Search found 199 matches

by notPatience
Sun Aug 06, 2023 1:21 pm
Forum: Personal Investments
Topic: Seeking clarity on RMDs and Solo 401k Roth / Changes
Replies: 3
Views: 480

Re: Seeking clarity on RMDs and Solo 401k Roth / Changes

Thank you very much, Alan.

Many apologies for being so slow in responding. The Covid surge that was supposed to come in the fall, hit my family this past week. Ack! (All seem to be heading the right direction now.)
since 2024 will not be an RMD distribution year for you.
Did you mean 2024 won't be RMD distribution for Roth?

Because what I've read says 2024 will be an RMD distribution year for me (from Trad IRA) b/c I'll be 73 by the very end of the year.

Would love to have you be right, me wrong and have another year before any RMDs. ;-)
by notPatience
Wed Aug 02, 2023 3:22 pm
Forum: Personal Investments
Topic: Seeking clarity on RMDs and Solo 401k Roth / Changes
Replies: 3
Views: 480

Seeking clarity on RMDs and Solo 401k Roth / Changes

I think the Secure Act passed in late 2022 made some things easier for me in the future. This year’s not clear, however, and I want to be sure the moving parts move the way I think they do. --I am subject to RMDs in 2024, because I turn 73 at any point in that year. --I continue to work and have earned income. I continue to contribute to a Solo 401k Roth --My Solo 401k Roth contributions are all employee --The amount of the 2024 RMD will be based on balances in traditional IRAs as of Dec. 31, 2023. QUESTION 1 – But what about the Solo 401k Roth? I know that, previously, balances in Solo 401k Roths did count toward RMDs. “Designated Roth accounts in a 401(k) or 403(b) plan are subject to the RMD rules for 2022 and 2023.” * However, IRS now s...
by notPatience
Wed Nov 09, 2022 5:41 pm
Forum: Personal Investments
Topic: VG RMD Service
Replies: 9
Views: 769

Re: VG RMD Service

Yes, MF account.

You'd think they wouldn't send msg (and email) saying I was eligible for the "RMD service" if I'm not -- person on the phone never brought that up at all. But no biggy. I'll do it manually instead of "automatically manually."

Planned to do it all at once anyhow. I'm still self-employed, and that sum is earmarked toward solo 401k Roth contribution for 2023.

Thank you all!
by notPatience
Wed Nov 09, 2022 4:31 pm
Forum: Personal Investments
Topic: VG RMD Service
Replies: 9
Views: 769

Re: VG RMD Service

After 65 mins on hold (how annoying is that music?), they say they've signed me up for the service -- but only the calculating part. If I want it transferred "automatically," I have to do that manually.

Truly. That's what the rep said. And was totally lost when I laughed.

Oh, well. At least I got the dog out a couple times and did several other chores during the long wait.
by notPatience
Wed Nov 09, 2022 4:19 pm
Forum: Personal Investments
Topic: VG RMD Service
Replies: 9
Views: 769

Re: VG RMD Service

Even if they sent a nagging msg saying I will be eligible and need to do this before the end of the year? (Dec. birthday)
by notPatience
Wed Nov 09, 2022 4:13 pm
Forum: Personal Investments
Topic: VG RMD Service
Replies: 9
Views: 769

VG RMD Service

Anyone know how to access this online? Tried following breadcrumbs on the site (signed in AND signed out, just in case), did find info of what info I needed and how long it might take ... and no place to sign up for it. Tried multiple other entry points/searches. Kept looping back around to the same dead end. "You can sign up for the RMD service now, and have your RMD taken out automatically next year." Except there's no place to sign up. Now I've been on hold trying to ask. I waited until after the market closed, figuring there'd be people trying to beat the close and I didn't want to get in their way. Hasn't helped. <wg> Been on hold for 54 mins., with repeated assurances that they'd be with me "shortly" or at least 27...
by notPatience
Wed Nov 09, 2022 2:57 pm
Forum: Personal Investments
Topic: Donating to DAF
Replies: 10
Views: 971

Re: Donating to DAF

... and then, after donating to DAF, it wouldn't let me buy shares (TSM) under frequent trading limits. Have to wait a month. Oh, well.

