Search found 428 matches

by NYnative
Thu Feb 15, 2024 1:13 pm
Forum: Personal Finance (Not Investing)
Topic: Filing Form 8606
Replies: 20
Views: 1779

Re: Filing Form 8606

“Do you mean you contributed the max to a deductible IRA and in the same year also contributed to a non-deductible IRA? That is not allowed.”

Due to income limits for those with pension plans ( this was between 15 and 20 years ago), I was ineligible for a deductible TIRA. However, the rules allowed for a none deductible TIRA. The rules may have changed and I’m not sure that limit is still in effect. It definitely was when I did this.
by NYnative
Tue Feb 13, 2024 12:35 pm
Forum: Personal Finance (Not Investing)
Topic: Filing Form 8606
Replies: 20
Views: 1779

Re: Filing Form 8606

I should, but I prefer to use the terms that I am familiar with. I understand that, except for my Roth and my TSP, my IRAs are all one pot. As are my wife’s, except that’s her pot 😎.
by NYnative
Tue Feb 13, 2024 11:32 am
Forum: Personal Finance (Not Investing)
Topic: Filing Form 8606
Replies: 20
Views: 1779

Re: Filing Form 8606

Thanks again, everyone. I am deleting the 8606 from my 2023 return (not yet filed) and will pay whatever tax is due on my closing the non deductible TIRA, along with any other money I take from my regular deductible IRAs when I file my 2024 taxes. This will also help avoid having to take full RMDs from my deductible IRAs as all are the same pot. I know I may be mislabeling the accounts by calling them deductible and non deductible, but it’s easier for me to organize them in my mind. Sorry to the purists out there. Next worry is my stash of I bonds from 2000 when fixed rates were pretty high. Each passing year brings me closer to the 30 year mark. Yeah, I know, first world problems. But I really don’t want to leave these to my kids - when my...
by NYnative
Mon Feb 12, 2024 4:25 pm
Forum: Personal Finance (Not Investing)
Topic: Filing Form 8606
Replies: 20
Views: 1779

Re: Filing Form 8606

Sorry, duplicate post.
by NYnative
Mon Feb 12, 2024 4:25 pm
Forum: Personal Finance (Not Investing)
Topic: Filing Form 8606
Replies: 20
Views: 1779

Re: Filing Form 8606

Yes -that is my intent. Since my basis on my 2023 return is under 1K, I’d be saving about $220, at the most. Almost all of my nondeductible IRA is growth and I’ll be taxed on that. Probably never should have even opened one, but I was maxing out my deductible IRAs and it seemed like a good idea at the time. I was lucky with my investment - it’s over 10x what I contributed.
by NYnative
Mon Feb 12, 2024 3:57 pm
Forum: Personal Finance (Not Investing)
Topic: Filing Form 8606
Replies: 20
Views: 1779

Re: Filing Form 8606

Thank you all for the information. I was under the misimpression that I had to report annually using the 8606 since I had both nondeductible and deductible TIRAs even though my last deposit to any of them was about 15 years ago. I have done several withdrawals from the deductible ones, however, since I am now in the RMD phase of my life, I am withdrawing from both of them and I'm pretty sure the 8606's are now required every year. My mistake (?) was to keep filing the form during the period when I was not not withdrawing from any of them. I don't think I did any harm doing that. By the end of 2024 I will have closed the nondeductible TIRA and that will end my reporting. The amount in it will be -0- and my basis this year is very low. Of cou...
by NYnative
Thu Feb 08, 2024 12:15 pm
Forum: Personal Finance (Not Investing)
Topic: Filing Form 8606
Replies: 20
Views: 1779

Filing Form 8606

I have had a relatively small non deductible TIRA for over 23 years that's grown from $2,000 to over $25,000. During those intervening years I have dutifully filed an 8606, first manually, and now through TurboTax. When I enter the amount on TT, my refund (in years that I get one) seems to drop somewhat after I enter the information. This year (2024) I intend to close that account and take the cash - not reinvesting or converting. I understand that the proceeds will be fully taxable except for whatever small amount of basis that's left (it may not be worth the trouble). I've searched the internet extensively and I can't find any explicit information about any requirement to continue filing the 8606 once the account is closed. I'm not even s...
by NYnative
Tue Jan 19, 2021 2:14 pm
Forum: Personal Finance (Not Investing)
Topic: who do you bank with and why?
Replies: 168
Views: 21400

Re: who do you bank with and why?

