Search found 1733 matches

by CAsage
Tue May 19, 2020 12:43 pm
Forum: Personal Investments
Topic: Advice on Mom's retirement accounts
Replies: 14
Views: 985

Re: Advice on Mom's retirement accounts

Thank him for the advice, and ignore it. You are doing fine with a simple, solid plan, don't mess with good karma. I would look into draining that IRA as quickly as possible and prioritize that for spending down for Mom, as if (when...) you and your sister (I'm presuming here...) inherit, you will h...
by CAsage
Mon May 18, 2020 7:18 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Issue
Replies: 13
Views: 1122

Re: Social Security Issue

The deceased had about $10,000 in a bank account which my wife was planning on using to pay for the funeral expenses, extra months rent, clean out expenses etc. But then she was shocked to learn about the letter from SSA requesting $25,000. We are wondering where SSA stands in the priority of claim...
by CAsage
Mon May 18, 2020 4:54 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Issue
Replies: 13
Views: 1122

Re: Social Security Issue

2. The $25,000 owed SSA plus the funeral home expense and other post-death miscellaneous expenses (e.g. cleaning out the apartment, hauling away furniture etc.) is substantially more than the value of SIL's assets. What money, if any, will DW and BIL owe SSA out of their own pockets? 4. Can the pos...
by CAsage
Mon May 18, 2020 10:11 am
Forum: Personal Consumer Issues
Topic: Composite AND wood deck?
Replies: 15
Views: 1022

Re: Composite AND wood deck?

Also, composite is not "structural" so the underpinnings would have to be built with pressure treated lumber anyway. Composite tends to sag, and it sure cannot be used for building.
by CAsage
Mon May 18, 2020 10:08 am
Forum: Personal Consumer Issues
Topic: Tea supplier comparison
Replies: 74
Views: 5774

Re: Tea supplier comparison

I like a milder black tea, Twinings Prince of Wales. Amazon! The most important thing is to get a basket tea infuser, not one of those undersized spoon or walnut sized things that don't let the tea leaves really expand and flow.... I like the ones that fit over the top of the mug, and of course alwa...
by CAsage
Sun May 17, 2020 1:17 pm
Forum: Investing - Theory, News & General
Topic: Advising a friend
Replies: 7
Views: 574

Re: Advising a friend

Don't touch any part of this with a 10 foot pole. The opportunity here to destroy that relationship or to be defrauded are .... scary. "Someone" who doesn't trust anyone should at least learn a little bit about investing (low fees, index, diversify). The no-think solution is a Target Date retirement...
by CAsage
Sat May 16, 2020 1:56 pm
Forum: Personal Finance (Not Investing)
Topic: Rolling over into an IRA Question
Replies: 3
Views: 236

Re: Rolling over into an IRA Question

There's no way to know. You will only be out of the market a few days while they transfer the funds - and do a direct transfer. Since you can't predict it and can't control it, just initiate it and move on with life.
by CAsage
Fri May 15, 2020 1:36 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance cash out to pay off student loan?
Replies: 11
Views: 706

Re: Refinance cash out to pay off student loan?

Also note that mortgage debt is not 100% deductible unless used for acquisition - I"m not exactly sure of the 2020 laws, but there are now limits on how much you can cash out or refinance and still deduct. Just check that carefully!
by CAsage
Thu May 14, 2020 4:44 pm
Forum: Personal Consumer Issues
Topic: What to do with canned chicken?
Replies: 45
Views: 3374

Re: What to do with canned chicken?

It's great in Chicken vegetable soup - celery, carrots, onions. Even my fussy teen agreed this knocks canned soup out of the park!
by CAsage
Thu May 14, 2020 1:56 pm
Forum: Personal Finance (Not Investing)
Topic: Husband Died and Spouse lack of knowledge.
Replies: 37
Views: 6198

Re: Husband Died and Spouse lack of knowledge.

