Search found 527 matches

by Ybsybs
Thu Apr 25, 2019 7:59 am
Forum: Personal Finance (Not Investing)
Topic: Advising financially unsavvy family on windfall
Replies: 77
Views: 6137

Re: Advising financially unsavvy family on windfall

Everyone starts out financially unsavvy and they can become more savvy if it's important to them. I've had moderate success by emphasizing how much peace of mind a savings cushion can provide and how nice it would be to have a larger sum during retirement. In this context it seems that you are also ...
by Ybsybs
Wed Apr 24, 2019 11:53 am
Forum: Personal Consumer Issues
Topic: How to clean a garage?
Replies: 71
Views: 4598

Re: How to clean a garage?

Last time I moved we reduced stuff over the course of a year. Every time we were using seasonal things, we got rid of the excess at the peak of the season. For instance, that Christmas we decorated to the max and the decorations still not used got donated. The bonus of this method is that, when you ...
by Ybsybs
Wed Apr 24, 2019 10:39 am
Forum: Personal Investments
Topic: Increasing 401k and IRA contribution
Replies: 15
Views: 839

Re: Increasing 401k and IRA contribution

Hi, These are my current contribution rates across my 401k and spouse's(stay-at-home) IRA. We currently save 8% towards retirement - 401k - 6% Trad IRA - 2% We are increasing this to 10% (7.5% - 401k and 2.5% -IRA). My question will I get the same tax break if I invest like this or is it better if ...
by Ybsybs
Wed Apr 24, 2019 10:16 am
Forum: Personal Finance (Not Investing)
Topic: Family Trust
Replies: 25
Views: 3507

Re: Family Trust

Since I am extremely cheap and frugal, I decided to go to the local library and read all I could on estate planning. A week into my research, it came pretty clear that a lawyer was needed. I know it stinks writing that check ($1500 for us), but the overall peace of mind and the security it provided...
by Ybsybs
Wed Apr 24, 2019 10:04 am
Forum: Personal Finance (Not Investing)
Topic: Family Trust
Replies: 25
Views: 3507

Re: Family Trust

When you choose your lawyer, it'd be good to use a firm who is used to handling estates of your size. You could use that question to help figure out which firms are a good fit for you. If you are paying by the hour for your trust, you'll take up less of the lawyer's time and get more value if you go...
by Ybsybs
Tue Apr 23, 2019 12:03 pm
Forum: Personal Consumer Issues
Topic: Single Family House - aging in place challenges
Replies: 47
Views: 2964

Re: Single Family House - aging in place challenges

There are ramps that are installed on top of a set of stairs which are fairly ugly but do the job. You could plan to put those sort in place if you need them. Some people retain their ability to use stairs for as long as they have to and as soon as they aren't going up and down six stairs a day disc...
by Ybsybs
Tue Apr 23, 2019 11:35 am
Forum: Personal Consumer Issues
Topic: Single Family House - aging in place challenges
Replies: 47
Views: 2964

Re: Single Family House - aging in place challenges

Unfortunately, beautiful design rarely comes at a low price point. A ramp at the shallow angle you'd want for easy navigation on crutches or with a walker or in a wheelchair will need to be fairly long to accommodate six stairs. If you'd like to avoid ramp switch backs, it'd be nice to have more lik...
by Ybsybs
Tue Apr 23, 2019 11:26 am
Forum: Personal Investments
Topic: Invest 529 or taxable account?
Replies: 55
Views: 4295

Re: Invest 529 or taxable account?

All correct. Just want to add two comments. 1) Contributions to 401K/IRA plans are added back in as income in the year FAFSA is being calculated. So, the account balance is not assessed but current contributions are treated as income and assessed accordingly. 2) Some schools use CSS Profile instead...
by Ybsybs
Tue Apr 23, 2019 11:20 am
Forum: Personal Investments
Topic: Invest 529 or taxable account?
Replies: 55
Views: 4295

Re: Invest 529 or taxable account?