I had a few accounts with WF over the years, but terminated all after this: “Wells Fargo has agreed to pay $3 billion to settle criminal charges and a civil action stemming from its widespread mistreatment of customers in its community bank over a 14-year period, the Justice Department announced in February, 2020.” I will not do business with a company that repeatedly and purposely defrauded their customers over along period of time. Nor can I understand why anyone would want to do business with thieves with no conscience. And no, I don’t care where the fraud took place in the company - the top management knew about it and did nothing. Actually, I did not wait until then to move my accounts. I dumped them as soon as I heard about the fraud ...
by NYnative
Thu Dec 24, 2020 4:14 pm
Forum: Personal Finance (Not Investing)
Topic: Medicaid and Roth Conversion / Gain Harvesting?
Replies: 44
Views: 6390

Re: Medicaid and Roth Conversion / Gain Harvesting?

I asked because that is your handle and you appear to have a diminished opinion of people who work for the government. Firechief- Yikes!! That's a WHOLE lotta reading between the lines. Actually, it's not - you were very clear on what you thought of government employees - "so that people who don't work, or who "work" for the government, can get free health care." It's called a benefit. You mean Megacorp doesn't provide health insurance for you? Clearly you work for the wrong Megacorp. I was pointing out that firefighters are normally government employees - along with police, the military and many others, including those who administer the very programs of which you seek to take advantage. Firechief- Yeah, my bad. I was r...
by NYnative
Thu Dec 24, 2020 1:14 pm
Forum: Personal Finance (Not Investing)
Topic: Medicaid and Roth Conversion / Gain Harvesting?
Replies: 44
Views: 6390

Re: Medicaid and Roth Conversion / Gain Harvesting?

So nice of you to respond to a comment made on Jan 17, 2015. :mrgreen:
by NYnative
Thu Dec 24, 2020 12:39 pm
Forum: Personal Finance (Not Investing)
Topic: Medicaid and Roth Conversion / Gain Harvesting?
Replies: 44
Views: 6390

Re: Medicaid and Roth Conversion / Gain Harvesting?

Firechief- I asked because that is your handle and you appear to have a diminished opinion of people who work for the government. I was pointing out that firefighters are normally government employees - along with police, the military and many others, including those who administer the very programs of which you seek to take advantage. I am retired military and receive a generous pension - do you believe that we didn’t do real “work?” If you reveal what you did, I will be happy to provide my opinion of its value to society. You provide information on what you’re not, not what you are.
by NYnative
Thu Dec 24, 2020 12:25 pm
Forum: Personal Finance (Not Investing)
Topic: Medicaid and Roth Conversion / Gain Harvesting?
Replies: 44
Views: 6390

Re: Medicaid and Roth Conversion / Gain Harvesting?

Legal entitlement and moral decisions are two different things. Just because I can do something legally, doesn’t mean it’s morally right. That’s why I said let her conscience be her guide . LOL. But seriously Jiminy, when it comes to tax laws and government entitlements, as far as I'm concerned "if it's legal it's moral." Some of us have paid tons of money in income taxes over decades so that people who don't work, or who "work" for the government, can get free health care. So what if I find myself in a position to benefit from government paid healthcare for a year or two? It's not like I'm taking out more than I kicked in..... I’m curious, Firechief - are you/were you a firefighter? Or do you just like fire trucks? If ...
by NYnative
Thu Dec 24, 2020 12:21 pm
Forum: Personal Finance (Not Investing)
Topic: Medicaid and Roth Conversion / Gain Harvesting?
Replies: 44
Views: 6390

Re: Medicaid and Roth Conversion / Gain Harvesting?

