Search found 181 matches

by GeoffD
Mon Sep 17, 2018 2:57 pm
Forum: Personal Finance (Not Investing)
Topic: How to get financially ready for death of parent
Replies: 22
Views: 2842

Re: How to get financially ready for death of parent

A few months ago, I attended an excellent retirement planning seminar given by an Elder Law attorney. Here’s the list, organized into 4 areas plus a list of professional advisors at the end to help you with planning and implementation. Team of Advisors Financial advisor Elder law attorney Business ...
by GeoffD
Mon Sep 17, 2018 2:36 pm
Forum: Personal Finance (Not Investing)
Topic: How to get financially ready for death of parent
Replies: 22
Views: 2842

Re: How to get financially ready for death of parent

How should her kids' names be attached to her financial accounts, if at all? Your mother should designate beneficiaries on each account. 50%/50% would be typical in that situation. Assuming you are both power of attorney, you want at least one of you on the accounts so you can do banking/write chec...
by GeoffD
Mon Sep 17, 2018 2:00 pm
Forum: Personal Finance (Not Investing)
Topic: Delaying SS? How Long It Will Take for It to Pay Off?
Replies: 53
Views: 5738

Re: Delaying SS? How Long It Will Take for It to Pay Off?

I just put this into a compound interest calculator. start with $0, contribute $24,768 per year (at age 62), investing all in a (S&P500 with 7% historical avg return) for 8 years. End result is $271,902, which itself could generate $19,033 per year at age 70 using a 7% rate. This is just one re...
by GeoffD
Mon Sep 17, 2018 1:44 pm
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 4958
Views: 949355

Re: What's Your Credit Card Rewards Strategy?

I did not know about non -red eye flights to Europe. Thank you for mentioning them! There are day flights to London-Heathrow from Boston, JFK, Newark, Chicago, and Dulles. Using British Airways and American FT points from BOS or JFK, you can connect the next day to wherever you're going in Europe f...
by GeoffD
Mon Sep 17, 2018 12:55 pm
Forum: Personal Finance (Not Investing)
Topic: Delaying SS? How Long It Will Take for It to Pay Off?
Replies: 53
Views: 5738

Re: Delaying SS? How Long It Will Take for It to Pay Off?

The goal is to stay in the 12% bracket. Single, I can pull ~$50K per year out of my tax deferred portfolio. If that's what I'm largely living on, I can't do Roth conversions with it. When I hit 70 1/2 and RMDs kick in, I'm still in the 12% bracket. Will your marginal rate still be 12%, including Ta...
by GeoffD
Mon Sep 17, 2018 12:35 pm
Forum: Personal Finance (Not Investing)
Topic: Delaying SS? How Long It Will Take for It to Pay Off?
Replies: 53
Views: 5738

Re: Delaying SS? How Long It Will Take for It to Pay Off?

My numbers ignoring inflation/COLA increases: Age 62 to age 70: $198,144 Age 62 to age 80: $445,824 Age 70 to age 80: $435,240 The crossover is indeed a bit over age 80. 80.5 looks about right. I've never bothered to model the return on that $198,144. If you assume an after-inflation, after-tax 3% ...
by GeoffD
Mon Sep 17, 2018 12:11 pm
Forum: Personal Finance (Not Investing)
Topic: Delaying Social Security Until 70
Replies: 115
Views: 11243

Re: Delaying Social Security Until 70

I am not sure how you arrived at a SS benifit of $43,524/yr @ 70 but perhaps check the source to make sure your calcs are correct. Seems doable for a relatively high lifetime earner. $43,524/yr @ 70 requires an age 66 FRA PIA of about $2,748 (2747.73 * 1.32 * 12 = 43524.04). Current maximum PIA per...
by GeoffD
Mon Sep 17, 2018 11:49 am
Forum: Personal Finance (Not Investing)
Topic: Delaying SS? How Long It Will Take for It to Pay Off?
Replies: 53
Views: 5738

Re: Delaying SS? How Long It Will Take for It to Pay Off?

