Search found 887 matches

by smitcat
Fri Mar 17, 2017 10:10 am
Forum: Personal Finance (Not Investing)
Topic: Social Security Scenario
Replies: 16
Views: 2422

Re: Social Security Scenario

"I strongly suggest you get Mike Piper's book "Social Security Made Simple". " I have the book in hard copy - perhaps I am dense but I do not find this situation clearly identified within the book. Perhaps someone with a better feel for this can call out the page in that book which answers this ques...
by smitcat
Fri Mar 17, 2017 9:32 am
Forum: Personal Finance (Not Investing)
Topic: S corp - 401K plan - profit sharing
Replies: 131
Views: 6203

Re: S corp - 401K plan - profit sharing

"Thank you. Is the 0.08% is for the whole portfolio (if I move my IRA, I will be paying .08% annually for all that as well)? Will Employee fiduciary handle all aspects required to run a 401k? what kind of funds do they offer? I assume they do all the IRS required reporting." I suggest you visit the ...
by smitcat
Fri Mar 17, 2017 9:24 am
Forum: Personal Finance (Not Investing)
Topic: S corp - 401K plan - profit sharing
Replies: 131
Views: 6203

Re: S corp - 401K plan - profit sharing

"That's not true. I can either choose to do non-elective 2% contribution for all or 3% match for participants only." And if that works for your particular employee distribution that is great.In our case doing 2% for 'all' was an easy show stopper. All employees current, as well as in and out of the ...
by smitcat
Fri Mar 17, 2017 9:20 am
Forum: Personal Finance (Not Investing)
Topic: Social Security Scenario
Replies: 16
Views: 2422

Re: Social Security Scenario

"If I take the spousal benefit at 64, will I be limited on a survivor benefit? In other words, do I need to wait until my FRA to get a full survivor benefit? Survivor benefit on your husbands record would be somewhat reduced if you are younger than FRA when you claim. If husband had accumulated dela...
by smitcat
Fri Mar 17, 2017 9:14 am
Forum: Personal Finance (Not Investing)
Topic: Social Security Scenario
Replies: 16
Views: 2422

Re: Social Security Scenario

"This makes sense. After your husband's death after age 70, you would receive the actual amount of his benefit as a survivor benefit. Your 6-year difference in age, plus the actuarial probability of living to an older age than your husband, means that you'll be receiving his benefit for a long time ...
by smitcat
Fri Mar 17, 2017 9:05 am
Forum: Personal Finance (Not Investing)
Topic: S corp - 401K plan - profit sharing
Replies: 131
Views: 6203

Re: S corp - 401K plan - profit sharing

"To me, this seem to always favor Simple IRA plus taxable and not 401k. I wonder whether you did something similar." Please read all the rules of the simple IRA and how it affects the company and employees before your decide on your own situation. As one example only - if you have a simple IRA and a...
by smitcat
Fri Mar 17, 2017 8:09 am
Forum: Investing - Theory, News & General
Topic: Business Owner: Move from SIMPLE IRA to 401(k)
Replies: 6
Views: 755

Re: Business Owner: Move from SIMPLE IRA to 401(k)

"1.) Has anybody here moved from a SIMPLE to a 401(k) product?" No - but we did try a 401K plan and had it fail due to lack of employee participation. We then put in place a safe harbor plan which has worked out very well as long as you are aware of the required matching rules and have them figured ...
by smitcat
Fri Mar 17, 2017 7:55 am
Forum: Investing - Help with Personal Investments
Topic: I can't contribute to my 401(k) due to "safe harbor" rules
Replies: 15
Views: 2271

Re: I can't contribute to my 401(k) due to "safe harbor" rules

Ahhh - but this post is asking specifically about a "Safe Harbor plan" not the run of the mill 401K plans. In our case we had attempted to continue to run a regular 401K twice in the past but could not maintain any meaningful employee commitment. Of course that was after many meetings and folks decl...
by smitcat
Mon Mar 13, 2017 9:27 am
Forum: Investing - Help with Personal Investments
Topic: FI, early retirement at 40, how to get relevant tax advice?
Replies: 46
Views: 6376

Re: FI, early retirement at 40, how to get relevant tax advice?

