Search found 166 matches

by jimishooch
Sat Dec 02, 2017 2:52 pm
Forum: Investing - Help with Personal Investments
Topic: Backdoor Roth IRA - uh oh
Replies: 16
Views: 1981

Re: Backdoor Roth IRA - uh oh

I contributed to my and my wife's Roth IRA for 2017 early in the year (Jan of 2017), $11,000 total. She's gotten a few big bonuses during the year that put us at $257,000 gross income. We also both max our 401k's ($36,000 total) and live in California, filing jointly. How can I calculate if we shou...
by jimishooch
Wed Nov 29, 2017 11:50 am
Forum: Investing - Help with Personal Investments
Topic: Retirement: how to forecast where you’re at?
Replies: 35
Views: 3215

Re: Retirement: how to forecast where you’re at?

TheTimeLord wrote:
Mon Nov 27, 2017 5:33 pm
If you have an account with Fidelity they have a Retirement Planner that saves the values. I am sure you will get several other good suggestions from the BH.
+1
by jimishooch
Tue Nov 28, 2017 11:10 am
Forum: Investing - Help with Personal Investments
Topic: Annuity Exit Strategy Help Requested: Wife’s ROTH IRA – Allianz 222 Fixed Index Annuity – Stay or go? How?
Replies: 34
Views: 2039

Re: Annuity Exit Strategy Help Requested: Wife’s ROTH IRA – Allianz 222 Fixed Index Annuity – Stay or go? How?

Your math looks good. As you can see, the payback period is very short and from then on, you're putting that saved money in YOUR pocket rather than the insurance company's pocket. One thing to consider is when your next anniversary date is, since the surrender fee normally goes down by 1% per year....
by jimishooch
Tue Nov 28, 2017 9:38 am
Forum: Investing - Help with Personal Investments
Topic: Annuity Exit Strategy Help Requested: Wife’s ROTH IRA – Allianz 222 Fixed Index Annuity – Stay or go? How?
Replies: 34
Views: 2039

Re: Annuity Exit Strategy Help Requested: Wife’s ROTH IRA – Allianz 222 Fixed Index Annuity – Stay or go? How?

Your math looks good. As you can see, the payback period is very short and from then on, you're putting that saved money in YOUR pocket rather than the insurance company's pocket. One thing to consider is when your next anniversary date is, since the surrender fee normally goes down by 1% per year....
by jimishooch
Mon Nov 27, 2017 1:54 pm
Forum: Personal Finance (Not Investing)
Topic: CPA in Austin-Retired friends with investment ?
Replies: 1
Views: 350

Re: CPA in Austin-Retired friends with investment ?

jane allen cpa......512.328.6800. set it up with ryan hill. he's in lakeway.
by jimishooch
Sat Nov 25, 2017 12:33 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Returns - How Long Do you Keep?
Replies: 56
Views: 4478

Re: Tax Returns - How Long Do you Keep?

hard copies and PDFs from 2000,

glad i did, in the middle of putting the basis together for IRAs started in 1998...
by jimishooch
Thu Nov 23, 2017 2:42 pm
Forum: Personal Finance (Not Investing)
Topic: Capital loss on Roth conversion question
Replies: 10
Views: 604

Re: Capital loss on Roth conversion question

forgot to mention that all contributions were nondeductible contributions... Such a small detail! In that case, the original $36940 has already been taxed. Only the amount above that will be taxed when you convert (assuming you filed Form 8606 each year you made a non-deductible contribution). $369...
by jimishooch
Thu Nov 23, 2017 1:43 pm
Forum: Personal Finance (Not Investing)
Topic: Capital loss on Roth conversion question
Replies: 10
Views: 604

Re: Capital loss on Roth conversion question

so contributions don't offset? The money in an IRA, 401k or pension has never been taxed. It is pre-taxed money that grows tax-deferred. You pay tax on it (and the growth) when you withdraw it. Or, in your case, when you convert it to a Roth IRA. Roth IRA money as "already been taxed", so it (and t...
by jimishooch
Thu Nov 23, 2017 12:54 pm
Forum: Personal Finance (Not Investing)
Topic: Capital loss on Roth conversion question
Replies: 10
Views: 604

Re: Capital loss on Roth conversion question

It's two steps. First you'll pay surrender charges on your annuity and essentially have cash in your traditional IRA account. Then you convert cash (or other asset) to a new Roth IRA conversion account. Your tax liability will be based on the amount you convert and your marginal tax bracket. If you...
by jimishooch
Thu Nov 23, 2017 12:31 pm
Forum: Personal Finance (Not Investing)
Topic: Capital loss on Roth conversion question
Replies: 10
Views: 604