When I look at the new tax brackets, it looks to me like Roth conversions pretty much vaporized as a strategy. At the moment, I'm single. Roth conversions aren't tax efficient. If you are still working, that is likely true. For most already retired at age 60, Roth conversions now are favorable. Wha...
by GeoffD
Mon Sep 17, 2018 11:18 am
Forum: Personal Finance (Not Investing)
Topic: Delaying Social Security Until 70
Replies: 115
Views: 11243

Re: Delaying Social Security Until 70

"A COLA-protected and largely tax-free $43,524 per year at least means I won't be poor if I live into my 90s and zero out everything but home equity" I am not sure how you arrived at a SS benifit of $43,524/yr @ 70 but perhaps check the source to make sure your calcs are correct. SSA publ...
by GeoffD
Mon Sep 17, 2018 10:56 am
Forum: Personal Finance (Not Investing)
Topic: Dilemma: Add room to current house or buy new house?
Replies: 93
Views: 5561

Re: Dilemma: Add room to current house or buy new house?

I am not sure of the exact terms but due to the down slope incline of the house, the deck is perched on posts from the ground (no foundation there). Essentially there is no built-up area under the deck and it extends past the basement. So for the new room, a new foundation needs to be added in that...
by GeoffD
Mon Sep 17, 2018 10:20 am
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 4958
Views: 949355

Re: What's Your Credit Card Rewards Strategy?

I need to remember to cancel that card before the 1 year anniversary in November when I get socked with a fee. You can safely cancel after the fee posts. If it's within 30 days, Chase will credit it back in full. I've done that previously with Chase. I appreciate the tip but it's easier to just can...
by GeoffD
Mon Sep 17, 2018 10:12 am
Forum: Personal Finance (Not Investing)
Topic: Delaying Social Security Until 70
Replies: 115
Views: 11243

Re: Delaying Social Security Until 70

"It's not politically possible to cut benefits. Sometime in the next decade, taxes are going up." This is not the first time it has happened - perhaps research how it was 'corrected' the past time. They boosted the FRA for people too young to be much of a voting block. In 1983 the last ti...
by GeoffD
Mon Sep 17, 2018 10:04 am
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 4958
Views: 949355

Re: What's Your Credit Card Rewards Strategy?

Citi DoubleCash 2% cash back for everything domestic CapitalOne 1 1/2% cash back for everything international to avoid the fee I have a Chase United Explorer card I used to get early boarding until I hit elite FT status last March. I need to remember to cancel that card before the 1 year anniversary...
by GeoffD
Mon Sep 17, 2018 9:37 am
Forum: Personal Finance (Not Investing)
Topic: Delaying SS? How Long It Will Take for It to Pay Off?
Replies: 53
Views: 5738

Re: Delaying SS? How Long It Will Take for It to Pay Off?

Lots of folks do Roth conversions in the 22% or 24% marginal Federal tax brackets, the latter for me this year at 68. My goal is simply to levelize my income and to keep my AGI from being even higher once I start SS and RMDs in 2020... So you're assuming tax law isn't going to change with respect t...
by GeoffD
Mon Sep 17, 2018 6:53 am
Forum: Personal Finance (Not Investing)
Topic: Delaying SS? How Long It Will Take for It to Pay Off?
Replies: 53
Views: 5738

Re: Delaying SS? How Long It Will Take for It to Pay Off?

All calculators I tried.... Likely none of them included the effect of SS on taxation of traditional->Roth conversions. The more t->R you can do at low marginal rates, the more favorable it is to defer SS. The marginal rates kind of depend on your filing status. Filing single, the 12% bracket goes ...
by GeoffD
Sun Sep 16, 2018 10:49 pm
Forum: Personal Finance (Not Investing)
Topic: If you're FI, or close to FI, are still fighting to climb the Corp. Ladder?
Replies: 118
Views: 12740

Re: If you're FI, or close to FI, are still fighting to climb the Corp. Ladder?

getting close to FI... REDUCE your time and energy commitment to your company Consider reading the Cliff Notes for "Die Broke" Basically, Reduce your emotional and time commitment to employer. (But do your job) Establish your other skills / priorities Plan (as in be ready) for your transi...
by GeoffD
Sun Sep 16, 2018 10:22 pm
Forum: Personal Finance (Not Investing)
Topic: Playing catch up. Best methods to grow retirement in next 10+years?
Replies: 17
Views: 2417

Re: Playing catch up. Best methods to grow retirement in next 10+years?