(Edited for clarity)
by notPatience
Wed Nov 09, 2022 2:26 pm
Forum: Personal Investments
Topic: Donating to DAF
Replies: 10
Views: 971

Re: Donating to DAF

Thank you all for your responses -- prompt and so helpful! :D
by notPatience
Wed Nov 09, 2022 12:48 am
Forum: Personal Investments
Topic: Donating to DAF
Replies: 10
Views: 971

Donating to DAF

Is there any prohibition against/time limit concerning donating shares of a MF from a taxable account to a DAF, then buying "new" shares of the same MF in the same taxable account?
by notPatience
Thu Aug 25, 2022 2:26 am
Forum: Investing - Theory, News & General
Topic: I Bonds Mega Thread (I Bond Heads Rejoice!)
Replies: 6651
Views: 1203202

Re: I Bonds Mega Thread (I Bond Heads Rejoice!)

BUSINESS ACCOUNT MUSINGS I have an LLC. Still debating about opening an account for the business. It would be taxed at business (15.3% for my non-C corp) plus individual rate. Also as FinanceBuff pointed out, it's more vulnerable being held as a business asset. And it must be redeemed before the business is closed up. I have no intention of closing my LLC, but can't rule out the possibility and iBond(s) in the business would complicate matters. I’m not sure why you’d have to pay FICA taxes on the interest. It should just pass through to your personal tax return when you finally do redeem them. Although if there is some hidden complication about buying them in a business account, I’d like to know since I opened a TD account for an S Corp la...
by notPatience
Mon Aug 22, 2022 3:03 pm
Forum: Investing - Theory, News & General
Topic: I Bonds Mega Thread (I Bond Heads Rejoice!)
Replies: 6651
Views: 1203202

Re: I Bonds Mega Thread (I Bond Heads Rejoice!)

Two parts to this: Many Thanks and Business Account Musings MANY THANKS Over the past several weeks, I have read the first 15ish pages and the most recent 25 pages of this thread, skimming the block in between. I am so grateful to all who have responded to questions and to @LadyGeek for her upkeep and organizing of this thread. I'm also astounded at the patience of the answerers responding to the same questions so many times. When I started reading questions and thinking, "Sheesh, read back a page or two," I knew I'd never match you folks for patience. When I started reading questions and thinking, "I know the answer to that," I figured I was equipped to make good decisions about acting or not. Thanks to all here (and Fi...
by notPatience
Wed Jun 01, 2022 12:50 am
Forum: Personal Consumer Issues
Topic: MVNO switch resolve issues?
Replies: 9
Views: 1525

Re: MVNO switch resolve issues?

Both the data and the phone components of Tello have been erratic. Much of it to me boils down to the fact that T-Mobile is not that strong in my area, and perhaps overloaded. Upgrades to 5G at various towers have also been reported to make temporary issues appear. Post-paid T-Mobile has had lesser, but similar issues in my area as well. Downloading the Network Cell Info Lite app and seeing what your signal strength is is important. The lower the number, the stronger the signal. Signals below -100-110 are poor(i.e. -110 to -150 are bad). My phone is currently at -115 and that is not good. My wifi usually shows up at about -50, which is strong. Looking at the history tab on this free app shows 5 of the last 7 days are poor signal, 2 are fai...
by notPatience
Wed Jun 01, 2022 12:45 am
Forum: Personal Consumer Issues
Topic: MVNO switch resolve issues?
Replies: 9
Views: 1525

Re: MVNO switch resolve issues?

Afty wrote: Fri May 27, 2022 2:44 pm This Reddit post describes the prioritization policies of the carriers and MVNOs: https://www.reddit.com/r/NoContract/com ... riers_and/

For AT&T it seems all non-unlimited plans have the same priority whether on AT&T postpaid, AT&T prepaid, or one of the MVNOs.
That's helpful -- thank you.
by notPatience
Fri May 27, 2022 12:28 pm
Forum: Personal Consumer Issues
Topic: MVNO switch resolve issues?
Replies: 9
Views: 1525

Re: MVNO switch resolve issues?

