Search found 269 matches

by Not Law
Mon Mar 25, 2024 7:36 pm
Forum: Personal Finance (Not Investing)
Topic: Annuity for spendthrift brother on mom's death?
Replies: 52
Views: 4172

Re: Annuity for spendthrift brother on mom's death?

Elder abuse advocates would condider the redirection of your brother's inheritance criminally chargeable.
by Not Law
Mon Mar 18, 2024 1:16 pm
Forum: Personal Finance (Not Investing)
Topic: Amended 1099s from many years ago; can I amend return?
Replies: 16
Views: 1829

Re: Amended 1099s from many years ago; can I amend return?

[/quote]Here is a guess. The decedent didn't pay taxes for whatever reason and the IRS eventually put a lien on the decedent's property. Once the taxes are paid, or the IRS makes the proper adjustments to the amount due, the estate can be distributed to heirs.
[/quote]
by Not Law
Mon Mar 18, 2024 12:49 pm
Forum: Personal Finance (Not Investing)
Topic: Online Social Security application [question]
Replies: 19
Views: 1656

Re: Online Social Security application [question]

Doesn't sound like you goofed up. You said you told them you wanted benefits to start in June. All payments for June SS benefits are made in July. You said hers would be paid in July. How would you change what you did, and what outcome did you expect?
by Not Law
Sat Mar 16, 2024 6:25 pm
Forum: Personal Finance (Not Investing)
Topic: Amended 1099s from many years ago; can I amend return?
Replies: 16
Views: 1829

Re: Amended 1099s from many years ago; can I amend return?

So the company that issued the original 1099s committed tax fraud. The 1099 information is reported to the IRS, so there is no record of withholding sent to the IRS on behalf of decadent, and his tax prepare was none the wiser. The IRS caught onto the fraud and ordered the corrected 1099s which indicate substantial withholdings that should have been sent to the government on behalf of the taxpayer, and now shows up on the corrected 1099s. Over the years the decedent appeared, based on the filed return, to owe lots of unpaid taxes. The simple solution, as suggested by the agent, should work. The explanation for filing needs to be simple but succinct. The point of the amended return is to correct the fraud which only recently became evident. ...
by Not Law
Sat Mar 16, 2024 2:43 pm
Forum: Personal Finance (Not Investing)
Topic: Quit claim deed has a lot of room for fraud
Replies: 28
Views: 3316

Re: Quit claim deed has a lot of room for fraud

True story resulting a RICO charge against 400 plus participants. During the subprime mortgage heyday, when hedge funds and lenders were selling "mortgage backed securities" and there was extraordinary demand for mortgages to package. Create a mortgage originator, invent a fictional title company, use fake notaries, find properties without existing mortgages create the paperwork to make it appear there is an actual sale to a new mortgage, fake buyer qualifications (liar loans), fake title company closes and insures the mortgage with, proceeds diverted to the top fraudster. Repeat over 1000 times, at an average of $400,000 per loan. Advertise for dupes to help out a struggling (nonexistent) purchaser establish credit. You (dupe) ta...
by Not Law
Tue Mar 05, 2024 2:12 pm
Forum: Personal Finance (Not Investing)
Topic: Mid-career change to law?
Replies: 127
Views: 11960

Re: Mid-career change to law?

Assuming you are a pilot, how would you advise a $400k earning attorney who wants to become a pilot that earns the same amount?
by Not Law
Thu Feb 22, 2024 3:33 pm
Forum: Personal Finance (Not Investing)
Topic: Michigan ACA Silver near FPL; Vision and Dental
Replies: 8
Views: 897

Re: Michigan ACA Silver near FPL; Vision and Dental

Sunrise side here. Beyond ACA now, but was able to buy a dental plan through Blue Care Network on the ACA marketplace site for under $30 per person per month. When I switched to medicare, the ACA coverage ended. Since the dental was through the ACA that ended as well. Even though I set it up in advance to purchase the dental separately, BC screwed it up and it took about 6 months to finally get it straightened out. Vision is a separate policy at $218 and covers both of us.