Here’s a moral question - let’s assume you have substantial assets, either in real estate, taxable savings or in deferred tax or non taxable savings. Would you join one of the mile long food lines to get free food just because you can? Or one of the locations that gives out free Christmas presents meant for poor families? If your answer is yes, then I fully understand why you see nothing wrong with taking advantage of everything you can get for free or reduced cost even though it’s really meant for a different demographic. If you answer no, then I don’t understand why you would seek to use a program which, due to congressional inattention, allowed a huge loophole for people with means to get free or low cost medical care. It’s really the sa...
by NYnative
Wed Dec 23, 2020 7:00 pm
Forum: Personal Finance (Not Investing)
Topic: Medicaid and Roth Conversion / Gain Harvesting?
Replies: 44
Views: 6390

Re: Medicaid and Roth Conversion / Gain Harvesting?

Or, if you are working, utilize your employers health insurance program. We are all making assumptions here as the OP didn’t explain her situation. Age, employment, retirement, etc. all enter into the mix. The only thing we know is that she wants to convert non Roth funds into Roth funds. And she will have to pay taxes on that conversion as regular income. No idea what assets she has or how she plans to pay the taxes. Unless she decides to provide more info, it’s impossible to make any sense of it.
Legal entitlement and moral decisions are two different things. Just because I can do something legally, doesn’t mean it’s morally right. That’s why I said let her conscience be her guide.

If she doesn’t post anymore, it’s all moot.
by NYnative
Wed Dec 23, 2020 3:11 pm
Forum: Personal Finance (Not Investing)
Topic: Medicaid and Roth Conversion / Gain Harvesting?
Replies: 44
Views: 6390

Re: Medicaid and Roth Conversion / Gain Harvesting?

ACA is not Medicaid. And I guess I made an assumption
That you were a senior, which is apparently incorrect. As someone pointed out, the asset test for Medicaid is only for people over 65.

The program however, was never meant for people with substantial assets. It was made for very low income people unable to afford any health insurance. And, depending on what state you live in, Medicaid does not provide the best of healthcare. In fact, where I live, almost no doctors will accept it. But just like with the ACA, Congress did a lousy job in drafting the laws. Let your conscience be your guide, but please don’t complain how hard it is to take advantage of loopholes.
by NYnative
Wed Dec 23, 2020 1:39 pm
Forum: Personal Finance (Not Investing)
Topic: Medicaid and Roth Conversion / Gain Harvesting?
Replies: 44
Views: 6390

Re: Medicaid and Roth Conversion / Gain Harvesting?

Nothing personal, but Medicaid was created to help very poor people get healthcare that they otherwise could not afford. I'm not sure what you are trying to say, but, if you have significant assets, you can't really get Medicaid anywhere, unless you are really good at hiding things. Most of the people commenting in this topic seem to be concerned about Roth conversions and other 401K matters. Assuming that's true, none of them should be on Medicaid to start with. Since yours has been the first comment on this topic since 2015, I have to ask - what's your point?
by NYnative
Mon Sep 21, 2020 4:34 pm
Forum: Personal Finance (Not Investing)
Topic: who do you bank with and why?
Replies: 168
Views: 21400

Re: who do you bank with and why?

No problems with USAA. Have one of their credit cards and they have very low interest rates if you want to carry a balance. I still consider their primary strength is insurance. They divested their mutual fund business a few years ago as it really wasn’t their in the main business model, which remains insurance. With so many good credit unions available, I steer clear of their banking line of business. YMMV
by NYnative
Sat Sep 19, 2020 1:01 pm
Forum: Personal Finance (Not Investing)
Topic: who do you bank with and why?
Replies: 168
Views: 21400

Re: who do you bank with and why?