A relation died recently, unexpected by him but not otherwise (alcoholic, diabetic, overweight...), and left his estate in a complete shambles. I resolved not to inflict a mess like that on anyone! So I now include a list of all my assets, including Entity (brokerage, bank, etc), account numbers, in...
by CAsage
Thu May 14, 2020 12:53 pm
Forum: Personal Finance (Not Investing)
Topic: Any reasons not to refi primary to payoff second home?
Replies: 6
Views: 510

Re: Any reasons not to refi primary to payoff second home?

I think you lose the deduction on the second mortgage, as in your refinanced amount (above the original first mortgage) is no longer "acquisition" debt. I'd check carefully. https://www.marketwatch.com/story/watch-out-for-these-pitfalls-if-you-want-to-deduct-mortgage-interest-under-the-new-tax-law-2...
by CAsage
Wed May 13, 2020 12:14 pm
Forum: Personal Consumer Issues
Topic: Dentist charges $10 for PPE
Replies: 234
Views: 11329

Re: Dentist charges $10 for PPE

The real issue now is that existing stocks, if any, were redirected to hospitals and first responders, leaving many dental supply places without ... supplies. With the COVID-19 issues, that means many dentists are either unable to get any supplies, closing their practice or limiting it to emergencie...
by CAsage
Tue May 12, 2020 5:57 pm
Forum: Personal Investments
Topic: transfer from Edward Jones (*updated)
Replies: 12
Views: 1832

Re: transfer from Edward Jones (*updated)

Given my age of nearly 48 and being the sole bread winner for a wife as well as two kids under age 5, I believe most would advise buying life insurance to replace 15-20 years' salary in case of my untimely death, though when I looked into this a couple years ago I was really taken aback by the pric...
by CAsage
Tue May 12, 2020 1:33 pm
Forum: Personal Finance (Not Investing)
Topic: Bank of America unauthorized ATM withdrawal
Replies: 47
Views: 2326

Re: Bank of America unauthorized ATM withdrawal

nisiprius wrote:
Tue May 12, 2020 1:31 pm
How does one withdraw $92.50 at an ATM?
Possible bank surcharge of $2.50? With cash $90? Just a guess. That was 3~4 months ago, so not sure what the reporting window is.
by CAsage
Mon May 11, 2020 6:14 pm
Forum: Personal Finance (Not Investing)
Topic: Picking a bank for an estate account
Replies: 8
Views: 428

Re: Picking a bank for an estate account

My mother recently passed away and I am having to go this week to open an estate bank account. Related question what happens if by chance any money came into the account later on? I don't know what the money would be from but I also don't have a great touch on her finances yet. The original account...
by CAsage
Mon May 11, 2020 4:07 pm
Forum: Personal Finance (Not Investing)
Topic: Will Question
Replies: 3
Views: 386

Re: Will Question

Wills commonly have words about the first beneficiary (spouse) having to survive by XX days, and then you can name the seconds.
by CAsage
Sun May 10, 2020 11:30 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up wife after devorce
Replies: 45
Views: 5934

Re: Setting up wife after devorce

I am giving her $120000 from my IRA ... putting it in bonds. I will observe that $120,000 in an IRA is certainly worth far less due to the inevitable federal (and possibly state) taxes that will be incurred or 'lost' when you withdraw it. Be sure that you fairly account for the pre-tax vs after-tax...
by CAsage
Thu May 07, 2020 5:11 pm
Forum: Personal Consumer Issues
Topic: iPad.. worth it?
Replies: 49
Views: 3194

Re: iPad.. worth it?