Re: Capital loss on Roth conversion question

No. There are no capital gains or losses within IRAs or employer retirement plans. However, you now can convert some/all of it and pay less taxes on the conversion than if you had converted earlier! Good to know on the capital loss portion, When figuring tax liability on the conversion do i use the...
by jimishooch
Thu Nov 23, 2017 12:03 pm
Forum: Personal Finance (Not Investing)
Topic: Capital loss on Roth conversion question
Replies: 10
Views: 604

Capital loss on Roth conversion question

From 1998 to 2009 i contributed to a tIRA, all contributions are documented. In 2010 i wrapped this tIRA in a deferred income annuity. The total contributions were $36940.00. Due to market loss, upon transfer, the premium for the annuity was $24251.00. The plan is to transfer the annuity tIRA to my ...
by jimishooch
Sun Nov 19, 2017 1:14 pm
Forum: Investing - Help with Personal Investments
Topic: Annuity Exit Strategy Help Requested: Wife’s ROTH IRA – Allianz 222 Fixed Index Annuity – Stay or go? How?
Replies: 34
Views: 2039

Re: Annuity Exit Strategy Help Requested: Wife’s ROTH IRA – Allianz 222 Fixed Index Annuity – Stay or go? How?

i'm in the same boat, have multiple deferred (income) indexed annuities with 3 years left on a 10 year surrender and the charges are still to steep so i re-evaluate every year. but i don't include these in my asset allocation as it's an income producing vehicle like social security... good luck jim...
by jimishooch
Tue Nov 14, 2017 12:22 pm
Forum: Investing - Help with Personal Investments
Topic: Annuity Exit Strategy Help Requested: Wife’s ROTH IRA – Allianz 222 Fixed Index Annuity – Stay or go? How?
Replies: 34
Views: 2039

Re: Annuity Exit Strategy Help Requested: Wife’s ROTH IRA – Allianz 222 Fixed Index Annuity – Stay or go? How?

... have multiple deferred (income) indexed annuities with 3 years left on a 10 year surrender and the charges are still to steep so i re-evaluate every year. ... The surrender charges make up for some of the expenses that the insurance company would otherwise receive. So the surrender charges shou...
by jimishooch
Tue Nov 14, 2017 11:49 am
Forum: Investing - Help with Personal Investments
Topic: Annuity Exit Strategy Help Requested: Wife’s ROTH IRA – Allianz 222 Fixed Index Annuity – Stay or go? How?
Replies: 34
Views: 2039

Re: Annuity Exit Strategy Help Requested: Wife’s ROTH IRA – Allianz 222 Fixed Index Annuity – Stay or go? How?

i'm in the same boat,

have multiple deferred (income) indexed annuities with 3 years left on a 10 year surrender and the charges are still to steep so i re-evaluate every year.
but i don't include these in my asset allocation as it's an income producing vehicle like social security...

good luck
jim
by jimishooch
Sat Oct 21, 2017 12:40 pm
Forum: Personal Finance (Not Investing)
Topic: Turning 65, and choosing not to take Medicare Part B
Replies: 37
Views: 3597

Re: Turning 65, and choosing not to take Medicare Part B

turning 65 soon,
will sign up for part A only. employer sponsored plan is creditable (as is drug coverage) and will remain primary.
by jimishooch
Sat Oct 21, 2017 12:11 pm
Forum: Personal Finance (Not Investing)
Topic: Avoiding Transfer Fee---Will this work?
Replies: 15
Views: 1492

Re: Avoiding Transfer Fee---Will this work?

what's the fee if you setup auto transfer from the ally side? i bet it's zero...
by jimishooch
Fri Oct 20, 2017 12:57 pm
Forum: Investing - Help with Personal Investments
Topic: Transferring Variable Annuity
Replies: 9
Views: 798

Re: Transferring Variable Annuity

why do a 1035?
transfer the roth in the annuity to a VG roth and the tIRA in the annuity to a VG tIRA and be done with variable annuity.
i just did this with roth IRA tucked into a deferred income/indexed annuity with no problem.
talk to vanguard.
by jimishooch
Fri Oct 06, 2017 12:22 pm
Forum: Investing - Theory, News & General
Topic: So... What bond fund or bond-like instrument do you use?
Replies: 47
Views: 4538

Re: So... What bond fund or bond-like instrument do you use?

brokerage 5 year CD ladder.
5 year muni bond ladder.
Ibonds.
high yield savings.
by jimishooch
Thu Sep 28, 2017 11:01 am
Forum: Personal Finance (Not Investing)
Topic: Bill of Sale for Sailboat
Replies: 6
Views: 646

Re: Bill of Sale for Sailboat

of course the HIN,
i always add the engine and drive numbers.
by jimishooch
Thu Sep 28, 2017 10:46 am
Forum: Investing - Theory, News & General
Topic: Why do you LBYM? Why do you save and invest?
Replies: 204
Views: 15686

Re: Why do you LBYM? Why do you save and invest?