Most folks on medicaid get vision and dental with no co-pays. I am not sure if Michigan's expansion to 138% extended those benefits as well, but that might be a reason to keep income below that level. If I recall, the expanded medicaid has a 2% of income premium.
by Not Law
Wed Feb 21, 2024 3:53 pm
Forum: Personal Finance (Not Investing)
Topic: Paying off credit card debt
Replies: 31
Views: 3181

Re: Paying off credit card debt

Note that new charges on the 0% card can accrue interest, and will not be paid until the 0% balance has been paid in full. So if the friend goes that route, the card should be cut up upon receipt to avoid temptation. It may also be like the stores that offer no interest payable for 6 months where the fine print says it still accrues and will be lump summed into the amount due if not paid within the 6 months.
by Not Law
Wed Feb 21, 2024 3:46 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella Policy
Replies: 18
Views: 2158

Re: Umbrella Policy

$300 per year to avoid having to liquidate my home and/or my IRA to cover a claim beyond my regular insurance limits of liability seems very cheap. And it covers the lawyers to defend the claim. Otherwise you might have to sell sneakers to cover the legal fees!
by Not Law
Thu Feb 15, 2024 8:39 pm
Forum: Personal Finance (Not Investing)
Topic: Handling Estimated Tax during retirement
Replies: 15
Views: 1578

Re: Handling Estimated Tax during retirement

"Quarterly" tax payments are based on 3,5,8 and 12 month quarters. works best with even yearly income. On April 15, you take your first three months income, multiply by four (annualizing it), and assume that as annual income, then pay 1/4 of the tax on that amount. On June 15, you take 5 months of income, annualize it, and pay 5/12 (less the amount paid in April). On September 15, you take 8 months of income, annualize it, and pay 8/12 (less the total paid to date). Finally, on January 15, you take your total income, and pay the full tax (less the total paid to date). If you take RMD in January, you will be front loading your tax payments, which is not a problem. If you take it (or convert a lump sum to Roth, etc) in December, you...
by Not Law
Wed Feb 07, 2024 6:29 pm
Forum: Personal Finance (Not Investing)
Topic: Bad Debt - Sell Investments?
Replies: 48
Views: 3989

Re: Bad Debt - Sell Investments?

Consult with a bankruptcy attorney (often free). If you pay off the non-dischargeable student loan at least 90 days before filing, a chapter 13 repayment plan would allow YOU to set the terms of unsecured debt repayment without ANY interest. You prepare a reasonable budget and pledge the "left over" income toward debt repayment. To the extent you cannot pay all principal balances off after 36 months (60 for higher incomes), the balances are discharged.
by Not Law
Sat Feb 03, 2024 7:52 pm
Forum: Personal Finance (Not Investing)
Topic: DW Laid Off, I'm Panicking
Replies: 166
Views: 20910

Re: DW Laid Off, I'm Panicking

When my spouse left her career job before 50, we made sure she had enough part time annual income for her to remain eligible for Social Security Disability. This kept her eligible for full FRA and medicare if she became disabled prior to 65.
by Not Law
Sat Feb 03, 2024 12:54 pm
Forum: Personal Finance (Not Investing)
Topic: Children unprepared to manage our trust after our deaths.
Replies: 67
Views: 7954

Re: Children unprepared to manage our trust after our deaths.

It does not appear that unwinding is necessary. Just keep the non liquid part of the portfolio in the trust. Once it becomes liquid, (at a time that is not in control of the investor), the Trustee does not reinvested in a 1031 exchange, but takes the cash whenever the stepped up basis has already been realized on that particular part of the portfolio. That would allow for the income to paid to the trust until all such properties/investments pay out. The trust can direct how these particular funds are to be distributed.
by Not Law
Tue Jan 30, 2024 12:56 pm
Forum: Personal Finance (Not Investing)
Topic: Is it possible Vanguard accidentally withheld taxes on my Roth conversion?
Replies: 19
Views: 1692

Re: Is it possible Vanguard accidentally withheld taxes on my Roth conversion?

For all but my end of year withdrawals, I opt for no withholding - the other two choices were 10% or fill in a blank. This Dec 2023, I was directed to a W-4 form and picked 76% Fed and 23% State. It indicated that these options would remain until I changed the W-4. So I need to be hyper-vigilant with my first 2024 draw.
by Not Law
Mon Jan 22, 2024 7:04 pm
Forum: Investing - Theory, News & General
Topic: At what point of the accumulation process (DCA), do you hope the market goes up?
Replies: 24
Views: 1976

Re: At what point of the accumulation process (DCA), do you hope the market goes up?