I bought a 10" ipad for reading the morning paper, doing email while on travel, and browsing the Web when it comes up... Tablets are good for that, and I use it lots, but IMO not ideal for long term reading - I way prefer a dedicated e-reader (lighter and better non-glare screen). But having a table...
by CAsage
Thu May 07, 2020 4:07 pm
Forum: Personal Finance (Not Investing)
Topic: Summer Intern Roth 401(k)
Replies: 16
Views: 553

Re: Summer Intern Roth 401(k)

Another minor constraint on the 100% goal, I know people are not eligible to put 100% of their compensation into a Roth IRA; if you wade through the 1040 and 8606, the result is that 7.65% (roughly) of your Social Security has to be paid first. While this is true for a 401k, it was not true for you...
by CAsage
Thu May 07, 2020 12:32 pm
Forum: Personal Finance (Not Investing)
Topic: Summer Intern Roth 401(k)
Replies: 16
Views: 553

Re: Summer Intern Roth 401(k)

Another minor constraint on the 100% goal, I know people are not eligible to put 100% of their compensation into a Roth IRA; if you wade through the 1040 and 8606, the result is that 7.65% (roughly) of your Social Security has to be paid first. I did open a Roth for my teen's summer job last year, a...
by CAsage
Thu May 07, 2020 12:01 am
Forum: Personal Finance (Not Investing)
Topic: Pay Sibling's Undergrad or Refinance Parent's Mortgage
Replies: 52
Views: 3300

Re: Pay Sibling's Undergrad or Refinance Parent's Mortgage

So Mom is considering taking on guaranteed secured debt to invest in stock with the hope it will go up? Way better for you and your parents to split this, and pay it out of cash flow. Or pay 80% or thereabouts, have bright young student get a small loan or summer job to chip in his end. Your parents...
by CAsage
Wed May 06, 2020 7:14 pm
Forum: Personal Investments
Topic: How do I get out of home a partnership agreement?
Replies: 42
Views: 3061

Re: How do I get out of home a partnership agreement?

Purely mathematically, how much has the house appreciated? You basically own 20% of that house, so .. if the 80K appreciation is for 100%, then your stake is now worth $16K more than what you paid for it. You might counter-offer to accept the 20% plus $16K to release your interest in the house, but ...
by CAsage
Wed May 06, 2020 11:56 am
Forum: Personal Consumer Issues
Topic: Craigslist - are these scams?
Replies: 49
Views: 3174

Re: Craigslist - are these scams?

When attempting to sell (for an estate, I was time pressed) some large furniture sets for low hundreds, I had several people immediately contact me with one superficial question, and then a ludicrous story about sending "their shipper" with a check for more than what I wanted, I was supposed to pay ...
by CAsage
Tue May 05, 2020 7:35 pm
Forum: Personal Investments
Topic: Preferred stock/bond with no market? I want out
Replies: 18
Views: 1935

Re: Preferred stock/bond with no market? I want out

What would happen if you move/sell everything else, and just abandon those? That might be cheapest.
by CAsage
Tue May 05, 2020 12:19 pm
Forum: Personal Investments
Topic: Tell me what I don't know about retirement?
Replies: 55
Views: 4978

Re: Tell me what I don't know about retirement?

Another big shock was the IRA tax bomb - I really regret having maxed out my 401k for so many years; I should have taken the matching and saved more after tax. The new 10-year withdrawal on inherited IRA can cost your heirs (in their prime earning years) dearly - I better hang on and try and spend ...
by CAsage
Tue May 05, 2020 12:07 pm
Forum: Personal Consumer Issues
Topic: Is there anything more environmentally friendly than Drano for unclogging a drain?
Replies: 80
Views: 4858

Re: Is there anything more environmentally friendly than Drano for unclogging a drain?

With several household members with long hair.... I would HIGHLY recommend a plastic Zip type drain cleaner. You need that, a pair of pliers to pull it out and then pull the clumps of hair (really, fingers might not cut it), and a bunch of paper towels to grab all the amazing clumps of hair. This wo...
by CAsage
Mon May 04, 2020 8:39 pm
Forum: Personal Investments
Topic: Withdraw from Roth IRA to pay down mortgage?
Replies: 6
Views: 596

Re: Withdraw from Roth IRA to pay down mortgage?

