Search found 1396 matches

by JDCarpenter
Wed Nov 12, 2014 10:08 am
Forum: Personal Finance (Not Investing)
Topic: Traditional IRA - Tax Question
Replies: 10
Views: 952

Re: Traditional IRA - Tax Question

Second/third SGM's answer. In addition, be careful if you have a 401k that you are thinking about putting into IRA (or already have). Form 8606 requires that ALL IRAs be combined when calculating taxation of withdrawals (or conversions to Roth). We funded nondeductibles for five years in the 80s/90s...
by JDCarpenter
Tue Nov 11, 2014 3:43 pm
Forum: Personal Finance (Not Investing)
Topic: Contribution to ROTH in 401K
Replies: 13
Views: 1501

Re: Contribution to ROTH in 401K

If I were you, I'd do Roth 401k now while you have lower (or, sounds like worst case is equivalent) bracket. I did the same for two years when our income was at an ebb. If you want to crunch the numbers, there are calculators available that would handle this. I would think it is an easy call, howeve...
by JDCarpenter
Tue Nov 11, 2014 3:35 pm
Forum: Personal Finance (Not Investing)
Topic: If your net worth is over $3 million, how did you do it?
Replies: 429
Views: 112996

Re: If your networth is over $3 million, how did you do it?

*** Perhaps we should just confess that we have been lucky. Some of us were born with the ability, drive and desire to enter high earning professions. Some of us were born into money. Some of us, like me, got lucky with turning unlikely ideas into monetary profit. True. I would say that luck is nec...
by JDCarpenter
Tue Nov 11, 2014 9:49 am
Forum: Personal Finance (Not Investing)
Topic: If your net worth is over $3 million, how did you do it?
Replies: 429
Views: 112996

Re: If your networth is over $3 million, how did you do it?

Don't move Many high reward, high risk job changes (either with the same employer or internal) involve relocation. I know with my employer, people who were unable/unwilling to relocate eventually got pigeon-holed and the best promotions went to those who moved around. All of the top-level jobs (the...
by JDCarpenter
Tue Nov 11, 2014 8:06 am
Forum: Personal Finance (Not Investing)
Topic: If your net worth is over $3 million, how did you do it?
Replies: 429
Views: 112996

Re: If your networth is over $3 million, how did you do it?

Probably the biggest factor for us (another OBG family, due to DW) has been a strong partnership/marriage with compatible long-range goals and willingness to defer/ignore consumer gratification; we started discussing retirement about the time we were getting out of grad school. To be fair, two-profe...
by JDCarpenter
Mon Nov 10, 2014 10:24 pm
Forum: Personal Finance (Not Investing)
Topic: Savings rate of -2% for those under 35 - WSJ
Replies: 69
Views: 6586

Re: Savings rate of -2% for those under 35 - WSJ

Where does the "adult" category begin for " adults under 35" ....? *** PJW Yeah, not real clear. If 18, obviously not net savings on the lower end. And as noted by at least a couple of others, "millennials" is far too broad of a brush. For kicks this morning, I forwarded to my son (25 in San Fran) ...
by JDCarpenter
Sat Nov 08, 2014 9:39 pm
Forum: Personal Finance (Not Investing)
Topic: Is Final Social Security calculated monthy or annually?
Replies: 10
Views: 2078

Re: Is Final Social Security calculated monthy or annually?

I don't know for sure. But if you retire at 69.5, is there a reason that you would file for SS immediately, rather than relying upon savings until you hit your max date? Anyway, this portion of the SSA website implies that a partial year delay in claiming will enhance your benefit: http://www.ssa.go...
by JDCarpenter
Fri Nov 07, 2014 3:43 pm
Forum: Personal Consumer Issues
Topic: When do you buy a new home computer?
Replies: 52
Views: 6867

Re: When do you buy a new home computer?

dbr and JDCarpenter both offer some good "duh" responses here: just back the dang thing up. A few questions: 1. What service do you use for the online backup? (iCloud? Google? Etc.?) I use Mozy; bit of inertia for me. As rob indicated, a lot of options. Would recommend a real backup service that yo...
by JDCarpenter
Fri Nov 07, 2014 3:19 pm
Forum: Personal Consumer Issues
Topic: When do you buy a new home computer?
Replies: 52
Views: 6867

Re: When do you buy a new home computer?