It really does not matter! Since you are DCA, you will reach your goal when you reach it. If the market it is flat until the last year, then shoots up to X, you reach your goal in the last year. If it shoots up early then stays flat at X, you will reach your goal with your last payment. These are the obvious extremes, but between those, you will still reach your goal when you reach it. It just may be more or less time than you might prefer.
by Not Law
Sat Jan 13, 2024 4:16 pm
Forum: Investing - Theory, News & General
Topic: How did you make your first $1M?
Replies: 148
Views: 35636

Re: How did you make your first $1M?

According to SS, I had earned about $200k by 1990. At that point, I had paid off all student loans and my first and only new car loan. I had retirement funds of about $30k and a mortgage equal to that. I reached a million in earnings in 2005, owed about $60k on a house and had $500k in retirement accounts (all equities). In that 15 year period, expenses included 2 college educations with no associated debt, and about 8 used cars, all for less than $3k each. The 1995 house purchase price was about 125% of annual income. I stopped contributing to retirement funds in 2005, opting to Roth convert up to the top of the my bracket. I also tax GAIN harvested from non retirement accounts in 2012 and 2013 to the 0% capital gains maximum in anticipati...
by Not Law
Fri Jan 12, 2024 3:25 pm
Forum: Personal Finance (Not Investing)
Topic: How Far in Advance to Apply for Social Security
Replies: 56
Views: 11228

Re: How Far in Advance to Apply for Social Security

99% of my last IRA withdrawal in 2023 was withheld for taxes. (The 1% went to my bank so I knew the withholding transaction occurred.) No need to file quarterlies, or to have $$ withheld from any other income sources.
by Not Law
Wed Jan 10, 2024 7:45 pm
Forum: Personal Finance (Not Investing)
Topic: Budgeting software?
Replies: 70
Views: 9757

Re: Budgeting software?

Quicken 2011. Was not impressed with the quality of downloads in Q2014 and when 2017 became a subscription, I decided that I could manage with the "unsupported" older versions. At this point, Q2011 works fine. I am no longer budgeting though, just keeping track that the spending stays in the proper range. Also serves as a double check for tracking various accounts.
by Not Law
Fri Apr 28, 2023 6:00 pm
Forum: Personal Consumer Issues
Topic: Helping kids buy a home
Replies: 182
Views: 15303

Re: Helping kids buy a home

Our rule of thumb was to buy a home that was about equal to about one year's income - NOT 2x or 3x. That has allowed for the funding of two college educations, a couple trips to Europe, close to a dozen cruises (including Disney cruises with grandkids), AND fund retirement accounts which will (when I take SS at 70) produce enough to match our highest income during our earning years. Sure, we could have "afforded" more, but it would have compromised the other things we managed to do during those years.

So, OP should encourage kids to use the $300k to buy a $300k home, and avoid having any payment at all.
by Not Law
Tue Apr 04, 2023 9:14 am
Forum: Investing - Theory, News & General
Topic: Goal only Roth and taxable?
Replies: 30
Views: 3607

Re: Goal only Roth and taxable?

Traditional IRA withdrawals and Roth conversions are included in MAGI for ACA eligibility determinations. Ideally I would think that one third each of Roth, Taxable and Traditional (pre-tax) IRA would work well. With that goal in mind, we began Roth conversions in 2004 to the top of the 15% bracket. After tax GAIN harvesting in 2012 and 2013, we were at 30 Roth - 15 Taxable - 55 TIRA leading up to the ACA. After six years of keeping MAGI below 150% for maximum benefits, our percentages ended up at 25 - 5 - 70. We have since been maxing out the 12% bracket with TIRA withdrawals, and, after expenses, adding to the other two.
by Not Law
Fri Dec 23, 2022 10:56 am
Forum: Personal Consumer Issues
Topic: Renewing homeowners insurance policy - Electrical panel is a problem
Replies: 19
Views: 1844

Re: Renewing homeowners insurance policy - Electrical panel is a problem

FYI as of 2023, the Inflation Reduction Act includes substantial tax credits and rebates for electrical upgrades among other things.
by Not Law
Mon Jul 04, 2022 2:11 pm
Forum: Personal Consumer Issues
Topic: Car Insurance: Why bother above minimum?
Replies: 81
Views: 8859

Re: Car Insurance: Why bother above minimum?