Afty wrote: Thu May 26, 2022 9:06 pm AT&T prepaid has a $33/mo 8 GB plan if you prepay for 3 months, which drops to $25/mo if you prepay for a year. I wouldn’t spend more time trying to debug this and just try AT&T Prepaid if you had a good experience with AT&T before.
Thanks. You're 100% right about not spending more time trying to debug. I keep thinking of more things to trying and maybe THAT one will solve it. <wg>

Do you know how the prepaid plans compare vs monthly vs MVNO in priority for use/throttling?
by notPatience
Fri May 27, 2022 12:24 pm
Forum: Personal Consumer Issues
Topic: MVNO switch resolve issues?
Replies: 9
Views: 1525

Re: MVNO switch resolve issues?

mkc wrote: Thu May 26, 2022 8:56 pm What does cellmapper.net show for towers in your area? MVNO's are deprioritized, but if you don't have decent Tmobile signal to begin with in your area, there's the problem.
Couldn't get to their map without registering and didn't care to do that. I had checked other sites before I moved and after receiving that "explanation." All show T-mobile as strong here.

Could be that it's strong for full-paying customers, but there's not enough to make the MVNO usable.
by notPatience
Thu May 26, 2022 8:38 pm
Forum: Personal Consumer Issues
Topic: MVNO switch resolve issues?
Replies: 9
Views: 1525

MVNO switch resolve issues?

Has anyone had cell issues with T-mobile MVNO (Tello)? And were your issues resolved by moving to Red Pocket (or another AT&T MVNO?) I switched from regular AT&T to Tello in March. Some frustrations, but Tello CS got them resolved after a bit. But, issues. I have 2 cell phones & numbers. One a Samsung Galaxy Note 8 (main phone), the other an LG Stylo 5 bought from Tello (a backup). Samsung had no issues on AT&T. Have only used the LG on Tello. 1.) From the start with Tello and ongoing on both phones, texts would not come in or send, until a couple days later. Until I discovered that if I made an outgoing phone call, that would then somehow open the way for texts to come in and send. Still took 5-10-15 minutes, but a lot bett...
by notPatience
Wed May 25, 2022 2:58 pm
Forum: Investing - Theory, News & General
Topic: Lessons from 2007 -2009
Replies: 143
Views: 18239

Re: Lessons from 2007 -2009

Preamble: In spring 2007 I had a 5-year plan to work toward what I called financial retirement – quitting Career 1 to more fully pursue Career 2, which might never earn any/much, hence considering myself financially retired. IOW FI. Put my house on the market in HCOL area as test (w/ full knowledge of agent) to see what it needed to sell for top dollar or if it might be a tear-down for McMansion in 5 years. In two days had an offer for 98% of the asking price (we’d priced high b/c it was just a test.) Agent said, “You were very clear with me about your plan and you have every right to refuse the offer.” I went with my gut and accepted. It closed just as the bubble burst. It was the last 100% financing in the area for a number of years. (Buy...
by notPatience
Fri Apr 22, 2022 5:03 pm
Forum: Personal Investments
Topic: Return OF money, not ON money - Please Advise
Replies: 78
Views: 8299

Re: Return OF money, not ON money - Please Advise

I transferred all my funds to Vanguard Federal Money Market when Covid started, because I was freaked out. I lost out on all that growth in VTINX for almost 2 years. There's a lesson, right? Don't freak out. So for two years I was protecting money when I shouldn't have, and then in only six months I've "lost" 10K because I put it back in the market. You know you haven't "lost" it unless you do freak out now and sell. But even in the quotation mark meaning, it's not "lost" because you put it back in the market, but, rather, because you took it out when you freaked out. If you hadn't taken it out then, you would be better off now, even with the drop since Nov. https://investor.vanguard.com/mutual-funds/profile/p...
by notPatience
Fri Apr 22, 2022 3:19 pm
Forum: Personal Finance (Not Investing)
Topic: Inspection after move in
Replies: 41
Views: 3801

Re: Inspection after move in

mortfree wrote: Mon Apr 18, 2022 11:24 am I would contact your realtor for a list of home inspectors.

Then do not use any of the ones that the realtor recommended.

See what I did there?
See. Approve. Might steal. :-)
by notPatience
Fri Apr 22, 2022 2:47 pm
Forum: Personal Investments
Topic: Return OF money, not ON money - Please Advise
Replies: 78
Views: 8299

