases covered with stable funds, I will probably reduce my equit...
- Sun Apr 21, 2019 9:25 am
- Forum: Personal Finance (Not Investing)
- Topic: Rethinking Asset Allocation
- Replies: 10
- Views: 869
Re: Rethinking Asset Allocation
With CSRS pension and SS we cover 77% of our routine spending and over 100% of our needs. With RMD we will cover 136% of our routine spending. Routine spending does not include new cars or the limited help we have given our children. During the crisis, I did not move money or change allocations. Of ...
- Sun Apr 21, 2019 8:24 am
- Forum: Personal Finance (Not Investing)
- Topic: Rethinking Asset Allocation
- Replies: 10
- Views: 869
Rethinking Asset Allocation
I am 68 and have been retired for 3 years. I have had virtually the same asset allocation for 10-15 years. VGSLX - Vanguard REIT Index, 6% VBTLX - Vanguard Total Bond Index, 24% VTIAX - Vanguard Total International Stock Index, 20% VTSAX - Vanguard Total Stock Market Index, 50% I invested in the REI...
- Sun Mar 03, 2019 3:17 pm
- Forum: Personal Finance (Not Investing)
- Topic: Large One-Time Expenditures in Retirement
- Replies: 24
- Views: 2795
Re: Large One-Time Expenditures in Retirement
I have not really planned for large expenses. I am keeping track of how much we spend including taxes and comparing that to a SWR. I maintain a running total of the amount of underspent money. This is money that we can "safely" spend. I don't have a separate account for this. If I need to ...
- Fri Mar 01, 2019 1:12 pm
- Forum: Personal Finance (Not Investing)
- Topic: Should I switch my daily banking business to Ally?
- Replies: 51
- Views: 5203
Re: Should I switch my daily banking business to Ally?
I switched from Chase to Ally about 4 years ago. I also had salary & pension direct deposit at Chase. Left because they were not paying anything in interest. The change went smoothly but I had enough money to cover any overdrafts I might of gotten during the transition. The only hiccup was that ...
- Sat Jan 19, 2019 9:27 am
- Forum: Personal Investments
- Topic: Wire $50K Out of the Country
- Replies: 15
- Views: 1893
Re: Wire $50K Out of the Country
Based on recommendations here, I used transferwise last year to transfer 45K to Australia. It costs about $340. I was very satisfied with their customer support. You will need to provide additional forms of identification if you transfer more than 10K or have multiple transfers that add up to more t...
- Thu Dec 13, 2018 11:03 am
- Forum: Personal Finance (Not Investing)
- Topic: HSA & Medicare
- Replies: 2
- Views: 309
HSA & Medicare
This is probably just my ignorance but what is the logic behind not contributing being able to an HSA while on Medicare? I thought there was interest in pushing people to high deductible plans which enables HSAs. Our particular situation is retired, FEHP, BCBS, Medicare part A only. BCBS does not fo...