No. You cannot replace those Roth $$ due to the annual limits of Roth contributions, and they may be your most valuable asset. Keep you eyes peeled for a better mortgage, and many refinances have taught me to take only a no cost, no fee refi - that's the best deal. Or very very cheap costs, otherwis...
by CAsage
Mon May 04, 2020 8:36 pm
Forum: Personal Investments
Topic: Tell me what I don't know about retirement?
Replies: 55
Views: 4978

Re: Tell me what I don't know about retirement?

Personally, I was surprised to know you had to pay for Medicare! Shows what I know. There is a two-year lookback on the IRMAA surcharge, but they will let you petition to get it adjusted if you have a 'life change" aka retirement different income. Another big shock was the IRA tax bomb - I really re...
by CAsage
Mon May 04, 2020 4:17 pm
Forum: Personal Consumer Issues
Topic: Does this "prove the debt" response make sense?
Replies: 7
Views: 896

Re: Does this "prove the debt" response make sense?

Are you the executor? Why are you responsible for this debt, or are they fishing? What is an ALF? I think you would do better to also disavow any responsibility, while summarizing that the room was released 6/9. Strange.
by CAsage
Mon May 04, 2020 1:25 pm
Forum: Personal Consumer Issues
Topic: Is a locking mailbox necessary or helpful, or more hassle than it's worth?
Replies: 43
Views: 2296

Re: Is a locking mailbox necessary or helpful, or more hassle than it's worth?

Possibly useful if a) it's not hard to break into, and b) both the mail slot and the box are big enough to hold enough mail/magazines. I took a different approach, installed a good sized mail slot into my garage wall, and put a big recycling bin right below. Precious little physical mail is actually...
by CAsage
Mon May 04, 2020 1:19 pm
Forum: Personal Finance (Not Investing)
Topic: 40% tax / penalty for cashing out inherited Ira?
Replies: 13
Views: 1137

Re: 40% tax / penalty for cashing out inherited Ira?

There is no penalty for withdrawing an inherited IRA, and in fact if it was inherited on or after 1/1/2020, it must be withdrawn in 10 years (no annual requirement, just wipe it out by 10 year mark). The amount of taxes can be calculated exactly by doing an estimated tax return for your relative, an...
by CAsage
Sun May 03, 2020 12:24 am
Forum: Personal Finance (Not Investing)
Topic: Custodial Account No Longer Minor
Replies: 10
Views: 787

Re: Custodial Account No Longer Minor

DTalos wrote:
Sat May 02, 2020 7:48 pm
How does Henry go about changing ownership record of Stock Z, to reflect Henry only?

Is the John Smith CUST now completely irrelevant because Henry is over 21?
For the first, I would talk to the brokerage as yes for (2) I think John should be history! Just my thought.
by CAsage
Sat May 02, 2020 5:57 pm
Forum: Personal Investments
Topic: Money manager, is it worth it ? 1M to invest.
Replies: 21
Views: 2349

Re: Money manager, is it worth it ? 1M to invest.

How many of those nifty long list of items do you need help with, really? The hard part about investing is figuring out what YOUR short term and long term goals are. Then you can choose an asset allocation (and there are a range of right or good enough answers). What you cannot buy at any price is a...
by CAsage
Sat May 02, 2020 5:55 pm
Forum: Personal Finance (Not Investing)
Topic: Custodial Account No Longer Minor
Replies: 10
Views: 787

Re: Custodial Account No Longer Minor

I think you need to carefully trace the accounts here. A UTMA account belongs to Henry as of the date it was created, and everything in it is Henry's. If John bought stock for Henry, acting as custodian, in Henry's account, then that belongs (then and now) to Henry. If John had stock in a brokerage ...
by CAsage
Sat May 02, 2020 5:06 pm
Forum: Investing - Theory, News & General
Topic: How are mutual funds fees calculated if the year is negative?
Replies: 18
Views: 1870

Re: How are mutual funds fees calculated if the year is negative?