The great recession was the wake up call...
by jimishooch
Wed Sep 13, 2017 11:29 am
Forum: Investing - Help with Personal Investments
Topic: How often do you put money in Vanguard
Replies: 55
Views: 4626

Re: How often do you put money in Vanguard

Still in accumulation phase so DCA into taxable every other week. contribute/convert to rIRA every January.
by jimishooch
Sat Jul 29, 2017 11:25 am
Forum: Personal Finance (Not Investing)
Topic: Ready to retire - have I missed anything?
Replies: 24
Views: 4255

Re: Ready to retire - have I missed anything?

you have the cash, pay off the house and take that monthly payment and put into savings or into your AA.
by jimishooch
Mon Jul 10, 2017 1:18 pm
Forum: Personal Finance (Not Investing)
Topic: Condo association - Does the budget seem sound?
Replies: 14
Views: 1308

Re: Condo association - Does the budget seem sound?

i would want to take a look at the approved budget, balance sheet, income expense statement, reserve expense report and the 10 year reserve calculations. that will give the whole picture (quarterly financials if they do that).
how much is the management fee per month?
by jimishooch
Fri Jul 07, 2017 10:53 am
Forum: Personal Finance (Not Investing)
Topic: HO Insurance Deductible
Replies: 15
Views: 1268

Re: HO Insurance Deductible

5%...no mortgage.
by jimishooch
Fri Jul 07, 2017 10:48 am
Forum: Personal Finance (Not Investing)
Topic: What is a Normal Spending Percentage of Take-Home Pay?
Replies: 29
Views: 2827

Re: What is a Normal Spending Percentage of Take-Home Pay?

i do it this way,

28% = fixed expenses/50% savings/22% discretionary spending. took us a very long time to get to the 50%...
by jimishooch
Fri Jul 07, 2017 10:36 am
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance - is it worth it?
Replies: 159
Views: 12507

Re: Long term care insurance - is it worth it?

Umm, not that I have seen. The hybrid policies allow you to drain the life insurance benefit or a portion thereof. They are not unlimited. And since life insurance payout is a certainty vs a potential the insurance co can price better. There is a big misconception in the post quoted below and sever...
by jimishooch
Tue Jul 04, 2017 11:06 am
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance - is it worth it?
Replies: 159
Views: 12507

Re: Long term care insurance - is it worth it?

another option,

due to family histories and being child free we went this route after genworth gouged us out.


https://www.buaweb.com/cms/resource_lib ... ochure.pdf
by jimishooch
Thu Jun 15, 2017 11:51 am
Forum: Personal Finance (Not Investing)
Topic: Long Term Care Insurance?
Replies: 46
Views: 4696

Re: Long Term Care Insurance?

I don't see the value of LTCI policies available today. What i want insurance for is long tail (catastrophic) risk. If my wife or I need long term care for 10+ years, that is where a policy would be useful. But, the policies available today all appear to have a cap (often pretty short ones) on how ...
by jimishooch
Thu Jun 15, 2017 11:47 am
Forum: Personal Finance (Not Investing)
Topic: Long Term Care Insurance?
Replies: 46
Views: 4696

Re: Long Term Care Insurance?

I don't see the value of LTCI policies available today. What i want insurance for is long tail (catastrophic) risk. If my wife or I need long term care for 10+ years, that is where a policy would be useful. But, the policies available today all appear to have a cap (often pretty short ones) on how ...
by jimishooch
Mon Jun 05, 2017 3:08 pm
Forum: Investing - Help with Personal Investments
Topic: Benefits of waiting to convert $4,000,000 in IRAs into Roth
Replies: 41
Views: 5287

Re: Benefits of waiting to convert $4,000,000 in IRAs into Roth

um,

isn't the tax bill on the gain from total contributions??
by jimishooch
Fri Jun 02, 2017 11:59 am
Forum: Personal Finance (Not Investing)
Topic: Condo Assoc seeking thoughts
Replies: 24
Views: 2701

Re: Condo Assoc seeking thoughts

amend the by-laws, with consensus that's what i did. each unit owner insures their unit for all perils and full replacement cost (my detached stand alone unit qualified for a homeowner policy instead of a condo policy). HOA pays for biennial inspection and any repairs associated with inspection on t...
by jimishooch
Wed May 10, 2017 2:24 pm
Forum: Personal Finance (Not Investing)
Topic: Long Term [Care] Rates just went Through the roof!
Replies: 34
Views: 5353

Re: Long Term [Care] Rates just went Through the roof!