I do essentially the same as you. Basically when the computer "breaks" (with today's prices, I no longer bother fixing them like in the past.) Do you not have online backups? (I've got our computers set up to do this twice a day.) Restoring data should never be much of an issue for most home compute...
by JDCarpenter
Thu Nov 06, 2014 7:05 pm
Forum: Personal Finance (Not Investing)
Topic: Pension lump sum offer - am I thinking clearly?
Replies: 32
Views: 3501

Re: Pension lump sum offer - am I thinking clearly?

Have you looked into the cost of purchasing a single premium deferred annuity with survivorship? Might be an option to take the Lump sum and go that route.
by JDCarpenter
Wed Nov 05, 2014 11:35 pm
Forum: Personal Finance (Not Investing)
Topic: Can we afford five acres?
Replies: 16
Views: 2566

Re: Can we afford five acres?

Watch out in considering the raw land an investment. Is it further subdivide-able? Is there sewer/water & sufficient road access? What is the growth path around it--i.e., are subdivisions encroaching upon it? We have 25 surrounding the house we bought in '06 and are seeing the possibilities fall int...
by JDCarpenter
Wed Nov 05, 2014 11:16 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone use finance s/ware Quicken/MoneyDance etc ?
Replies: 23
Views: 2617

Re: Anyone use finance s/ware Quicken/MoneyDance etc ?

Quicken since DOS.... Electronic update of everything nightly in all accounts...

Satisfied + inertia!
by JDCarpenter
Wed Nov 05, 2014 2:19 pm
Forum: Personal Finance (Not Investing)
Topic: LTD, taxable or non-taxable
Replies: 3
Views: 1126

Re: LTD, taxable or non-taxable

Agree with BruDude. We also looked at it from standpoint of having much more "slack" in our budget when paying the insurance premium than when drawing it out (which we've not yet had to do after 20+ years).
by JDCarpenter
Wed Nov 05, 2014 10:57 am
Forum: Personal Finance (Not Investing)
Topic: Cash - Throw it all on the table!!!
Replies: 213
Views: 38592

Re: Cash - Throw it on the table!

Not yet retired and two high incomes with monthly expenses covered by either paycheck, so not much in true cash. Say 10,00-20,000 in checking in a typical quarter and another 1500 tucked away in the basement for true emergency conditions. Starting to shift more funds into liquid assets for upcoming ...
by JDCarpenter
Tue Nov 04, 2014 3:21 pm
Forum: Personal Finance (Not Investing)
Topic: Joint accounts or separate accounts for married couples?
Replies: 59
Views: 8749

Re: Joint accounts or separate accounts for married couples?

I read what I wrote earlier (first page), and realized that for all my preaching of joint accounts, we actually do have more dollars in separate because of the retirement funds:) OP accounted for this, in the second paragraph of the post accompanying the poll: *** 1) All money should be joint to th...
by JDCarpenter
Thu Oct 30, 2014 3:04 pm
Forum: Personal Finance (Not Investing)
Topic: Should I buy a New Car?
Replies: 21
Views: 2500

Re: Should I buy a New Car?

I am not familiar with BMW model cars, but 162,000 strikes me as awfully low mileage to think about giving up on a vehicle that you bought new. I was at about that mileage on our family's first new car (a Toyota minivan) when we had a run of expenses on it (maybe 1500 dollars in a year?). Had a flee...
by JDCarpenter
Thu Oct 30, 2014 12:52 pm
Forum: Personal Finance (Not Investing)
Topic: Primary Doc Steering to Specialist Within Own Group
Replies: 31
Views: 3431

Re: Primary Doc Steering to Specialist Withon Own Group

It all depends on the group and how it allocates revenues/expenses within and among its employees. PCP might have no direct monetary interest at all (of course, the specialist helps to pay the overhead, so there is some indirect almost no matter what). Or, there might be some direct monetary interes...
by JDCarpenter
Thu Oct 30, 2014 10:32 am
Forum: Personal Finance (Not Investing)
Topic: Joint accounts or separate accounts for married couples?
Replies: 59
Views: 8749

Re: Joint accounts or separate accounts for married couples?