Investment management fees for exchange traded funds (ETFs) and mutual funds are deducted by the ETF or fund company, and adjustments are made to the net asset value (NAV) of the fund on a daily basis. Investors don't see these fees on their statements because the fund company handles them in-house....
by CAsage
Thu Apr 30, 2020 5:52 pm
Forum: Personal Finance (Not Investing)
Topic: Sibling inheritance of Traditional IRA - sharing with other siblings
Replies: 31
Views: 2039

Re: Sibling inheritance of Traditional IRA - sharing with other siblings

Is probate so truly awful in your (brother's) state? The cleanest solution would be to "disclaim" 2/3 in favor of the other two sisters so they could go on their own way, pay their own taxes etc. The simplest solution might be to just gift them money each year, of course after paying taxes which I w...
by CAsage
Thu Apr 30, 2020 3:15 pm
Forum: Personal Investments
Topic: What is best way to transfer money to India
Replies: 4
Views: 293

Re: What is best way to transfer money to India

If this is a recurring thing and you COMPLETELY trust people, or can set up a second debit account, I wonder if it would make sense to order a second authorized user debit account, mail it to them, then call them to coordinate a PIN. This would be exactly like your withdrawing money while on vacatio...
by CAsage
Wed Apr 29, 2020 5:44 pm
Forum: Personal Finance (Not Investing)
Topic: How do you explain no COVID19 Stimulus Payment?
Replies: 89
Views: 7313

Re: How do you explain no COVID19 Stimulus Payment?

One of the most useful skills to develop in life is how to respond to a question you don't really want to engage with a little deflection. Watch any interview on television or political briefing to see this technique. Very useful skill for all of us. In this case, I would simply say "Yup", and if as...
by CAsage
Wed Apr 29, 2020 3:30 pm
Forum: Personal Investments
Topic: Helping Mom with her finances in Arizona
Replies: 9
Views: 783

Re: Helping Mom with her finances in Arizona

Sell Mom's small place outside Chicago, just to get rid of it. Can all 4 siblings chip in $15k each to pay off the mortgage (that would ensure that all of you are fairly contributing, and make it easy to split in many years when Mom passes). Reverse mortgages aren't usually a great deal, and if the ...
by CAsage
Wed Apr 29, 2020 1:16 pm
Forum: Personal Finance (Not Investing)
Topic: Will / Trust Question- Home Sale Issue. I need help.
Replies: 31
Views: 1355

Re: Will / Trust Question- Home Sale Issue. I need help.

My mother has contended that she will give my sister and I a portion of the home sale if we agree to sign the documents, with my mother and aunt get the majority of the proceeds. My Mom is asking me how much money I would need to sign the documents. The home is valued at 900,000. So, I like the ide...
by CAsage
Wed Apr 29, 2020 11:26 am
Forum: Investing - Theory, News & General
Topic: Roth conversion during low income year
Replies: 11
Views: 574

Re: Roth conversion during low income year

Converting up to the very tip top of the 12% bracket is absolutely a no brainer - calculate your taxes for 2020 carefully, taking your deduction as appropriate. I will beg to differ with the other prior posters, in that its possible that converting into the 22% bracket is also a wise choice. You are...
by CAsage
Tue Apr 28, 2020 12:14 pm
Forum: Investing - Theory, News & General
Topic: Does this 401K allocation make sense
Replies: 6
Views: 273

Re: Does this 401K allocation make sense

Have you looked at the list of all funds available through your wife's provider, and are there any other index funds that you can choose? My most expensive funds are International at 0.11% and REIT at 0.12%; with Total Stock and Total bond at ~0.04%, my total aggregate expense ratio is .053%. This a...
by CAsage
Mon Apr 27, 2020 3:20 pm
Forum: Personal Investments
Topic: Most tax efficient way to liquidate $200k inherited tIRA
Replies: 20
Views: 1974