Re: Return OF money, not ON money - Please Advise

Evelyn, I was digging weeds in my garden, then came in to do minor financial cleanup before getting to my real day's work. The cleanup led me into a rabbit hole of looking at portfolio performance for different periods ... and the combo led me to an epiphany about your situation. Stick with me here. 1.) You CAN'T be as pessimistic as you think, not with enjoying working in a garden! 2.) As others have said, you are looking at the performance of the financial changes you made in the very short term. If I look at my portfolio for YTD, it's bad. If I look from 10/2021 to now it's a lot better than I expected. If I look from 1/2020 to now, it's pretty darned good. Shocked me, actually, how much bigger the portfolio is from just before the pande...
by notPatience
Sun Mar 13, 2022 9:05 pm
Forum: Personal Consumer Issues
Topic: Ease of Changing Prepaid Cell Carrier
Replies: 30
Views: 2819

Re: Ease of Changing Prepaid Cell Carrier

I might be able to help a little, since I literally just had to learn how this stuff works. You have a locked phone and a SIM card that works on the Verizon network. First: After 3 years, there is no way your phone is ineligible to be unlocked by your current carrier, as long as you bought it from them. So if you want to keep your current phone, you need to contact your carrier and tell them to unlock it. It'll probably be a pain, but they'll do it. Second: If you have an unlocked phone, you can port your phone number to whichever carrier you want to switch to. They will send you a new SIM card to use in your phone. Do not cancel your current service until after you have successfully ported your number and received a new SIM card (unless y...
by notPatience
Sat Dec 18, 2021 1:42 am
Forum: Personal Finance (Not Investing)
Topic: Withholding from SS / estimated taxes
Replies: 8
Views: 808

Re: Withholding from SS / estimated taxes

Thanks for bring this to my attention. I was planning on withholding 100% of SS benefits to pay taxes on Roth conversions. With this knowledge, I guess I will be continuing to be making estimated payments for the foreseeable future.
We had the same great plan. <wg>
by notPatience
Fri Dec 17, 2021 4:47 pm
Forum: Personal Finance (Not Investing)
Topic: Withholding from SS / estimated taxes
Replies: 8
Views: 808

Re: Withholding from SS / estimated taxes

For those interested, the allowable percentages are 7, 10, 12, or 22. Can only withhold at those percentages.

https://www.ssa.gov/benefits/retirement ... thold.html
by notPatience
Fri Dec 17, 2021 4:41 pm
Forum: Personal Finance (Not Investing)
Topic: Withholding from SS / estimated taxes
Replies: 8
Views: 808

Re: Withholding from SS / estimated taxes

The 22% is not a reference to a tax bracket. It is the maximum percentage of the monthly SS payment that can be withheld according to the SSA rep I spoke with today.

So, if monthly payment is $3,000, that's $660/month x 12 = $7,920 withheld per year. That's not going to cover my tax bill.
by notPatience
Fri Dec 17, 2021 4:24 pm
Forum: Personal Finance (Not Investing)
Topic: Withholding from SS / estimated taxes
Replies: 8
Views: 808

Withholding from SS / estimated taxes

Just discovered that the max that can be withheld from SS payment is 22%.

I'm still actively self-employed, plus doing Roth conversions. 22% isn't going to cover my 2022 tax bill. Recognizing that, I figured I might as well just still do estimated taxes for the duration.

But wanted to check the Boglehead brain trust to see if there's any benefit to withholding some from SS, even though withholding the max allowed isn't going to cut it? (Less than 1/3 of tax bill.)
by notPatience
Mon Dec 13, 2021 11:31 am
Forum: Personal Finance (Not Investing)
Topic: 1st RMD timing questions
Replies: 16
Views: 1790

Re: 1st RMD timing questions

What you really need is a DeLorean with a flux capacitor that can take you back to just before you were conceived so you can convince your parents to wait for a few weeks.
I'd be taking all sorts of trips. Including one to knock myself in the head for a few years when I had very low income, but wasn't aware of Roth conversion benefits (which became more obvious in the following years b/c income.)

Or one to persuade the tax law makers to make 72 by birth month, not birth year. They were probably all born in January, she said bitterly. ;-)
by notPatience
Sat Dec 11, 2021 9:25 pm
Forum: Personal Finance (Not Investing)
Topic: 1st RMD timing questions
Replies: 16
Views: 1790

Re: 1st RMD timing questions

Thank you all so much for the confirmation and clarifications.

Not the best news. Feel like I just lost a year (11+ months) before RMDs start. Adjusting, adjusting, adjusting ...
by notPatience
Sat Dec 11, 2021 11:59 am
Forum: Personal Finance (Not Investing)
Topic: 1st RMD timing questions
Replies: 16
Views: 1790

1st RMD timing questions

Projecting to when I must start taking RMDs and have questions on timing elements.