The issue of whether or not to have joint accounts or separate accounts for married couples seems to be an issue about which people have strong views on both sides. I don't think there is a right or wrong answer, I think each couple can decide what is right for themselves, but I am curious to see t...
by JDCarpenter
Wed Oct 29, 2014 1:39 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Rules on Telecommuting
Replies: 12
Views: 1234

Re: Tax Rules on Telecommuting

The two income-tax states with which I have personal experience (MO and IL) would require a resident who did all of their work physically in another state to file/pay state income tax as a resident. I believe that this is the norm. Granted, you typically can get a credit or deduction for some or all...
by JDCarpenter
Wed Oct 29, 2014 11:47 am
Forum: Personal Finance (Not Investing)
Topic: Finance kids' medical educations with a HELOC?
Replies: 24
Views: 3038

Re: Finance kids' medical educations with a HELOC?

Just came back to this thread. My Bad on my earlier response suggesting best way to structure the loan . I missed the express statement that you need this money for your retirement. We were not really in that position, as son got scholarship and only needed living expenses, which meant that the amou...
by JDCarpenter
Wed Oct 29, 2014 7:47 am
Forum: Personal Finance (Not Investing)
Topic: Finance kids' medical educations with a HELOC?
Replies: 24
Views: 3038

Re: Finance kids' medical educations with a HELOC?

+1 bnes The IRS will give you less trouble if you put the arrangement in writing. My father in law did something similar for us, and we repaid with a lower interest rate than we would have had otherwise. You can "gift" some/all of the interest back to them each year if you like. But for everyone's ...
by JDCarpenter
Tue Oct 28, 2014 12:13 pm
Forum: Personal Finance (Not Investing)
Topic: POLL: Gross Annual Retirement Income Before Taxes
Replies: 25
Views: 3152

Re: POLL: Gross Annual Retirement Income Before Taxes

What is your average gross retirement income or what do you anticipate your average gross retirement income to be per annum in today’s dollars , including pensions, Social Security, drawdown of savings, drawdown of investments, interest, dividends, capital gains, and other income (e.g., rental inco...
by JDCarpenter
Tue Oct 28, 2014 10:55 am
Forum: Personal Finance (Not Investing)
Topic: Gross Yearly Income needed in Retirement (Speculation)
Replies: 194
Views: 26439

Re: Gross Yearly Income needed in Retirement (Speculation)

I think $2 million is more than enough for most people. That number I think you mean for Retirement Assets, not Gross Yearly Income. But yes, I could survive nicely with $2M in taxable income each year as well. It would be no problem keeping my yacht's fuel tank full... Naw, you'd have to buy more ...
by JDCarpenter
Tue Oct 28, 2014 9:28 am
Forum: Personal Finance (Not Investing)
Topic: 39.6% Tax Bracket :(
Replies: 28
Views: 9055

Re: 39.6% Tax Bracket :(

Starting a business isn't going to help much in cutting taxes down. As long as you are working this type of job, you are unlikely to be able to pass the active activity bar to deduct any losses. We live in this bracket and it isn't fun to see the six figure income tax bills each year; at the same ti...
by JDCarpenter
Mon Oct 27, 2014 4:54 pm
Forum: Personal Finance (Not Investing)
Topic: Buying First Home Opinions
Replies: 17
Views: 2441

Re: Buying First Home Opinions

....I know neither one of us want to stay home with kids and quit our jobs because we are both career oriented people and have had this discussion. .... :P I remember my wife and I reaching this conclusion as well in our mid-20s. She was in residency (and pulling all the moonlighting shifts she cou...
by JDCarpenter
Mon Oct 27, 2014 11:38 am
Forum: Personal Finance (Not Investing)
Topic: Do you dream about retirement?
Replies: 91
Views: 10017

Re: Do you dream about retirement?

Been planning it for many years, but didn't "dream" about it much (if at all) in 20s-40s. Too focused on careers and raising the kids. Now, with pretty solid plans of retiring between 7/17 and 7/18 (final date depends on getting a replacement doc for DW's group after she gives notice), we are starti...
by JDCarpenter
Sat Oct 25, 2014 9:25 pm
Forum: Personal Finance (Not Investing)
Topic: Gross Yearly Income needed in Retirement (Speculation)
Replies: 194
Views: 26439

Re: Gross Yearly Income needed in Retirement (Speculation)

I don't mean to steal the thread, but just wondering for those who are in the "I can spend >120k per year with <3% withdrawal" or better why did you not retire earlier? It would seem the chances of running out of money happened A LOT earlier then the chances of dying before hitting the "I can survi...
by JDCarpenter
Sat Oct 25, 2014 12:04 pm
Forum: Personal Finance (Not Investing)
Topic: Feeling rich to feeling poor overnight
Replies: 85
Views: 14387

Re: Feeling rich to feeling poor overnight

RosieQ, Here in middle TN, three people with a combined income of $300,000 might be hard put to find a place meeting their requirements. Housing isn't cheap here. $300K in this area is not too unusual as income for an individual. Just like SF, depends upon how tight your criteria are. If need Gulch...
by JDCarpenter
Fri Oct 24, 2014 5:14 pm
Forum: Personal Finance (Not Investing)
Topic: Reduce income to fall below 401k HCE threshold?
Replies: 9
Views: 1416

Re: Reduce income to fall below 401k HCE threshold?