Navy Federal and Pentagon Federal Credit Unions. Have been with them for well over 40 years and have done car loans, home mortgages and refinances with them. They have many ATMs and several branches where I live, though I rarely ever go into one. Both are part of large ATM networks that charge no fees. I have never had a problem with them that couldn't be fixed with a phone call - their service response is excellent. A few times, I had accounts at a local banks as I thought it would be easier to conduct business that way. Turned out that any local bank I had accounts at was promptly swallowed up by a larger bank. Some several times. For at least the last 20 years, I have had no local bank accounts - only the two credit unions. I also have b...
by NYnative
Fri Sep 11, 2020 3:43 pm
Forum: Personal Consumer Issues
Topic: Neccesities for a Man Cave
Replies: 51
Views: 4698

Re: Neccesities for a Man Cave

High quality air recycler so you can smoke cigars in peace :twisted:
by NYnative
Tue Jun 23, 2020 11:01 am
Forum: Personal Finance (Not Investing)
Topic: Credit Card that lists running balance online
Replies: 27
Views: 8129

Re: Credit Card that lists running balance online

Navy Federal Credit Union - running balance on all accounts for the current statement period. For dates prior, you have to see the statements.
by NYnative
Thu Aug 29, 2019 11:23 am
Forum: Personal Finance (Not Investing)
Topic: GEICO auto rates vs. USAA: too good to be true?
Replies: 210
Views: 59956

Re: GEICO auto rates vs. USAA: too good to be true?

I guess I should check with Geico just to be able to know what they can do for me. They would have to be a LOT cheaper than USAA for me to switch. Having been with USAA for over 50 years, we get a pretty decent payout from the company which significantly lowers the overall cost of our premiums. Never had a problem with them. A few years ago they paid out a for new siding and a new roof after a severe hail storm with no questions. A few months ago they covered damage to a rental car I was driving after it was sideswiped by a driver who lost control of his car. Sometimes you pay more for excellent service. Just depends on how much more.
by NYnative
Fri Apr 26, 2019 6:31 pm
Forum: Personal Consumer Issues
Topic: How Rare is This
Replies: 9
Views: 1720

Re: How Rare is This

Depends. Will it have a burial vault in the basement?

IMHO, it's not unusual or odd. In AZ, you have lots of retired people downsizing and having custom homes built for their last residence.
by NYnative
Wed Apr 10, 2019 8:03 pm
Forum: Investing - Theory, News & General
Topic: USAA getting out of mutual fund biz
Replies: 51
Views: 12404

Re: USAA getting out of mutual fund biz

As a USAA member for over 50 years, my belief is that insurance is why they were founded. Mutual funds and other investment services are not part of their mission to provide insurance to service members. I've never conducted any business with them outside of insurance (life, car, home, etc.) and see no reason to. There is a long list of services they provide on the USAA website, however, there are cheaper and more effective ways to obtain those services outside of USAA. They are a great insurance company, especially if you need life insurance without a war clause (which most service members need in addition to SGLI). I guess they diversified far more recently than in the past as they are running out of service members to insure. I remember ...
by NYnative
Sat Apr 06, 2019 4:10 pm
Forum: Personal Finance (Not Investing)
Topic: Standard Deduction vs Itemizing - Experience this year
Replies: 52
Views: 7253

Re: Standard Deduction vs Itemizing - Experience this year

Had to itemize for 2018 for the first time since we bought a home. The SALT limit pretty much killed the opportunity. Plus, home interest payments are very low. Hard to break the medical 7.5% limit in 2018, probably won't in 2019. We are bunching charitable deductions and skipped almost all in 2018 and will donate two years worth in 2019. That plus interest plus $10K SALT might be enough to allow us to itemize for 2019. Will have to wait and see. Even with the lower tax rates and approximately the same income for 2017 and 2018 our overall tax rate on AGI went up 4%.
by NYnative
Thu Feb 28, 2019 7:45 pm
Forum: Personal Finance (Not Investing)
Topic: Why Working as a Senior Male is Wise...
Replies: 104
Views: 13907

Re: Why Working as a Senior Male is Wise...