While money IN the retirement account doesn't count with regards to FAFSA, withdrawals do. So once a person starts withdrawing money for retirement or for college, the amount of financial need will go down. Yes. So money taken from a retirement account could potentially be used to pay for the last ...
by Ybsybs
Tue Apr 23, 2019 11:05 am
Forum: Personal Investments
Topic: Invest 529 or taxable account?
Replies: 55
Views: 4295

Re: Invest 529 or taxable account?

The OP hasn't chosen to mention his or her age relative to the kids. We are older parents. In our case, my spouse will reach 59 1/2 just before our oldest child graduates from high school. I'll get there a few years later. 59 1/2 is the special age when we can withdraw cash from our retirement accou...
by Ybsybs
Mon Apr 22, 2019 4:54 pm
Forum: Personal Finance (Not Investing)
Topic: Father's POA Issue: Who has POA, successor or attorney?
Replies: 29
Views: 3395

Re: Father's POA Issue: Who has POA, successor or attorney?

I would just like to say that if you have any reason not to trust your BIL or his attorney, I firmly believe it would be wise to involve your own PA attorney to check everything over as soon as possible. However, the request doesn't seem necessarily unreasonable given that BIL apparently wants to a...
by Ybsybs
Mon Apr 22, 2019 4:44 pm
Forum: Personal Finance (Not Investing)
Topic: Assisted living and nursing home expenses
Replies: 27
Views: 2015

Re: Assisted living and nursing home expenses

If she wants to use some of her assets to prepay funeral expenses and so on, now is a good time to do that. It's probably also a good idea to consult with an eldercare attorney to double check that her will, health care power of attorney, and living will paperwork is all up to date for what she want...
by Ybsybs
Fri Apr 19, 2019 12:30 pm
Forum: Personal Finance (Not Investing)
Topic: Itemizarion of Non-Cash, Charitable Contributions
Replies: 11
Views: 711

Re: Itemizarion of Non-Cash, Charitable Contributions

Back when the standard deduction wasn't so high, I used Goodwill's estimated value for items and took photos to use as extra evidence if the IRS ever had questions. The thrift store charities I donate to also give detailed dated receipts which I save in my tax folder. That seems to have worked for m...
by Ybsybs
Fri Apr 19, 2019 11:30 am
Forum: Personal Investments
Topic: Leave a job with a pension?
Replies: 39
Views: 4701

Re: Leave a job with a pension?

How are you calculating that pension value? I believe he's doing it wrong. He said... (estimate based on 1% of 5 x current salary ) OP said... (years service X Top year earnings of last 5 X 1%) I don't think those are the same thing. Indeed. I showed my work so the OP could adjust anything to be cl...
by Ybsybs
Thu Apr 18, 2019 1:45 pm
Forum: Personal Finance (Not Investing)
Topic: leaving state job / pension. ..... bad idea?
Replies: 44
Views: 3907

Re: leaving state job / pension. ..... bad idea?

Can you moonlight more while keeping the state job? A 40hr/week and 7 weeks of paid vacation job sounds like the kind of position that leaves enough time to run a consulting business on the side. You mention being able to get $10k-$15k in overtime, but perhaps you could make more than that consultin...
by Ybsybs
Thu Apr 18, 2019 1:36 pm
Forum: Personal Finance (Not Investing)
Topic: Donating Money In Someone's Name
Replies: 5
Views: 497

Re: Donating Money In Someone's Name

When I worked at a company that would match donations, they would only match donations up to a certain amount per employee per year and only to a limited list of charities and only if the donation was done via payroll deduction. Can the person asking for the donation to be done in their name verify ...
by Ybsybs
Thu Apr 18, 2019 1:24 pm
Forum: Personal Finance (Not Investing)
Topic: Weigh in on our Marital Argument =)-- HCOL edition
Replies: 110
Views: 14011