My birthday is in Dec.

I understand that the RMD for one year is based on the tIRA balance as of the close of the previous year.

So, if RMDs begin in Dec. after I turn 72, that amount is based on the tIRA from Dec. 31 of the previous year, just after I turned 71? (IOW 11+ months previously?)

Is that first RMD amount when I will be 72 for less than 1/12 of the year equal to a full-year RMD?

I understand that I can delay that first RMD until 4/1 after I turn 72, but also must take an RMD for the calendar in which I will turn 73.
by notPatience
Fri Nov 19, 2021 1:49 pm
Forum: Personal Finance (Not Investing)
Topic: How did the USAA bank Get So Bad
Replies: 66
Views: 9991

Re: How did the USAA bank Get So Bad

USAA has deteriorated IME, especially banking. And I'm not thinking of the entry-level folks who answer the phone. It's deeper (and, no doubt, higher.) Have been with them for 30ish years. Started with insurance, added banking, investments, mortgage in early 2000's. Mortgage (mis)handled by US Bank. USAA no help. Paid it off way early to escape the aggravation. They jettisoned the investments to Schwab. Banking has been the biggest slide. --Was having persistent tech issues with remote deposits. Only with them. Stopped using them. --SNAFU on their side with the recent change in overdraft. Took several calls and more patience than I have. --Process to put accounts into trust/name beneficiaries is onerous, cumbersome, unnecessarily nosy. WORS...
by notPatience
Fri Nov 05, 2021 11:54 am
Forum: Personal Consumer Issues
Topic: Sous Vide gadget or Air Fryer?
Replies: 53
Views: 4092

Re: Sous Vide gadget or Air Fryer?

So many great responses and useful info -- thank you everyone! Hope more will reply. I'm learning a lot. (And slowly sorting out my thinking.)

I would use either device primarily for meat. From references to pork roasts and rib roast, assuming a humble rump or round roast would also do well in sous vide? Might be more versatile for me than air fryer.

@Rockstar Thanks for the video link. Great to see the process.
by stilltrying »
I’ve used a chefsteps joule for years and love it ...
Thanks for the specific rec.
A grill, cast iron, or a torch is all that is needed to finish off any protein.
Could you explain more about the torch?

P.S. Sorry about the vida instead of vide in the subject line ... thinking Spanish.
by notPatience
Fri Nov 05, 2021 11:16 am
Forum: Personal Finance (Not Investing)
Topic: Downshifting in early 30s (Am I Delusional?)
Replies: 85
Views: 11640

Re: Downshifting in early 30s (Am I Delusional?)

Tough love to follow: bluebolt wrote: ↑ You seem to have two pretty separate goals: 1) Having enough time and flexibility for a family 2) Leaving a legacy to family or community If #1 is a higher priority than #2 (and it's hard to see how it's not) I'm not so sure #1 is the higher priority for OP. Reading through the thread, he mostly responds to posts making points about the financial goals/aspects. This was the exception: OP wrote: Given that I really don’t have time (or a long enough leash) for any sort of real life right now, I realize staying where I am too long will defeat and destroy the ultimate purpose of all this work. If you truly realize that, then what the heck are you waiting for? Change your life today. You can achieve the (a...
by notPatience
Wed Nov 03, 2021 1:24 pm
Forum: Personal Consumer Issues
Topic: Sous Vide gadget or Air Fryer?
Replies: 53
Views: 4092

Sous Vide gadget or Air Fryer?

Which would you recommend? (Mostly used for meat)

Specific model to recommend?

And what's cleaning them like? Any cleaning involved with sous vida? How are air fryers to clean?

Thanks!
by notPatience
Wed Oct 27, 2021 2:19 am
Forum: Personal Finance (Not Investing)
Topic: 1st time homebuyer: negotitate realtor fees? Buy with Redfin or traditional agent?
Replies: 55
Views: 4891

Re: 1st time homebuyer: negotitate realtor fees? Buy with Redfin or traditional agent?

@FoolishJumper , greatly appreciated your response. Detailed and honest and insightful.