Re: Most tax efficient way to liquidate $200k inherited tIRA

Part of me feels like I should be paying the taxes on the whole shebang here while I am in my lower earning years ... That is the key - shove as much income into your lowest earning years in the next 10. Feel free to use it to pay the taxes, too! Inherited IRA are not worth "face" value. I'm really...
by CAsage
Mon Apr 27, 2020 3:18 pm
Forum: Personal Finance (Not Investing)
Topic: Tax deduction for HELOC/home equity loan used to pay off a personal loan I used for home improvement
Replies: 10
Views: 388

Re: Tax deduction for HELOC/home equity loan used to pay off a personal loan I used for home improvement

I think you could deduct it - subject to all the other HELOC limitations, as there does not seem to be any reason that a refinanced HELOC or home mortgage isn't considered deductible. Just don't violate the "other" rules on what the money goes towards, I'd keep a copy of the total expenses (which yo...
by CAsage
Mon Apr 27, 2020 1:40 pm
Forum: Personal Investments
Topic: Most tax efficient way to liquidate $200k inherited tIRA
Replies: 20
Views: 1974

Re: Most tax efficient way to liquidate $200k inherited tIRA

If you dip into the 22% bracket in all future years, I would probably liquidate it faster so as to move your future growth to better tax-managed accounts ASAP. Don't forget the current tax brackets expire in 2026, and Certain Other Viral Interesting Disasters might impact Federal budgets. Get the pa...
by CAsage
Sat Apr 25, 2020 4:11 pm
Forum: Personal Finance (Not Investing)
Topic: I need financial/general advice
Replies: 47
Views: 2987

Re: I need financial/general advice

At the beginning of the year I inherited a little over 150k, the 150k is going to be taxed when I take it out of the account it is in but the remaining money is not taxed(can't remember the amount). This forum might help you better tax manage that windfall (read the "windfall" under the wiki here) ...
by CAsage
Sat Apr 25, 2020 3:36 pm
Forum: Personal Investments
Topic: Mother has only $85K to sustain her
Replies: 81
Views: 8219

Re: Mother has only $85K to sustain her

That is way too complicated an investment plan, and none of those dividends are guaranteed. Yes, in order to reasonably answer the question one needs to know more about her overall income vs expenses. This might be a perfect situation for a Single Premium Immediate Annuity - if you look on the immed...
by CAsage
Sat Apr 25, 2020 3:09 pm
Forum: Personal Investments
Topic: Okay this board above my level but need help with a traditional IRA small thing
Replies: 13
Views: 803

Re: Okay this board above my level but need help with a traditional IRA small thing

Converting that old IRA to a Roth and adding it to your current Roth sounds like a simple solution. Note that you may (likely) have to pay income taxes on the amount, as this will be added to your total income for 2020, but there is no penalty or age restriction on a Roth conversion. This also will ...
by CAsage
Fri Apr 24, 2020 12:33 pm
Forum: Investing - Theory, News & General
Topic: Federal Reserve scraps transfer count limits on savings accounts
Replies: 41
Views: 3566

Re: Federal Reserve scraps transfer limits on bank savings accounts

I agree this separation is desirable, but if Ally eliminates the six withdrawal limit, I'll just use two different savings accounts. I'm not sure that treating a savings account just like a checking account is a good thing... but I did set up a different "savings" account to debit weekly to fund my...
by CAsage
Wed Apr 22, 2020 1:08 pm
Forum: Personal Consumer Issues
Topic: Filling a void (of unknown size) under driveway
Replies: 26
Views: 1531

Re: Filling a void (of unknown size) under driveway

Possibly more urgent is to determine the cause of the void. Matter does not disappear, and until you solve that you can't really proceed. What kind of subsoil and terrain are you on? Sinkholes? Limestone? Underwater streams? I would sure hate to patch this and then have your car/tire fall in. And ye...