"We did enjoy the option of travel and seeing Europe while we were young as a result. Had a car, used the trains, and covered Italy, Germany, France, Austria, Poland, the Czech Republic, Holland, Spain, etc as often and as much while we could."

We had the same experience when we were young. And we contributed to SS the whole time we were in Europe, as well as other places on the planet. Of course, being in the Army meant there were some countries that were off limits, but we did see them at a later date. There are other options to make sure you hit all of the bend points 8-) .
by NYnative
Tue Feb 26, 2019 7:19 pm
Forum: Personal Finance (Not Investing)
Topic: Why Working as a Senior Male is Wise...
Replies: 104
Views: 13907

Re: Why Working as a Senior Male is Wise...

I've never seen an "older" worker at In N Out Burger. Not even more than a handful of over 40 types. Nearly all are kids.
by NYnative
Tue Feb 26, 2019 7:03 pm
Forum: Personal Finance (Not Investing)
Topic: Why Working as a Senior Male is Wise...
Replies: 104
Views: 13907

Re: Why Working as a Senior Male is Wise...

Seniors working at semi-menial jobs is very common. From Walmart greeters and cashiers to elderly baggers, cashiers and stock boys in supermarkets. As well as cleaners in malls, etc., etc. I don't think any of these folks would be doing those jobs if they had the money to afford living or there was something they could do that paid more. As a grey haired guy myself, I've had casual conversations with some of these workers and, in every case, they were working out of necessity and, at 70, 75 or older, there aren't many places they can find work. I didn't ask about their pasts, but nearly all said they would continue working until they physically couldn't. I take care to not judge people in these situations, where it's pretty obvious that the...
by NYnative
Tue Feb 26, 2019 1:38 am
Forum: Personal Consumer Issues
Topic: How often do you and your friends change engine oil?
Replies: 167
Views: 11861

Re: How often do you and your friends change engine oil?

Many years ago I owned a Chevy Vega hatchback. Great little car with a powerful 4 cylinder engine except for one problem that surfaced after about 3 years. It burned oil like crazy. The valve guides were made of plastic and they disintegrated. Plus, the block was aluminum with a cast iron head. There were no steel cylinder liners, so the cylinders scored and they burned oil. It was cheaper to buy oil by the gallon jug than have the engine replaced (where it still would have had the same issues). I kept the car for 10 years and put about 100K miles on it. After about 5 years, I collected my neighbors used oil, ran it through a funnel with a mesh filter and a magnet in it to catch any cylinder chips and put it into a plastic gallon milk jug. ...
by NYnative
Mon Feb 25, 2019 5:11 pm
Forum: Personal Finance (Not Investing)
Topic: Why Working as a Senior Male is Wise...
Replies: 104
Views: 13907

Re: Why Working as a Senior Male is Wise...

Unlikely. Parkinson’s is unrelated to working or not working. Many people are affected by Parkinson’s in the prime of their working years. Strokes can be from many, many, causes. Lack of work stress is generally not one of them.

My father retired at 65 and died from cancer at 70. Not caused by retirement- but from exposure to carcinogens while he was working. Had he retired at 62, he would have had 3 more years to enjoy retirement.

Last I checked, no one, on their death bed, ever expressed regret at having not worked longer.
by NYnative
Sun Feb 24, 2019 1:07 pm
Forum: Personal Finance (Not Investing)
Topic: Why Working as a Senior Male is Wise...
Replies: 104
Views: 13907

Re: Why Working as a Senior Male is Wise...