The only way I'd ever consider it is if you could buy a fully paid policy and that policy did not have a limit on total benefits. And even then, there'd still be the issue of the insurer going bankrupt. Check oit the newer hybrid LTC policies, they are fully paid up and pay benefits for life. Are y...
by jimishooch
Sat Mar 18, 2017 1:22 pm
Forum: Personal Finance (Not Investing)
Topic: Health care costs in retirement calculator
Replies: 3
Views: 574

Re: Health care costs in retirement calculator

i agree that the AARP calculator seems light but i do like the interface better. the calculator put us about even with the national average of what a couple would pay for healthcare in retirement. fidelity came more inline with my projections. changing my wife's retirement age to 65 instead of 62 cr...
by jimishooch
Fri Mar 17, 2017 3:04 pm
Forum: Personal Finance (Not Investing)
Topic: Health care costs in retirement calculator
Replies: 3
Views: 574

Health care costs in retirement calculator

my wife and i are closing in on our annual expenses x 30 years number and of course health care is a big sticking point. ran across these 2 calculators that might help some members with pre retirement (or in retirement) health care cost concerns...

http://www.aarp.org/work/retirement-pla ... alculator/

https://www.fidelity.com/mymoneylifesty ... c-ret.html

good luck
jim
by jimishooch
Tue Mar 14, 2017 11:37 am
Forum: Investing - Theory, News & General
Topic: Does anyone own gold?
Replies: 114
Views: 11594

Re: Does anyone own gold?

yes,

i buy physical 1 oz. BU (brilliant uncirculated) bullion rounds worldwide. it's more of a hobby/collection (albeit an expensive one). i buy on average 2-3 oz a year on the dips when it dips...and not included in portfolio.
by jimishooch
Tue Feb 21, 2017 2:46 pm
Forum: Investing - Help with Personal Investments
Topic: Windfall, investing, insurance?
Replies: 41
Views: 4405

Re: Windfall, investing, insurance?

pay off the student debt and car loan and take those monthly payments and auto fund a 529 for your child. go term life for 20 years (1 mil) and then at age 50 shop for a new 20 year. home and auto should be insured thru same company for max discount and purchase liability umbrella @ 1 mil. establis...
by jimishooch
Tue Feb 21, 2017 12:22 pm
Forum: Investing - Help with Personal Investments
Topic: Windfall, investing, insurance?
Replies: 41
Views: 4405

Re: Windfall, investing, insurance?

now you have ballast; pay off the student debt and car loan and take those monthly payments and auto fund a 529 for your child. go term life for 20 years (1 mil) and then at age 50 shop for a new 20 year. home and auto should be insured thru same company for max discount and purchase liability umbre...
by jimishooch
Fri Feb 17, 2017 12:43 pm
Forum: Personal Finance (Not Investing)
Topic: Long Term Care - Genworth viability
Replies: 4
Views: 950

Re: Long Term Care - Genworth viability

i went this route,

we dumped genworth for single premium paid up policy plus a LTC rider with monthly benefits for life.

https://www.buaweb.com/cms/resource_lib ... ochure.pdf
by jimishooch
Sat Feb 04, 2017 12:10 pm
Forum: Personal Finance (Not Investing)
Topic: High Car Insurance VS Umbrella Insurace
Replies: 16
Views: 2339

Re: High Car Insurance VS Umbrella Insurace

IMO anything more than this is a waste of money. my car is under manufacturer warranty so no roadside service. lowest daily rate on rental...all liability minimums tied to umbrella. Bodily Injury Liability Property Damage Liability Personal Injury Protection Uninsured/underinsured Motorist Bodily In...
by jimishooch
Sat Feb 04, 2017 11:41 am
Forum: Personal Finance (Not Investing)
Topic: High Car Insurance VS Umbrella Insurace
Replies: 16
Views: 2339

Re: High Car Insurance VS Umbrella Insurace

GEICO saved me 26% across 4 policies: home/auto/motorcycle/umbrella.

good luck
jim