Re: Weigh in on our Marital Argument =)-- HCOL edition

Random update: We are still in the same place. We want to stay in our Elementary school catchment area, and there just hasn't been much inventory. We're looking in an area that's only about 1/3 of a mile square. The original row house that sparked this conversation was sold before we made a decisio...
by Ybsybs
Thu Apr 18, 2019 1:21 pm
Forum: Personal Consumer Issues
Topic: Video Camera to check in on Elderly Parent
Replies: 76
Views: 5576

Re: Video Camera to check in on Elderly Parent

Apologize for the thread sidetrack as this is not related to cameras but elderly monitoring in general, but Just out of curiosity, has anyone here had success with getting elderly relatives to carry their phones with them? I have tried to convince some of mine forever but they literally place the c...
by Ybsybs
Thu Apr 18, 2019 1:07 pm
Forum: Personal Investments
Topic: Leave a job with a pension?
Replies: 39
Views: 4701

Re: Leave a job with a pension?

How much weight would an employer funded pension have on your decision to leave for another opportunity? My current company matches 4% on the 401k, with a fully funded pension with the following formula (years service X Top year earnings of last 5 X 1%). I am looking into an opportunity that is goi...
by Ybsybs
Thu Apr 18, 2019 12:44 pm
Forum: Personal Investments
Topic: Leave a job with a pension?
Replies: 39
Views: 4701

Re: Leave a job with a pension?

Thank you all for your responses. I wanted to add that an added bonus to taking the job offer is that it is in a state with no state tax, which saves me 6% (my current state tax rate). No doubt property tax will eat away at that, but it is still a plus! In your calculations with regard to state tax...
by Ybsybs
Thu Apr 18, 2019 10:31 am
Forum: Personal Finance (Not Investing)
Topic: In Laws Retirement Nest Egg
Replies: 156
Views: 15611

Re: In Laws Retirement Nest Egg

For the people who worry about inlaws with 1M networth, a paid off house, frugal habits, and some SS income, how much money would the inlaws need to have before you would stop worrying? That's a serious question. 1M not enough? How about 2M? A large pension? More SS? I get some curiosity in this si...
by Ybsybs
Thu Apr 18, 2019 9:55 am
Forum: Personal Finance (Not Investing)
Topic: Marriage and Student Loans
Replies: 62
Views: 4492

Re: Marriage and Student Loans

Does she work in a field where it might be possible to get a job that comes with a student loan forgiveness program? Are you involved in the wedding planning? If not, you may want to get involved. I know of weddings where the inlaws paid for a lot and then presented the groom with the bills afterwar...
by Ybsybs
Wed Apr 17, 2019 4:45 pm
Forum: Personal Finance (Not Investing)
Topic: In Laws Retirement Nest Egg
Replies: 156
Views: 15611

Re: In Laws Retirement Nest Egg

I have anxiety about money and I understand your concerns. For now, maybe you could make sure that your savings are in the correct buckets so that you're not in a position to compromise your immediate family's financial security to help them if they do run out of money. For example, keep maxing out...
by Ybsybs
Tue Apr 16, 2019 4:07 pm
Forum: Personal Finance (Not Investing)
Topic: In Laws Retirement Nest Egg
Replies: 156
Views: 15611

Re: In Laws Retirement Nest Egg

Thanks very much to all for your feedback and insight. I did not realize that this situation is quite standard, and after reading several of your responses, I agree that I might be a bit out of touch. This has been a good lesson learned for me. Regarding the money gifted to us from my family - this...
by Ybsybs
Tue Apr 16, 2019 10:08 am
Forum: Personal Finance (Not Investing)
Topic: Executor of Will - Selling House in Poor Condition
Replies: 84
Views: 6910

Re: Executor of Will - Selling House in Poor Condition

All - thank you for the inputs, very helpful. Good pointers on checking if the homeowners insurance will still be good and some companies to remove junk or manage estate sales. Another wrinkle ... my spouse has floated the idea of using "our" money to payoff the $55k remaining mortgage while we sor...
by Ybsybs
Tue Apr 16, 2019 10:00 am
Forum: Personal Finance (Not Investing)
Topic: Can we afford this house ?
Replies: 20
Views: 2132

Re: Can we afford this house ?