I understand your motivation. However, the future value of your earnings will always be a lot of money. Will you ever be able to throw that away? People retire when they believe they have adequate resources to live in retirement the way they want to. I know people who never retired until they were forced to, either because health, layoffs or other reasons out of their control. Some died at their desks with their boots on. One guy I remember well was the deputy general counsel of DOD. He was about 80. It took a few hours for anyone to notice that he wasn’t just taking a nap. The old “I’ll never have enough money to retire” may be true for many, but holding on as long as there is money to be made just doesn’t make sense. There is always money...
by NYnative
Sat Feb 23, 2019 6:49 pm
Forum: Personal Consumer Issues
Topic: Income tax software, "Tax Slayer".
Replies: 28
Views: 3188

Re: Income tax software, "Tax Slayer".

What I mean about not being able to see the filled out forms is that, on the premier consumer version, you cannot see them unless you pay first. There is no point in doing that unless the program is correct.

FYI, I also ran my info through the free Credit Karma tax software and the refund was within $20 of TurboTax. That leads me to believe that there is something quirky with Tax Slayer. Also, I earn more than $66K, do virtually no tax software is free.

What arcticpineapple wrote is specialized software for commercial use and doesn’t apply to us mere mortals.
by NYnative
Sat Feb 23, 2019 1:35 pm
Forum: Personal Consumer Issues
Topic: Income tax software, "Tax Slayer".
Replies: 28
Views: 3188

Re: Income tax software, "Tax Slayer".

You can't see the forms on Tax Slayer, so that comparison isn't possible.
by NYnative
Sat Feb 23, 2019 1:21 pm
Forum: Personal Consumer Issues
Topic: Income tax software, "Tax Slayer".
Replies: 28
Views: 3188

Re: Income tax software, "Tax Slayer".

I don't like to reactivate an old thread, but this is the only one I could find on Tax Slayer.

I normally use TurboTax, but wanted to do a comparison with another program. I entered the exact same information into both Tax Slayer and TurboTax - and - came up with two very different results. For the federal return only, there was a $1400 refund difference, with TurboTax being the higher refund. I double checked my input for both programs and they matched. I have no idea why there is such a large difference.

Has anyone had a recent similar experience? Of course, I plan to use TurboTax to file, but I'm concerned about the difference.

Thanks in advance.
by NYnative
Sat Feb 23, 2019 12:44 pm
Forum: Personal Finance (Not Investing)
Topic: Why Working as a Senior Male is Wise...
Replies: 104
Views: 13907

Re: Why Working as a Senior Male is Wise...

There's no question that this is a very individual decision and, if you don't need the money, the choice is optional. Obviously, if you need the money, but have to retire for any reason, then part or full time work is a requirement, even after starting SS at whatever age you are fully eligible. I have friends who are in their 70s, collecting SS with lots of savings, and still work full time. Nearly all still working are male, only a very few female. I believe the male ego and sense of self worth is far more attached to work than for females. I'm not being sexist, just stating that this is what what I have observed from having worked with hundreds of people over the years in a white collar environment and staying in touch, at least occasiona...
by NYnative
Tue Feb 12, 2019 11:07 am
Forum: Personal Investments
Topic: quick double check that 85% of my SS will be subject to tax
Replies: 88
Views: 8110

Re: quick double check that 85% of my SS will be subject to tax

"That's the beauty of my realized losses, they are no longer lost. They have returned and brought back some prisoners; all yet to be realized gains."