Bigger picture: is there any chance you could successfully lobby for the company to take advantage of a safeharbor? One assumes a smallish company, so not a huge amount out-of-pocket to fund the non-HCE plans. In our limited experience with professional firms from 10-250 total employees (and extreme...
by JDCarpenter
Fri Oct 24, 2014 8:40 am
Forum: Personal Finance (Not Investing)
Topic: .
Replies: 13
Views: 1971

Re: Marginal Tax Rate on Dual Income Couple

Many years ago, we looked at it as: DW's last dollar has highest marginal rate, which is unlikely to change. Therefore, DH's first dollar (and all dollars) are taxed at that rate (technically, when FICA limits achieved, DH income is taxed less for remainder of year, but ....). Given need for childca...
by JDCarpenter
Thu Oct 23, 2014 3:20 pm
Forum: Personal Finance (Not Investing)
Topic: Gross Yearly Income needed in Retirement (Speculation)
Replies: 194
Views: 26439

Re: Gross Yearly Income needed in Retirement (Speculation)

How are people coming up with these numbers? 90K? 120k? Even $180k??? Budget runs of desired/wanted expenditures in retirement, based upon current research of costs. As I said in my first post on this thread, there is a LOT of fat to cut if we retire in 1929 conditions What kinds of savings rate do...
by JDCarpenter
Thu Oct 23, 2014 3:05 pm
Forum: Personal Finance (Not Investing)
Topic: Give me a road map!
Replies: 21
Views: 2969

Re: Give me a road map!

[snip] Our assets aren't impressive at all. A few hundred thousand in retirement. But I want to put in WAY more than 10% next year. Sounds like a great visit to the tax Attorney. :-) Your present assets may be moderate, but you already know that you need to set the structure up for substantial asse...
by JDCarpenter
Thu Oct 23, 2014 2:50 pm
Forum: Personal Finance (Not Investing)
Topic: Create a Social Security Account (pre SS age)?
Replies: 4
Views: 772

Re: Create a Social Security Account (pre SS age)?

I created mine (and DW's) at about 50 or so. Two reasons: 1) to easily double check the numbers; 2) to get a strong password so that if I were hacked elsewhere, no one could go in and set my account up before I got there.
by JDCarpenter
Thu Oct 23, 2014 1:37 pm
Forum: Personal Finance (Not Investing)
Topic: Give me a road map!
Replies: 21
Views: 2969

Re: Give me a road map!

2% is bonkers. My wife and I are comfy, but nowhere near your likely asset category (so YMMV!), but would recommend that you follow the refrain of this site. Go to Vanguard and keep it simple. Select your index funds (e.g., three, see http://www.bogleheads.org/wiki/Three-fund_portfolio. Or, merriman...
by JDCarpenter
Thu Oct 23, 2014 8:45 am
Forum: Personal Finance (Not Investing)
Topic: Gross Yearly Income needed in Retirement (Speculation)
Replies: 194
Views: 26439

Re: Gross Yearly Income needed in Retirement (Speculation)

The wide variation in reports of desired gross retirement income is likely related to "needs vs wants" and the level of spending one has grown accustomed to prior to retirement. For high earners who have been prodigious savers the traditional rules of thumb about the amount needed in retirement see...
by JDCarpenter
Tue Oct 21, 2014 8:51 pm
Forum: Personal Finance (Not Investing)
Topic: Benefits to a larger than necessary house (as children grow)
Replies: 31
Views: 4364

Re: Benefits to a larger than necessary house (as children g

In the past decade, we've gone from 8000+ (how to count the basement, detached quarters, and third floor...), to 2500 foot rental, to 4200 sq. foot. We had three kids serially teeing up for HS and driving at the start of it. the 2500 was tight, given what we were used to. If anything, however, the 4...
by JDCarpenter
Tue Oct 21, 2014 4:37 pm
Forum: Personal Finance (Not Investing)
Topic: Gross Yearly Income needed in Retirement (Speculation)
Replies: 194
Views: 26439