(And for the cynics, I'm not affiliated professionally or personally with anyone in the real estate biz.)
by notPatience
Sun Sep 12, 2021 3:01 pm
Forum: Personal Finance (Not Investing)
Topic: Non-Financial Housing Considerations
Replies: 23
Views: 2544

Re: Non-Financial Housing Considerations

Stan1 said: I'd summarize it by learning to quickly tell what you can easily change, what you can change with some money and time, and what you cannot change. This. And if you can tell what you can easily change and have the imagination to see the difference it will make, you can potentially get better deals, because most people ~can't~ see beyond what is there now. Wallpaper, paint, ugly curtains, bad furniture placement ... look past those to the bones and you can come out ahead of most buyers who look only at the surface. The bones include the structural/mechanical things many have mentioned. Also the floor plan/flow. Where the natural light is when. Think about how you would live in the house. Is kitchen cut off from the rest? Does the ...
by notPatience
Wed Jul 28, 2021 12:35 pm
Forum: Personal Finance (Not Investing)
Topic: I've lost my motivation
Replies: 33
Views: 7691

Re: I've lost my motivation

Also realize that you are grieving at many levels, including the loss of the person your mother was and that you can't stop or change what's happening to her. That permeates everything. It's an ongoing, emotionally exhausting sorrow. Of course you've lost your motivation. A wonderful, wonderful caregiver told me that she felt bad for the families because we see what's lost, while she could see the person as they were at that moment. After that, I tried my damnedest to focus on Mom as she was that moment. At times, she would ask why couldn't she go home with me. I would tell her that I was so, so sorry, but I didn't have the skills to give her what she needed. It never made her happy, but it satisfied her, because she still wanted to take ca...
by notPatience
Mon Jul 19, 2021 12:56 pm
Forum: Personal Finance (Not Investing)
Topic: After Action Review Funding My Revocable Living Trust
Replies: 19
Views: 3271

Re: After Action Review Funding My Revocable Living Trust

3. USAA: absolute joke of a financial services company.... ...they want me to fill out their memorandum of trust since my certification of trust is not sufficient for them. They want to know the grantors, trustees, and successor trustee all of which are reasonable. However, they also want to know all beneficiaries desginated after the grantors’ death how the trust in percentage is distributed to them under what conditions, etc. I find this is completely unnecessary as the successor trustee has the responsibility to distribute the trust per the terms of the trust instrument and it is no business of USAA’s. The fact USAA wants the percentages allocated to each beneficiary and under what terms it’s distributed is unnecessary and frankly I ref...
by notPatience
Fri Jul 09, 2021 3:33 am
Forum: Personal Finance (Not Investing)
Topic: How did you arrive at your probable age of death?
Replies: 224
Views: 18876

Re: How did you arrive at your probable age of death?

The first calculator says 93.

The parents' average age + 4 says 99.5. (In their combined sibling pool, 7 of 10 topped 92)

The grandparents' average age +8 says 89 (but one of the four died in 60s of something treatable now.)

For financial planning, I figure through 110.

That's basically my parents' average age + 4 x 10% for medical advances.

Especially important to me, my parents modeled not being old based on age until the very end. I plan to emulate them.
by notPatience
Fri Jun 25, 2021 2:04 am
Forum: Personal Finance (Not Investing)
Topic: Share your net worth progression
Replies: 4273
Views: 1072303

Re: Share your net worth progression

I feel compelled to share...partially because my path is so unusual...and partially to hold myself accountable for the next few years. 2000: -$12,000 ("dropped" out of college and joined the military with car debt and student loans. Income ~$13k + benefits) 2001: -$10,000 (nibbling away at debts...and had my first "investing" experience with First Command, which bilked me for 50% of my first years' deposits. This bad experience really is what drove me to start learning about investing and personal finance) 2003: +$2000 (paid off car/loans prior to being stationed overseas. Truly living hand-to-mouth on $20k income + benefits) 2004: +$18,000 (Income ~$25k...First began investing in TSP and Roth IRA w/Vanguard) 2006: +$60...
by notPatience
Tue Jun 01, 2021 6:59 pm
Forum: Personal Finance (Not Investing)
Topic: Has anybody here moved a Vanguard account into trust (of which they are their own trustee)?
Replies: 32
Views: 4382

Re: Has anybody here moved a Vanguard account into trust (of which they are their own trustee)?

Lee_WSP wrote: Tue Jun 01, 2021 12:41 pm
notPatience wrote: Tue Jun 01, 2021 11:46 am Am I reading these responses correctly that you have to sell the holdings in the non-trust account -- and thus pay cap gains tax if applicable -- then buy in a trust account?