As long as you have gains and the market doesn't tank when the budget deal falls through, the China negotiations collapse and N Korea doesn't test a missile in the direction of Hawaii. Good luck.
by NYnative
Tue Feb 12, 2019 10:43 am
Forum: Personal Investments
Topic: quick double check that 85% of my SS will be subject to tax
Replies: 88
Views: 8110

Re: quick double check that 85% of my SS will be subject to tax

I’d rather have $14,000 in realized gains.
by NYnative
Tue Feb 12, 2019 1:56 am
Forum: Personal Investments
Topic: quick double check that 85% of my SS will be subject to tax
Replies: 88
Views: 8110

Re: quick double check that 85% of my SS will be subject to tax

There’s an easy solution to that - don’t be successful.
by NYnative
Tue Feb 12, 2019 12:41 am
Forum: Personal Investments
Topic: quick double check that 85% of my SS will be subject to tax
Replies: 88
Views: 8110

Re: quick double check that 85% of my SS will be subject to tax

I'm not sure I understand all the math involved and why people are so worried about just being below a break point. If you have that little income, you deserve to have less of your SS taxed. If you are over that limit, then you get hit at 50% or 85% of your SS being taxed at your highest marginal rate. It doesn't matter where you add it in - something has to be taxed at your highest marginal rate. Some people have planned for this for the last 20 years - a very, very few actually contemplated all the machinations necessary to avoid various humps, cliffs and break points. Once you start RMDs, assuming you have any IRAs or 401Ks, all your efforts will be for naught - unless you use QCDs. I always assumed that 85% of my SS would be taxed and t...
by NYnative
Mon Feb 04, 2019 4:49 pm
Forum: Personal Finance (Not Investing)
Topic: Best sites to evaluate the financial differences between states?
Replies: 20
Views: 1504

Re: Best sites to evaluate the financial differences between states?

A bit feisty today, aren't we? How about just ignoring posts you don't want to read? People do like to share their opinions and provide what they believe is advice on the Boglehead forum. Or have you ever posted anything that doesn't exactly respond to what the OP asked for?
by NYnative
Mon Feb 04, 2019 3:47 pm
Forum: Personal Finance (Not Investing)
Topic: Best sites to evaluate the financial differences between states?
Replies: 20
Views: 1504

Re: Best sites to evaluate the financial differences between states?

Just remember to spend several months in wherever you choose prior to making a final decision and buying a home there. Or keep your main home and rent there for a year. Locations that seem wonderful for a few weeks on vacation my well turn out places that you don't really want to be in all year. We spend winters in a warm state and summers in a place that's very cold in the winter. But we are retired. We understand both locations very well and the advantages and disadvantages of each. Eventually we will tire of the long drives coming and going and will have to make a very hard decision. We don't look forward to that.
by NYnative
Mon Feb 04, 2019 3:36 pm
Forum: Personal Finance (Not Investing)
Topic: Health insurance for surviving spouse of Federal employee
Replies: 3
Views: 358

Re: Health insurance for surviving spouse of Federal employee

The simple answer is yes. As long as she receives a survivors annuity, she will retain her FEHB insurance benefits. The price will drop to self only once FEHB is notified. If she is receiving social security on her own record, she will get the higher of her benefit or your father's. Same if she is receiving spousal SS.
by NYnative
Mon Jan 07, 2019 4:22 pm
Forum: Personal Finance (Not Investing)
Topic: Help me choose a co-op buyer!
Replies: 11
Views: 1406

Re: Help me choose a co-op buyer!

Maybe she doesn’t want to tie up a lot of her money in an illiquid asset. Once you give that money to the bank, it’s not easy to get back. As long as she’s working and has a stable job, I believe she’s better off with a larger mortgage and more money to invest. If she was retired, it might be a different story. She’s not rich, so why tie up a large portion of your assets?
by NYnative
Sun Jan 06, 2019 9:21 pm
Forum: Personal Finance (Not Investing)
Topic: Help me choose a co-op buyer!
Replies: 11
Views: 1406

Re: Help me choose a co-op buyer!