Another reason to get a less expensive house is that you are likely to be happiest at a within your means spending level if you are surrounded by others with a similar or less pricy lifestyle. With the big house, you can't count on your neighbors being house poor too.
by Ybsybs
Tue Apr 16, 2019 9:19 am
Forum: Personal Finance (Not Investing)
Topic: Best option for child inheritance
Replies: 12
Views: 1181

Re: Best option for child inheritance

This sounds like it's an adult child inheritance you are wanting to distribute in part while still alive. Not knowing the rest of your situation, it's hard to be confident in a generic solution being good for you. But I'll still try: If you give the money now, the adult child may expand their spendi...
by Ybsybs
Mon Apr 15, 2019 7:09 pm
Forum: Personal Finance (Not Investing)
Topic: In Laws Retirement Nest Egg
Replies: 156
Views: 15611

Re: In Laws Retirement Nest Egg

[cut] Here are my questions: 1. Do you think $700k in retirement savings is enough to scrape by between the two of them? Assuming they will live 20-30 more years. 2. What are our options if they do run out? 3. How much should I push on this? As the breadwinner, am I justified in raising concerns? H...
by Ybsybs
Mon Apr 15, 2019 6:52 pm
Forum: Personal Finance (Not Investing)
Topic: Trust investment choices for a difficult beneficiary
Replies: 115
Views: 8264

Re: Trust investment choices for a difficult beneficiary

If the beneficiary has an annuity purchased that somehow cannot be sold, what impact would it have on the beneficiary's eligibility for government services such as Medicaid? If he lives long enough and the money is no longer in stocks, it seems very likely that medical and living assistance services...
by Ybsybs
Mon Apr 15, 2019 9:36 am
Forum: Personal Finance (Not Investing)
Topic: volunteering to teach financial literacy basics
Replies: 27
Views: 1533

Re: volunteering to teach financial literacy basics

You might find that there is a huge distrust of banks. A common refrain I heard was “banks are out to steal your money”. Some folks refuse to take personal responsibility for their behavior. There are a group of people whose experience with banks is monthly maintenance fees, over draft fees, high c...
by Ybsybs
Mon Apr 15, 2019 9:00 am
Forum: Personal Consumer Issues
Topic: Women, How Much Do You Pay for Haircut
Replies: 94
Views: 6458

Re: Women, How Much Do You Pay for Haircut

I moved from a HCOL area where I paid $45 + $20 tip for a fantastic haircut every six months. That stylist was the best I'd ever found and I follower her to three different salons. Here in a LCOL area, I tried the closest salon which charged $17 but the cut was bad. I fixed it to 'okay' in the mirro...
by Ybsybs
Mon Apr 15, 2019 8:27 am
Forum: Personal Investments
Topic: Retirement Planning with Pension
Replies: 18
Views: 2227

Re: Retirement Planning with Pension

Some people think of pension as a bond equivalent and adjust their asset allocation accordingly. The difficulty I have with calculating how to include a pension in retirement planning is that before the pension starts being paid out, it can be tough to estimate the pension's value. In some cases, th...
by Ybsybs
Mon Apr 15, 2019 7:29 am
Forum: Personal Finance (Not Investing)
Topic: volunteering to teach financial literacy basics
Replies: 27
Views: 1533

Re: volunteering to teach financial literacy basics

You might find that there is a huge distrust of banks. A common refrain I heard was “banks are out to steal your money”. Some folks refuse to take personal responsibility for their behavior. There are a group of people whose experience with banks is monthly maintenance fees, over draft fees, high c...
by Ybsybs
Mon Apr 15, 2019 7:22 am
Forum: Personal Investments
Topic: Increasing Risk in Retirement
Replies: 26
Views: 2355