You are self employed. You can reduce your taxable income by the amount of your health insurance premiums. This reduces your AGI for eligibility under the affordable care act. Manipulating your income by contributing to pre-tax retirement accounts could well get you to the better subsidies available to incomes under 250% of poverty. The sweet spot between 138% and 150% eliminates most of the exorbitant deductibles and co-pays.
by Not Law
Wed May 04, 2022 4:25 pm
Forum: Personal Consumer Issues
Topic: The solar panel salesman
Replies: 89
Views: 12536

Re: The solar panel salesman

In my rural area there are no dealers, reputable or otherwise. The only way to get solar information (or to purchase) is to deal with the traveling sales people who know nothing about what they are selling, just how to sell things. Just like car dealers, they are selling the monthly cost/savings of a system. None of them have heard of solar shingles, nor have any local roofers. While I might consider solar, I want to deal with knowledgeable people, not commission seeking sales people.
by Not Law
Tue Apr 12, 2022 7:48 pm
Forum: Personal Consumer Issues
Topic: Is an airlines pilot a good career prospect?
Replies: 59
Views: 7386

Re: Is an airlines pilot a good career prospect?

Basically a bus driver - get from point A to B. Just in the air rather than on roads. I imagine it would lose excitement fairly quickly. Getting to the pay top can be quite attractive, even if the job becomes humdrum.
by Not Law
Thu Apr 07, 2022 6:39 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Benefit Discrepancy
Replies: 10
Views: 1484

Re: Social Security Benefit Discrepancy

Somewhat regarding part 2: Our 2010 return showed self employed income for spouse of $6600, which never appeared in the SS annual statement (though the IRS account transcript showed the income and the SE taxes paid). We complained of same and were advised that since SS got this info from the IRS, we needed to file an amended return for 2010, even though none of the numbers were different. We did note in the 2017 amendment to the 2010 return that it was being filed for the sole purpose of getting the $6600 income reported to SS. Nothing was received from the IRS regarding this amendment. Fast forward to late 2020, when spouse filed for benefits. SS still showed no income for 2010. We provided SS with copies of the amended return and supporti...
by Not Law
Sun Apr 03, 2022 5:29 pm
Forum: Personal Finance (Not Investing)
Topic: Capital One will give me $200 to get their credit card. Is there a catch?
Replies: 32
Views: 3355

Re: Capital One will give me $200 to get their credit card. Is there a catch?

We fly somewhere every two to three years. Airline cards usually include free checked baggage for the travelers on the same reservation. Also a $200 or so credit for signing up. Just did an American Airline card for this year's trip. Charged the flights on it at sign up and got the $200 credit. Includes luggage for four travelers each way, so another $240 or so in perks. Plus a mileage bonus of 50k. Once the trip is over we plan on cancelling the card. In 2013 and 2016 we did cruises and flew Delta. Got their card with a sign on bonus of about $200 and free luggage - about $400 value. Plus 50k flight miles. Canceled after the trips. Used the miles to get someone to Florida in 2017 to assist in a drive back to Michigan. From what I can tell,...
by Not Law
Wed Jan 12, 2022 7:26 pm
Forum: Personal Finance (Not Investing)
Topic: Living off withdrawals
Replies: 21
Views: 3093

Re: Living off withdrawals

All available funds are now in TIRA (75%) or Roth (25%). Whenever the market hits an all time high, we move some TIRA funds to cash. We try to keep a year plus of needed funds in cash and transfer as necessary throughout the year. The last (December) withdrawal this year from TIRA included 50% federal and 15% state withholding, which avoided having to pay quarterly estimates, as withheld taxes are treated as having been paid throughout the year. In 2021, with about 70 all time highs, we stopped moving funds to cash in August as there was more than a year of cash available. End of year TIRA distributions are sent to the TIRA cash account. So far, over about 4 years of withdrawing funds, our balances have increased by about double what we hav...
by Not Law
Thu Nov 18, 2021 7:03 pm
Forum: Personal Consumer Issues
Topic: ACA -CSR's - How to know what they are
Replies: 5
Views: 814

Re: ACA -CSR's - How to know what they are

CSR's mean what?
by Not Law
Thu Nov 18, 2021 5:58 pm
Forum: Personal Consumer Issues
Topic: Filling Gasoline Tank To The Brim To Compute MPG
Replies: 104
Views: 8439

Re: Filling Gasoline Tank To The Brim To Compute MPG

Indication that something is amiss with the car's operation when the MPG drops.
by Not Law
Sun Oct 17, 2021 3:55 pm
Forum: Personal Consumer Issues
Topic: Pliers: Channel lock or Knipex?
Replies: 56
Views: 5775

Re: Pliers: Channel lock or Knipex?