Good reasons to dislike any criteria other than financial ones and avoid buying something where your “suitability” could be an issue. As Groucho Marx once said: “I don't want to belong to any club that will accept me as a member.”
by NYnative
Sun Jan 06, 2019 9:14 pm
Forum: Investing - Theory, News & General
Topic: For those retired a few years
Replies: 58
Views: 6071

Re: For those retired a few years

Retired 6 years. Spending overall is probably about the same, but changed in most categories. Travel is way up - going on long trips visiting places we never thought we would see. However income is down, so spending as a percentage of income is about double. When people they say spending is up or down after retirement, the real question is what percentage was it of income before retirement and what is it after. In our case, because we were putting so much into savings and investment, we were spending about 70% of income. Now, our income has dropped by about 50%, but spending about double that. Doesn’t seem to be a problem and we won’t live forever, so now is the time to enjoy our lives.
by NYnative
Sun Jan 06, 2019 8:49 pm
Forum: Personal Finance (Not Investing)
Topic: Help me choose a co-op buyer!
Replies: 11
Views: 1406

Re: Help me choose a co-op buyer!

I agree with presenting both to the board and letting them decide, as it’s going to be their choice anyway. That will save time and insure an acceptable decision. Of course, one might question why anyone would put themselves through something like this. Sounds like a totally humiliating process, especially if they reject you for a non financial reason.
by NYnative
Sun Nov 11, 2018 2:20 pm
Forum: Investing - Theory, News & General
Topic: USAA getting out of mutual fund biz
Replies: 51
Views: 12404

Re: USAA getting out of mutual fund biz

"price depends on what company you end up getting insured through. if you are in the top tier.. (i.e. have a Subscribers Savings Account), yes, then rates are hard to beat."

I agree. I am in that tier.
by NYnative
Sun Nov 11, 2018 10:19 am
Forum: Investing - Theory, News & General
Topic: USAA getting out of mutual fund biz
Replies: 51
Views: 12404

Re: USAA getting out of mutual fund biz

"Really? They are still top ranked, by far, in all the rankings for customer service and member satisfaction." Yes - for insurance. I've been with them since I was in ROTC. But for life, home and car insurance only. That's why they were created - to provide insurance for the military with no war clause. Very few other companies (other than ones specifically for the military) offer that, which means they are useless if you are killed in combat or by an act of war. I still remember their early ads - 3 out of 10 officers insure with USAA, then it was 5 out of 10, eventually 9 out of 10. After that, they stopped mentioning it. They were running out of prospective members, so they first opened the field of membership to military childr...
by NYnative
Mon Oct 22, 2018 10:26 pm
Forum: Personal Investments
Topic: Anyone using VanguardAdvantage with free checking, Visa Gold Debit/ATM, electronic bill pay, direct deposit, plus more?
Replies: 38
Views: 8295

Re: Anyone using VanguardAdvantage with free checking, Visa Gold Debit/ATM, electronic bill pay, direct deposit, plus mo

It’s a great idea to consolidate accounts for simplicity, but I draw the line between investing and banking. Vanguard is is my investing platform. Navy Federal Credit Union for banking. Just about everything is free. Good loan rates. Great credit cards and rewards. And easy to use phone app that lets you deposit checks. Personally, I think it’s a bad idea to combine banking with investing. It just takes one click to move money in either direction and I have brick and mortar branches. Not aware of any VG offices in my area and not many anywhere.
by NYnative
Sun Oct 21, 2018 11:39 pm
Forum: Personal Finance (Not Investing)
Topic: 8 reasons why pensions are [good]
Replies: 67
Views: 7121

Re: 8 reasons why pensions are [good]

Well, you're still wrong, in spite of what you wrote about a totally unrelated pension program.
[/quote]

I'm wrong about CALPERS, but how would anyone have any idea what program you were talking about? It could have been any government retirement program in the US, from the federal one to one in Fargo. With no frame of reference, we could assume anything we wanted. If you had identified the pension program you were talking about, I obviously would not have said anything about the federal one. If you're saying I'm wrong about the federal program, please read the info in the link I provided. If you have information to the contrary, provide a reference. Otherwise you are calling me a liar.