No. You retitle the ownership of the account from notpatience to notpatience as trustee of notpatience trust. Or however you and Vanguard would like to do it.
Thank you so much, Lee_WSP. Much appreciate your response.
by notPatience
Tue Jun 01, 2021 11:46 am
Forum: Personal Finance (Not Investing)
Topic: Has anybody here moved a Vanguard account into trust (of which they are their own trustee)?
Replies: 32
Views: 4382

Re: Has anybody here moved a Vanguard account into trust (of which they are their own trustee)?

Am I reading these responses correctly that you have to sell the holdings in the non-trust account -- and thus pay cap gains tax if applicable -- then buy in a trust account?

I have a couple funds in taxable that have a lot of cap gains. I'd thought to leave them be (unless needed in old age) for heirs to get the stepped-up basis.

Can that be accomplished by naming them beneficiaries? How is that different from POD?
By naming the trust the beneficiary?
by notPatience
Thu Apr 22, 2021 1:16 pm
Forum: Personal Finance (Not Investing)
Topic: Claiming Social Security at/around 70 questions
Replies: 21
Views: 2486

Re: Claiming Social Security at/around 70 questions

If you are converting to $111K each year, does it really matter in which year you get the SS income? If you shift $6800 in taxable income from 2021 to 2022, then you can convert an additional $6800 in 2021 while staying under the $111K, but will this not mean converting $6800 less in 2022? It makes some difference in having that money earning in Roth a year earlier. In my specific case it makes a difference because my income as I continue to work swings wildly. At this point, I have a good grasp on the first half of 2021, while all of 2022 is completely unknown. So, I try to max bird-in-hand converting opportunities as I can. I don't know, maybe I am missing something but I still am not seeing much advantage. If your income is over $111K i...
by notPatience
Thu Apr 22, 2021 12:01 pm
Forum: Personal Finance (Not Investing)
Topic: Claiming Social Security at/around 70 questions
Replies: 21
Views: 2486

Re: Claiming Social Security at/around 70 questions

I checked OpenSocialSecurity.com and it recommended filing to start receiving in Nov. (69 +11 months.) If I wait for full 70, I’d get about $4 less lifetime. So one question is an academic/just curious “Why?” would full 70 be less than 69+11? Could it be a mistake? My understanding is that the SS benefit is calculated month-to-month and though we casually say that waiting beyond FRA garnishes an extra 8%/yr in SS benefits, the SSA uses a monthly % to get the actual number. From your posting above, that would imply that the % doesn't apply to the month transition from 69yrs11months to 70yrs0months. I'm not so sure that is correct. (NB: I am not an expert at this) It's not the monthly benefit changing. It's $4 over the lifetime of benefits. ...
by notPatience
Thu Apr 22, 2021 11:56 am
Forum: Personal Finance (Not Investing)
Topic: Claiming Social Security at/around 70 questions
Replies: 21
Views: 2486

Re: Claiming Social Security at/around 70 questions

jeffyscott wrote: Thu Apr 22, 2021 6:55 am If you are converting to $111K each year, does it really matter in which year you get the SS income?

If you shift $6800 in taxable income from 2021 to 2022, then you can convert an additional $6800 in 2021 while staying under the $111K, but will this not mean converting $6800 less in 2022?
It makes some difference in having that money earning in Roth a year earlier.

In my specific case it makes a difference because my income as I continue to work swings wildly. At this point, I have a good grasp on the first half of 2021, while all of 2022 is completely unknown. So, I try to max bird-in-hand converting opportunities as I can.
by notPatience
Thu Apr 22, 2021 11:43 am
Forum: Personal Finance (Not Investing)
Topic: Pushing SS Income Into Next Year
Replies: 34
Views: 4754

Re: Pushing SS Income Into Next Year

ObliviousInvestor wrote: Thu Apr 22, 2021 11:24 am Just to clarify, Open Social Security is not saying that the monthly benefit maxes out at 69 and 11 months but rather that the expected present value of lifetime benefits happens to be highest when filing at 69 and 11 months, given the inputs provided. (Though a one month change in either direction will rarely make a significant difference to the expected PV.)
Yes! Sorry that didn't get carried over from my original thread, where I said the difference from 69+11 and 70 was $4 total for lifetime. So clearly not a difference in monthly benefit. Was just curious about the difference.