If not used much low price/quality is fine. AND the higher the quality, the more likely a borrower (with permission or not!) will never return it!!!
by Not Law
Wed Oct 13, 2021 12:29 pm
Forum: Personal Consumer Issues
Topic: Flood Insurance
Replies: 15
Views: 1614

Re: Flood Insurance

If changes in the flood maps results in your home now being in a flood zone, the lender can force-place flood insurance for its protection only (you would not be covered for any loss), and charge you for the its cost - which will be far more than if you purchased a broader policy yourself. If you do not pay the lender can foreclose.
by Not Law
Sat Sep 25, 2021 6:50 pm
Forum: Personal Finance (Not Investing)
Topic: Family Loan using Power of Attorney – How to Convince Family this is a Bad Idea?
Replies: 64
Views: 4560

Re: Family Loan using Power of Attorney – How to Convince Family this is a Bad Idea?

Risk Mom's money so one non-creditworthy kid can upgrade his lifestyle? He already has a 300k home, so it is not like he is on the streets! This would be an absolute breach of fiduciary duty. When Mom needs state assistance, you can bet the state will require the foreclosure of the kid's new home, which would put him on the streets (or require the fiduciary to restore the funds - would put you on the streets!)
by Not Law
Sun Sep 12, 2021 6:53 pm
Forum: Personal Finance (Not Investing)
Topic: How much money will I save if I keep my car an extra year or two?
Replies: 50
Views: 6358

Re: How much money will I save if I keep my car an extra year or two?

I don't buy a car unless it is at least 10 years old and has 100k miles on it.
by Not Law
Wed May 19, 2021 12:45 pm
Forum: Personal Finance (Not Investing)
Topic: 2021 ACA plan for Early Retired Married Filed Jointly
Replies: 46
Views: 4626

Re: 2021 ACA plan for Early Retired Married Filed Jointly

You will have to pay $1200.12 under your proposal. Subsidy is base on annual numbers, just paid out monthly.
by Not Law
Wed May 19, 2021 12:29 pm
Forum: Personal Finance (Not Investing)
Topic: Do You Know Anyone Who Went BK in Retirement - Why? [Bankrupt]
Replies: 100
Views: 15000

Re: Do You Know Anyone Who Went BK in Retirement - Why? [Bankrupt]

Most retirement accounts survive a bankruptcy, so rather than impoverishing one's self, filing bankruptcy to avoid paying dischargeable debts makes good financial sense.
by Not Law
Fri May 14, 2021 5:14 pm
Forum: Personal Finance (Not Investing)
Topic: dissemination of assets upon spousal death, probate process, and other questions
Replies: 22
Views: 2834

Re: dissemination of assets upon spousal death, probate process, and other questions

Treat her retirement accounts as inherited. There will be no 10% penalty for withdrawals before age 59.5 if you do this. Once you reach 59.5, you can add the account to your IRA if that makes sense for RMD concerns. BUT if you file for bankruptcy, the inherited IRA is not protected from creditor claims, while the rolled over amount would be.
by Not Law
Tue May 11, 2021 6:26 pm
Forum: Personal Finance (Not Investing)
Topic: How many SS credits do I actually have?
Replies: 7
Views: 1217

Re: How many SS credits do I actually have?

Keep in mind that SS Disability requires 20 credits in the past 10 years to qualify.
by Not Law
Sun Apr 25, 2021 4:00 pm
Forum: Personal Finance (Not Investing)
Topic: RMD coming.....
Replies: 153
Views: 20327

Re: RMD coming.....

In 2004 I switched from 401(k) contributions to Roth contributions and tIRA to Roth conversions to the top of my tax bracket. The ACA caused a pause in conversions, in order to get subsidies. Having switched to Medicare last year, I can now restart the conversions to the top of the 12% bracket. My quandary is whether I should take the conversions into the 22% bracket, and if so how far. I now have about 25% in Roths, 74% in tIRA, and 1% in taxable investments (so no other source for taxes) and only 7 years before RMDs. The other consideration is whether to convert all of my (2 year older) spouse's tIRA first, or some of each. All living expenses are now coming from tIRAs and minimal spouse SS, so roughly $50k available for conversion to the...
by Not Law
Sat Apr 24, 2021 1:32 pm
Forum: Personal Finance (Not Investing)
Topic: Home Sale Regret
Replies: 37
Views: 7194

Re: Home Sale Regret

I think you should regret relying on Zillow for valuing the deal. A local market analysis would have made more sense. My home has a Zillow value that fluctuates as much as 50% over short periods of time.
by Not Law
Mon Apr 05, 2021 7:16 pm
Forum: Personal Finance (Not Investing)
Topic: How much house can we afford?
Replies: 28
Views: 2749

Re: How much house can we afford?