Monthly expenses: $10k for taxes, $3900 mortgage, $1969 health insurance, $416 disability, $500 student loan, $110 life ins, $400 car ins, $1k for utilities on average, $3k for gas, groceries, household items, kids lessons, etc, $2k+ going towards heloc, $1542 to Employee 401k, $3042 employer 401k,...
by GeoffD
Sun Sep 16, 2018 8:18 pm
Forum: Personal Finance (Not Investing)
Topic: Delaying SS? How Long It Will Take for It to Pay Off?
Replies: 53
Views: 5738

Re: Delaying SS? How Long It Will Take for It to Pay Off?

My numbers ignoring inflation/COLA increases: Age 62 to age 70: $198,144 Age 62 to age 80: $445,824 Age 70 to age 80: $435,240 The crossover is indeed a bit over age 80. 80.5 looks about right. I've never bothered to model the return on that $198,144. If you assume an after-inflation, after-tax 3% r...
by GeoffD
Sun Sep 16, 2018 5:52 pm
Forum: Personal Finance (Not Investing)
Topic: Where to put saving for retirement house?
Replies: 6
Views: 829

Re: Where to put saving for retirement house?

You can get 2.50% on a 1 year CD. I have my emergency fund parked at Ally Bank in a 1.85% savings account and laddered 1 year CDs. 1 year treasuries are a smidge more than Ally Bank is paying for 1 year CDs. 2.562%. 2 year Treasuries are 2.786% at the moment.
by GeoffD
Sun Sep 16, 2018 5:22 pm
Forum: Personal Finance (Not Investing)
Topic: How to get financially ready for death of parent
Replies: 22
Views: 2842

Re: How to get financially ready for death of parent

The more practical questions: Do you and/or your sibling have a durable power of attorney document? Do you and/or your sibling have a health care power of attorney document? Does your mother have a will? Are you or your sibling the executor? Does your mother have a living will or advance directive? ...
by GeoffD
Sun Sep 16, 2018 2:40 pm
Forum: Personal Finance (Not Investing)
Topic: Considering Quitting Job - Seeking Advice. Would you do it?
Replies: 157
Views: 15069

Re: Considering Quitting Job - Seeking Advice. Would you do it?

If quitting is on the table then getting fired could (should?) be on the table too. How about having a conversation with your manager saying that you need to reduce your hours to 50/wk or whatever number is doable for you. If you get fired, you don't want to work there anyways. Plain and simple. I ...
by GeoffD
Sun Sep 16, 2018 2:17 pm
Forum: Personal Finance (Not Investing)
Topic: delaying claiming SS from age 64 to 70 while not working
Replies: 21
Views: 1795

Re: delaying claiming SS from age 64 to 70 while not working

seychellois_lib wrote: Sun Sep 16, 2018 2:13 pm I am in the same boat as OP and have a related question. Does the benefit increase occur only after 12 months of delay from FRA (ie anually) or does it accrue on a monthly basis?
Monthly.
by GeoffD
Sun Sep 16, 2018 2:16 pm
Forum: Personal Finance (Not Investing)
Topic: Please help me assess condo purchase and overall finances
Replies: 22
Views: 1484

Re: Please help me assess condo purchase and overall finances

3. Is this a smart buy? I expect my monthly housing expenses to be about $1400/mo (mortgage + HOA fee + property tax + insurance). This is a big jump from $930/mo but I still think it's affordable. My other expenses total about 1k/mo. I bought a condo at the top of the market many years ago at abou...
by GeoffD
Sun Sep 16, 2018 2:02 pm
Forum: Personal Finance (Not Investing)
Topic: How did you decide when to retire?
Replies: 54
Views: 9161

Re: How did you decide when to retire?