Appreciate all your info in my years of reading the forum.
by notPatience
Thu Apr 22, 2021 11:35 am
Forum: Personal Finance (Not Investing)
Topic: Pushing SS Income Into Next Year
Replies: 34
Views: 4754

Re: Pushing SS Income Into Next Year

Thank you for that explanation, BolderBoy. And for all the info.
BolderBoy wrote: Thu Apr 22, 2021 11:16 am So for me, the entire process was mostly about being patient.
Uh-oh ... considering my user name. But with your information, I am well warned. :)
by notPatience
Thu Apr 22, 2021 3:09 am
Forum: Personal Finance (Not Investing)
Topic: Pushing SS Income Into Next Year
Replies: 34
Views: 4754

Re: Pushing SS Income Into Next Year

Thanks for posting this. (And to @Flobes for the link.) It's exactly the info I was looking for. I hope to do this the end of the year to get more Roth conversions in 2021. Birthday month is Dec. OpenSocialSecurity says max time to claim is 69+11 mos (Nov.) From having gone through the process, @BolderBoy, would you think that filing the last day or two of Dec. would do the trick? Or do you recommend waiting until Jan. @BolderBoy wrote: It went on to explain the retroactive payments (also less the Medicare deduction.) But hadn't you already paid Medicare premiums for the months covered by those retroactive payments? Hard to imagine Medicare letting payments slide from June-Dec. So if they deducted for Medicare on the retroactive payments, d...
by notPatience
Thu Apr 22, 2021 3:00 am
Forum: Personal Finance (Not Investing)
Topic: Claiming Social Security at/around 70 questions
Replies: 21
Views: 2486

Re: Claiming Social Security at/around 70 questions

Flobes wrote: Wed Apr 21, 2021 10:57 pm
notPatience wrote: Wed Apr 21, 2021 10:13 pm Could I not do that for 2 months? Ask in Jan for Dec. and Nov. retroactively?
Check out topic Pushing SS Income Into Next Year. Be sure to read OP's updates about the process and timing downthread.
Perfect! Thank you, @Flobes.
by notPatience
Wed Apr 21, 2021 10:13 pm
Forum: Personal Finance (Not Investing)
Topic: Claiming Social Security at/around 70 questions
Replies: 21
Views: 2486

Re: Claiming Social Security at/around 70 questions

you collect the same monthly amount for one month less with each month of delay upon reaching 70.
So, I could not get Dec. 2021 benefit retroactively in 2022?

Thanks @JPM and @Carl53 on filing for Dec. benefits would result in Jan. check.
Had you been 70 a few months earlier, you could have delayed until January and then asked for up to 6 months of retroactive payments or back until your 70th birthday. The backlog of benefits would be delayed until next year.


Could I not do that for 2 months? Ask in Jan for Dec. and Nov. retroactively?
by notPatience
Wed Apr 21, 2021 2:48 pm
Forum: Personal Finance (Not Investing)
Topic: Need Cash for Divorce Payout
Replies: 109
Views: 10788

Re: Need Cash for Divorce Payout

Set up the HELOC, but use up the emergency fund before you draw on the HELOC. You might have time to rebuild the EF before you need it. If emergency hits, then you use the HELOC.

Ask your parents -- if your EF covers the $50k, I'd tell them now what the situation is and ask if they'd be backup if you are hit with an emergency. (Gives them time to adjust mentally and financially.) If EF doesn't cover it, ask for help now with the gap.
by notPatience
Wed Apr 21, 2021 2:15 pm
Forum: Personal Finance (Not Investing)
Topic: Claiming Social Security at/around 70 questions
Replies: 21
Views: 2486

Claiming Social Security at/around 70 questions

I’ll turn 70 in early Dec. (but not the 1st of the month.) I checked OpenSocialSecurity.com and it recommended filing to start receiving in Nov. (69 +11 months.) If I wait for full 70, I’d get about $4 less lifetime. So one question is an academic/just curious “Why?” would full 70 be less than 69+11? Next question is, does lifetime benefit continue to decrease for each month after 69+11? OpenSocialSecurity doesn’t show calculations past 70 – just says you don’t want to wait past 70. But I’m wondering if it might be beneficial for me to wait past 70. SITUATION Single Self-employed in IP creation and still working by choice. No telling on future income level, though not likely to stop completely any time soon. Been doing Roth conversions in w...