Re: Increasing Risk in Retirement

If at retirement, I end up with a lot more than I expect to spend in my remaining lifetime, I might choose to use a bucket approach with one bucket being designed for heirs and invested either 90% stock / 10% bonds or even 100% stock.
by Ybsybs
Sun Apr 14, 2019 1:25 pm
Forum: Investing - Theory, News & General
Topic: Financial Priorities
Replies: 5
Views: 949

Re: Financial Priorities

Hi I'm new to this site. Wow - amazing information! Question: Is there a priority of where people should invest their money - like a 401k vs IRA? Or whether a house should be paid off instead of contributing to an IRA? Thanks! People vary in what would be an optimal financial choice just as their s...
by Ybsybs
Sat Apr 13, 2019 11:53 am
Forum: Personal Consumer Issues
Topic: Moving company lost an antique item
Replies: 22
Views: 2404

Re: Moving company lost an antique item

File a claim.

In my household moves performed by professional moving companies it was fairly common for things to not arrive and for them to attemp to drop off some one else's couch or ottoman. We always rejected the not our stuff. Our missing stuff was sometimes found and delivered late.
by Ybsybs
Sat Apr 13, 2019 11:48 am
Forum: Personal Finance (Not Investing)
Topic: How to avoid throwing money at problems?
Replies: 62
Views: 4691

Re: How to avoid throwing money at problems?

I advise: thinking through the best use of your money and then applying it to get the best value. If it were me making the choices, I'd be using money to fix at least some of these things and wouldn't feel bad about it. "Throwing money at problems" involves the implication that the spending is a sup...
by Ybsybs
Fri Apr 12, 2019 12:09 pm
Forum: Personal Investments
Topic: Roth TSP vs. Regular TSP?
Replies: 14
Views: 1641

Re: Roth TSP vs. Regular TSP?

I'd go with regular TSP in your situation to take the tax deduction now.

If you get married, begin to file taxes jointly, and are (at that point) in a lower tax bracket: I'd re-evaluate and seriously consider shifting to a Roth TSP then.
by Ybsybs
Thu Apr 11, 2019 11:22 am
Forum: Personal Finance (Not Investing)
Topic: Hospice and Medicare Advantage Plans - a little known Catch22
Replies: 40
Views: 3452

Re: Hospice and Medicare Advantage Plans - a little known Catch22

The statements about the children of patients being liable for medical bills don't ring true to me. The legal situation I'm familiar with has debts accrue to the patient or the patient's estate. I'd suggest talking with a lawyer if a bill arrives in your name for a parent's medical care. The majori...
by Ybsybs
Thu Apr 11, 2019 6:49 am
Forum: Personal Finance (Not Investing)
Topic: Hospice and Medicare Advantage Plans - a little known Catch22
Replies: 40
Views: 3452

Re: Hospice and Medicare Advantage Plans - a little known Catch22

The statements about the children of patients being liable for medical bills don't ring true to me.

The legal situation I'm familiar with has debts accrue to the patient or the patient's estate.

I'd suggest talking with a lawyer if a bill arrives in your name for a parent's medical care.
by Ybsybs
Wed Apr 10, 2019 6:54 pm
Forum: Personal Consumer Issues
Topic: Remote control solution for my parents.
Replies: 38
Views: 2583

Re: Remote control solution for my parents.

Kenkat wrote:
Wed Apr 10, 2019 6:31 pm
Get a remote start for your car. Use it to start your car and drive over to your parent’s house because “the TV is broken again”.