Spend no more than your annual income and your future selves will be ever thankful.
by Not Law
Fri Apr 02, 2021 4:13 pm
Forum: Personal Finance (Not Investing)
Topic: Snowbirds - mail and bills
Replies: 68
Views: 12196

Re: Snowbirds - mail and bills

Base home quarterly water bill sent on December 30th (forwarded via order dated 12/27) arrived to forwarding address on March 5th. You cannot rely on the US Postal Service for timely forwarding.
by Not Law
Sat Mar 13, 2021 2:36 pm
Forum: Personal Finance (Not Investing)
Topic: Updating W4 -- Child Tax Credit Increase
Replies: 38
Views: 3843

Re: Updating W4 -- Child Tax Credit Increase

The IRS will probably adjust (for child credit) and reinstate the W-5 form, which allowed employers to advance the earned income credit with each paycheck. I do not think folks will be getting a monthly check from the IRS, but rather the employers will "reverse withhold" the child credits. At least for those who are employed.
by Not Law
Tue Mar 02, 2021 4:34 pm
Forum: Personal Finance (Not Investing)
Topic: Our house payments went 90 percent to interest
Replies: 25
Views: 4780

Re: Our house payments went 90 percent to interest

One big problem is that mortgage companies, even the big ones like Wells Fargo, are using a DOS based record keeping system. None of them are willing to spend the money to bring their records into the 21st Century. In part this is because loans get traded, sold, transferred, etc. between lenders, and they need their records in a compatible format. Thus the least common denominator of record keeping, which is confusing to the young folks who never learned DOS. They can only read an output and have no understanding of how it came about.
by Not Law
Sat Feb 20, 2021 9:19 am
Forum: Personal Finance (Not Investing)
Topic: Order of beneficiaries in trust or will - how distributions are handled
Replies: 20
Views: 1815

Re: Order of beneficiaries in trust or will - how distributions are handled

The residue is what's left after the specific gifts are made. A, B and C are in the same class - if there is not enough to cover those gifts, they are made pro rata within the class. In the example, this would use up 100% of the estate, leaving the residue of $0 to D. So if the decedent wants D to get something, the suggested limiting language is the way to accomplish this.
by Not Law
Sun Jan 24, 2021 1:52 pm
Forum: Personal Finance (Not Investing)
Topic: House mortgage process, seeing and offering when not pre-approved and other questions
Replies: 16
Views: 1155

Re: House mortgage process, seeing and offering when not pre-approved and other questions

Pre-approval is not necessary, although most real estate sales people like to know you have the ability to finance the property you are looking at (they do not want to waste their time showing houses you cannot afford). It will shorten slightly the time to obtain a mortgage, assuming the pre-approval is recent. Six month old financial information will have to be updated with any lender that issues a pre-approval letter. One negative is that the realtor will upsell you if they know you can finance more than you are interested in spending. Remember, the realtor is working for the realtor, NOT the buyer or the seller. They want to get paid as much as possible, as quickly as possible. Almost all sales end up "as is", but you can certa...
by Not Law
Sun Jan 17, 2021 5:54 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage Payoff - This is an Easy One! (??)
Replies: 36
Views: 4456

Re: Mortgage Payoff - This is an Easy One! (??)

Since the costs of refinancing my 6.75% mortgage (to 3-4%) would have exceeded the benefit each time I checked from 2010 to 2014, I finally decided to just pay the $20k balance in full on Valentine Day 2014.
by Not Law
Sun Jan 17, 2021 2:00 pm
Forum: Personal Finance (Not Investing)
Topic: Which scenario would take home more?
Replies: 3
Views: 433

Re: Which scenario would take home more?

In the long term, two equal incomes are better than one twice that for one earner. Each equal income earner can take advantage of 401(k) plans (twice the opportunity) and other employment benefits. When it is time for SS benefits, each will have their full individual benefit, rather than a spousal benefit limited to half the sole earner's PIA (and each will have SS disability potential).