Kids as they age.... "Can you comment on what those expenses look like? I don't really know how to forecast! Car insurance? Clothes? I think we've got college covered, but what else should I have on my radar?" In my experience when kids hit the id teens through the college years the costs can easily...
by smitcat
Mon Mar 13, 2017 6:42 am
Forum: Personal Consumer Issues
Topic: 2017 Honda CRV: anyone shopping or buying?
Replies: 26
Views: 5339

Re: 2017 Honda CRV: anyone shopping or buying?

"We have a 2004 CR-V. Do you think the 2017 Touring CRV is loads quieter or just a bit quieter?
I believe the Touring version has leather heated seats."

Our 2014 CRV is much quieter than our 2006 CRV , the 2014 has heated front leather seats and it is not a touring model it is an "L".
by smitcat
Sun Mar 12, 2017 9:30 am
Forum: Investing - Help with Personal Investments
Topic: Can We Retire Now? Should I Max AT 401K in the Last Year
Replies: 24
Views: 3505

Re: Can We Retire Now? Should I Max AT 401K in the Last Year

I would think that anyone that has not had kids in the teen and college years will underestimate the cost creep that occurs. It comes from all over the map and is due to many things including but not limited to their interests in music, athletics, theatre, specific clubs , academics, and their healt...
by smitcat
Sat Mar 11, 2017 9:05 am
Forum: Investing - Help with Personal Investments
Topic: Portfolio Review and Our Complete Economic Situation
Replies: 16
Views: 1689

Re: Portfolio Review and Our Complete Economic Situation

"$250,000.00 in owners’ income and 10% net profit" Is there a reason why both of you take high salaries which require both employee and employer (both you) to pay full payroll taxes? "My guess is that we could sell the business for between $500k and $1M. Depending on how the economy/business are doi...
by smitcat
Fri Mar 10, 2017 7:13 am
Forum: Investing - Theory, News & General
Topic: On Buying Used Cars and Using a Financial Advisor
Replies: 51
Views: 4262

Re: On Buying Used Cars and Using a Financial Advisor

"livesoft, You're absolutely right. I really haven't checked because the specifics are so specific: % bonds, factor tilts, alternatives. FWIW, I do think I'd be possibly disappointed because I believe value hasn't done great until the last year or so. my overall AA would be so different, it's sort o...
by smitcat
Mon Mar 06, 2017 12:48 pm
Forum: Investing - Help with Personal Investments
Topic: Can We Retire Now? Should I Max AT 401K in the Last Year
Replies: 24
Views: 3505

Re: Can We Retire Now? Should I Max AT 401K in the Last Year

"SS (assume no earning after this year): His at 70: $36k/yr at 2017 dollars Her at 70: 36k/yr at 2017 dollars" These numbers seem really unlikely given that your paid in SS years are each well under the 35 years needed for maximum benefits. Please check these with your actual numbers through the SS ...
by smitcat
Sat Mar 04, 2017 5:04 pm
Forum: Personal Consumer Issues
Topic: Describe your Reasonable Dream Home
Replies: 51
Views: 4261

Re: Describe your Reasonable Dream Home

"What features would you want/don't want in your dream home?"

- single level
- 3 bd 2 bath
- on navigable canal
- boat lift
- small pool
- 2 -1/2 car garage
- area with no winters
- covered outdoor spaces
- fire place and fire pit
- room for tools and hobby's
by smitcat
Sat Mar 04, 2017 7:42 am
Forum: Personal Consumer Issues
Topic: Starting a company for first time at age 50
Replies: 14
Views: 1752

Re: Starting a company for first time at age 50

"Source please?" https://www.forbes.com/sites/neilpatel/2015/01/16/90-of-startups-will-fail-heres-what-you-need-to-know-about-the-10/#195f4e666679 Depends on the exact year of inception (economy), the industry, and other factors but overall the failure rate is always over 50% at 4 years. At 7 years ...
by smitcat
Fri Mar 03, 2017 7:23 am
Forum: Investing - Help with Personal Investments
Topic: Soon to retire - Please review and comment
Replies: 16
Views: 2994