I’m only half joking.
This is so much more funny when it happens to someone else.
by Ybsybs
Tue Apr 09, 2019 2:01 pm
Forum: Personal Finance (Not Investing)
Topic: Quality control for tax returns
Replies: 15
Views: 1863

Re: Quality control for tax returns

I have complex tax returns. I review them carefully. I find something I don't understand almost every year. About 10% of the time, my CPA acknowledges it as an error and fixes it. The other 90% of the time, I learn something new about my specific tax situation. Some would advise me to find a new CPA...
by Ybsybs
Tue Apr 09, 2019 1:46 pm
Forum: Personal Finance (Not Investing)
Topic: Is it necessary to make any filing in conjunction with a quarterly estimated tax online payment?
Replies: 3
Views: 421

Re: Is it necessary to make any filing in conjunction with a quarterly estimated tax online payment?

I know if you're paying by mail by check, you're supposed to include one of these payment vouchers...https://d.pr/i/sdMvr5. Is anything like this necessary when you're instead making the payment online via the IRS website...https://www.irs.gov/payments/direct-pay? I've not needed one when paying di...
by Ybsybs
Tue Apr 09, 2019 1:39 pm
Forum: Personal Investments
Topic: Grandparents gifting options for grandkids college
Replies: 48
Views: 3428

Re: Grandparents gifting options for grandkids college

Option 1: Grandparents do nothing and leave money in current investments and gift money when needed Advantages: Simple. Flexibility in how money is spent. No penalty if money not used for education. Parents can still get 529 state income tax deduction benefits. Disadvantages: Gains are taxed at gra...
by Ybsybs
Tue Apr 09, 2019 1:13 pm
Forum: Personal Finance (Not Investing)
Topic: Costs, Pros, & Cons of CCRC - Continuing Care Retirement Communities - Aging in Place. Pitfalls?
Replies: 26
Views: 5214

Re: Costs, Pros, & Cons of CCRC - Continuing Care Retirement Communities - Aging in Place. Pitfalls?

I know how hard this has been, because my situation has some similarities. Mother now 102 and we've been in and out of several living facilities starting when she developed paranoid dementia in her 80s. She just broke her leg in a fall and is in a nursing facility for the first time for rehab and t...
by Ybsybs
Tue Apr 09, 2019 5:18 am
Forum: Personal Finance (Not Investing)
Topic: How to fix taxes paid to wrong state
Replies: 7
Views: 826

Re: How to fix taxes paid to wrong state

I'd want to know the qualifications of the person who gave the state tax advice. If it were a CPA or a tax attorney with expertise related to the two states in question, I'd be confident to follow it. If not, I'd want to talk with an expert or spend a lot of time studying the tax code of the two sta...
by Ybsybs
Fri Apr 05, 2019 10:06 am
Forum: Personal Finance (Not Investing)
Topic: Need help with some tax math
Replies: 17
Views: 929

Re: Need help with some tax math

Do you know what tax bracket you are in?
by Ybsybs
Fri Apr 05, 2019 9:52 am
Forum: Personal Finance (Not Investing)
Topic: Selling Breast Milk - 1099-MISC SCH C or Line 21?
Replies: 40
Views: 3940

Re: Selling Breast Milk - 1099-MISC SCH C or Line 21?

Breast Milk is considered merchandise, and the company that is paying me $1.00/ounce for the product should not be issuing me a 1099-MISC for these payments. Establishing a business (self-employed) to produce or sell Breast Milk wouldn’t be a recognized business as the volume produced and duration ...
by Ybsybs
Fri Apr 05, 2019 9:47 am
Forum: Personal Finance (Not Investing)
Topic: New Car Fund
Replies: 13
Views: 956

Re: New Car Fund

I've used a regular savings account for that purpose.
by Ybsybs
Fri Apr 05, 2019 9:41 am
Forum: Personal Finance (Not Investing)
Topic: The high cost of sound financial advice
Replies: 45
Views: 5589

Re: The high cost of sound financial advice

Here is one way to find leads for other advisors to try: https://garrettplanningnetwork.com/about/faqs