Re: Gross Yearly Income needed in Retirement (Speculation)

**** 150-180k post tax would be one swanky retirement. I don't disagree with that, and hope that I didn't come across as complaining about it.... Will be far swankier than our lives to date, which have involved early retirement planning/dreaming--and juggling the careers of a dedicated OBG in priva...
by JDCarpenter
Tue Oct 21, 2014 4:27 pm
Forum: Personal Finance (Not Investing)
Topic: Gross Yearly Income needed in Retirement (Speculation)
Replies: 194
Views: 26439

Re: Gross Yearly Income needed in Retirement (Speculation)

How much gross yearly income before taxes do you think you need in retirement? I'm looking to get a bunch of different viewpoints on this. Here are the parameters. -You want to live a middle to upper middle class lifestyle in retirement -You'd like to be able to travel several times a year -You'd l...
by JDCarpenter
Sat Oct 18, 2014 1:02 pm
Forum: Personal Finance (Not Investing)
Topic: Estate planning - big firm or solo practitioner?
Replies: 22
Views: 3736

Re: Estate planning - big firm or solo practitioner?

I have another question and am unsure about whether to start a new thread or just continue this one. In talking with an attorney friend and re-reading all of your replies, I realized that this process will be easier and less expensive if my parents are very clear about their objectives. Does anyone...
by JDCarpenter
Sat Oct 18, 2014 10:59 am
Forum: Personal Finance (Not Investing)
Topic: Deleted
Replies: 151
Views: 18150

Re: "I've had it" at work - how often

How often do you come home from a day at work and say to yourself, 'That was bulls---. I don't need this in my life - I'm done." Let me know your age/tenure, your field, and how often the above occurs. If it is never, I'm envious. I assume most of us have this from time to time. I had one of those ...
by JDCarpenter
Fri Oct 10, 2014 2:01 pm
Forum: Personal Consumer Issues
Topic: Wine - how to keep it from not spoiling?
Replies: 57
Views: 5247

Re: Wine - how to keep it from not spoiling?

When you open a bottle of wine, immediately pour it into an empty half bottle and fill it to the top. Cork that half bottle and put it in the refrigerator. Since the half bottle is filled to the neck, the wine will have very little exposure to oxygen. It's the prolonged exposure to oxygen that degr...
by JDCarpenter
Tue Sep 30, 2014 8:51 am
Forum: Personal Finance (Not Investing)
Topic: Social Security: "highest 35 years..." ?
Replies: 4
Views: 1376

Re: Social Security: "highest 35 years..." ?

No contiguity required. 35 highest years of adjusted earnings, even if that requires one or more "zero" years to be included. (Finally looked at this in detail a couple months ago to see what might happen if my longstanding conservative projection of "$0" from it is wrong....)
by JDCarpenter
Sat Sep 27, 2014 10:09 am
Forum: Personal Finance (Not Investing)
Topic: Will and Estate Planning - do i or not need an attorney
Replies: 26
Views: 3164

Re: Will and Estate Planning - do i or not need an attorney

I agree with drawpoker and chabil. You are right in being uncomfortable with the slickly presented sales pitch. I'd run away from that salesman/attorney. Trusts are what drive his business, I suspect, and although they serve a purpose, they are not for everyone--not even when just looking at high in...
by JDCarpenter
Wed Sep 10, 2014 3:19 pm
Forum: Personal Finance (Not Investing)
Topic: Protecting your investments
Replies: 11
Views: 1799

Re: Protecting your investments

1) So a what level of net worth do you need to have umbrella insurance? Any level if you have a salary. Salaries can be attached in a civil lawsuit. Agree. Moreover, if you injure someone today, litigation may take 1-3 years (once filed). Judgments can typically be enforced against you for 10 years...
by JDCarpenter
Wed Sep 10, 2014 11:31 am
Forum: Personal Finance (Not Investing)
Topic: College-bound teens and finances
Replies: 35
Views: 5341

Re: College-bound teens and finances

Agree with the many who say 18 is too late. We established a dedicated "family" credit card to which each of our three sons was added as he turned 16 (they drove 30 miles to high school and needed to fill the tank, etc.) They kept card when they went to college, with understanding that it was for ed...