Bogleheads.org

heerekj1

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 ...

heerekj1

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...

heerekj1

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 ...

heerekj1

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...

heerekj1

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...

heerekj1

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...

heerekj1

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...

heerekj1

Yes. I meant 2020 taxes and 110% of 2019 taxes. Thanks.

heerekj1

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...

heerekj1

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...

heerekj1

Thanks for the info. I have done the drive from Sarnia to Niagara multiple times. The Toronto/Hamilton traffic is terrible.

heerekj1

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...

heerekj1

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 ...

heerekj1

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...

heerekj1

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.

heerekj1

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...

heerekj1

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...

heerekj1

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...

heerekj1

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.

heerekj1

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...

heerekj1

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 ...

heerekj1

If your disability insurance was paid with after tax money then the amount should not be taxable income. I think!

heerekj1

Good points, thanks for info.

heerekj1

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...

heerekj1

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...

heerekj1

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...

heerekj1

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.

heerekj1

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...

heerekj1

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...

heerekj1

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...

heerekj1

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...

heerekj1

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 ...

heerekj1

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 ...

heerekj1

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...

heerekj1

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?

heerekj1

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?

heerekj1

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 ...

heerekj1

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...

heerekj1

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...

heerekj1

Thank you.

heerekj1

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...

heerekj1

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.

heerekj1

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...

heerekj1

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...

heerekj1

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 ...

heerekj1

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...

heerekj1

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 ...

heerekj1

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 ...

heerekj1

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...

heerekj1

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...

Search found 145 matches