I don't understand the OP's issue. $58K in "reduced" pension, $1 million in tax deferred portfolio. Eventually at age 70, another $40K in Social Security benefit ignoring what their spouse does. Only $25K of housing cost and it sounds like much of it is co-op/condo/HOA fees since the mortg...
by GeoffD
Sun Sep 16, 2018 1:35 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Calculation
Replies: 2
Views: 402

Re: Social Security Calculation

Does job loss/decrease in income at 59 years old impact social security prospects? Does it average your most recent earning years to determine an amount or something different like your entire career, or just 10 highest earning years? I was a high earner from 37-45 and from 54-59 and then lost my j...
by GeoffD
Sun Sep 16, 2018 1:17 pm
Forum: Personal Finance (Not Investing)
Topic: Playing catch up. Best methods to grow retirement in next 10+years?
Replies: 17
Views: 2417

Re: Playing catch up. Best methods to grow retirement in next 10+years?

35% tax bracket on a joint return is $400K after deductions. The OP wrote "we" so I presume it's a joint return. Something is really wrong with life decisions of the OP isn't salting away 6 figures of after tax money into investments of some sort above and beyond maxing out a 401(k). I sen...
by GeoffD
Sun Sep 16, 2018 1:02 pm
Forum: Personal Finance (Not Investing)
Topic: Delaying Social Security Until 70
Replies: 115
Views: 11243

Re: Delaying Social Security Until 70

Many people take it earlier because they need it. In my spreadsheet, I calculate my age 62 to age 70 Social Security benefit payout as $198,144. I'm career high income. 29 years with my Social Security contribution maxed and another 6 years that are strong. I'm maybe $1K per year short of the maxim...
by GeoffD
Sun Sep 16, 2018 11:52 am
Forum: Personal Finance (Not Investing)
Topic: Delaying Social Security Until 70
Replies: 115
Views: 11243

Re: Delaying Social Security Until 70

As most of us here are heavily invested in index funds, WE own the corporations too. They are us. Sure, but hiking the employer side of payroll taxes doesn't change the fully burdened cost per employee very much. Social Security is about 75% to 80% funded depending on how pessimistic you are about ...
by GeoffD
Sun Sep 16, 2018 10:03 am
Forum: Personal Finance (Not Investing)
Topic: Delaying Social Security Until 70
Replies: 115
Views: 11243

Re: Delaying Social Security Until 70

Many people take it earlier because they need it. In my spreadsheet, I calculate my age 62 to age 70 Social Security benefit payout as $198,144. I'm career high income. 29 years with my Social Security contribution maxed and another 6 years that are strong. I'm maybe $1K per year short of the maxim...
by GeoffD
Fri May 04, 2018 11:21 am
Forum: Personal Finance (Not Investing)
Topic: How old is too old for a vehicle, even for a well running one ?
Replies: 83
Views: 7307

Re: How old is too old for a vehicle, even for a well running one ?

Rust is the limit where I live. I hate salt Yep. However, you can take steps to minimize the corrosion issues. Getting underneath with a can of Fluid Film (lanolin) in the fall will slow it down a lot. A frequent undercarriage wash at the car wash when it's above freezing. A modern car doesn't rust...
by GeoffD
Tue Mar 20, 2018 1:55 pm
Forum: Personal Consumer Issues
Topic: 2018 Forester vs CRV vs RAV4
Replies: 143
Views: 22190

Re: 2018 Forester vs CRV vs RAV4

I own a first model year current generation 6-cylinder Outback. In the Outback vs Forester question earlier in the thread, the Outback seats four 6'2" adults comfortably with quite a bit of cargo capacity behind the back seat. With the rear seat folded, you have 6' of cargo bed length in the Ou...