Re: Soon to retire - Please review and comment

"Please explain - what do you mean by - Taxes for MFJ to me are high? Fixed expenses include - Property tax, home insurance, umbrella insurance, car insurance, and health insurance. Variable expenses include - utilities, food, entertainment, gifts, donation, vacation etc. Please explain in detail yo...
by smitcat
Thu Mar 02, 2017 8:34 am
Forum: Investing - Help with Personal Investments
Topic: Soon to retire - Please review and comment
Replies: 16
Views: 2994

Re: Soon to retire - Please review and comment

Hello RPC1976, Your post is very interesting to us as we have a fairly similar situation in the next year or so. I believe you are in very good shape to retire anytime you like at this point. Perhaps look at taxes in retirement - except for those that would be due for Roth conversions your estimate ...
by smitcat
Wed Mar 01, 2017 9:40 am
Forum: Investing - Help with Personal Investments
Topic: Retirement may be closer than planned - 401K advice, overall portfolio review
Replies: 23
Views: 3847

Re: Retirement may be closer than planned - 401K advice, overall portfolio review

"For retirement expense estimation keep in mind that you also need to account for income tax on tax deferred investments like traditional IRAs/401ks. I'm guessing that your monthly tracking of expenses hasn't accounted for that." This is a very important point since it appears that most of your inco...
by smitcat
Sat Feb 25, 2017 9:06 am
Forum: Investing - Help with Personal Investments
Topic: Early Soc Sec or spend down investments/assets?
Replies: 28
Views: 3343

Re: Early Soc Sec or spend down investments/assets?

"JW-Retired wrote: All I want to add is you have to understand that SS income is highly tax advantaged over other income like tax deferred account withdrawals. viewtopic.php?f=2&t=177441#p2686058 Usually it's a no-brainer to delay like livesoft said. JW Delaying is likely to make things even better ...
by smitcat
Fri Feb 24, 2017 7:19 am
Forum: Personal Consumer Issues
Topic: Staying at Disneyworld
Replies: 30
Views: 4109

Re: Staying at Disneyworld

"Why not just not go? Seems like such a waste of time. I suspect most of us didn't go because it wasn't open yet (me) or parents couldn't afford (me and others I'm sure). And we survived who cares why the OP wants to go? Is everyone required to share the same interests as you? Wow. My opinion is val...
by smitcat
Thu Feb 23, 2017 8:18 am
Forum: Investing - Theory, News & General
Topic: Is a 4% plus CPI withdrawal rate actually aggressive?
Replies: 232
Views: 14223

Re: Is a 4% plus CPI withdrawal rate actually aggressive?

"Assuming a 0% real return is possible over 30 years is pretty pessimistic (You're basically planning for the next 30 years being the worst 30 years in modern history - worse than the Great Depression)." I am admittedly and certainly nowhere near an expert on any of this subject matter - but I do kn...
by smitcat
Wed Feb 22, 2017 10:11 am
Forum: Personal Consumer Issues
Topic: Staying at Disneyworld
Replies: 30
Views: 4109

Re: Staying at Disneyworld

"I plan to go first weekend of may. From my research, this looks like a good time between end of spring breakers and before the summer season." Does not look too bad but the exact days matter and crowds vary by each day in each park. Please learn to read and use the crowd calendar for the parks - th...
by smitcat
Wed Feb 22, 2017 10:00 am
Forum: Personal Consumer Issues
Topic: Staying at Disneyworld
Replies: 30
Views: 4109

Re: Staying at Disneyworld

"We just got back from a stay at the Dolphin. Parking is free at each of the four theme parks, and extra magic hours are included. You're correct that you cannot charge to your room on a magicband." Yes a good option - or use the timeshare points as indicated above to stay next door at the Boardwalk...
by smitcat
Tue Feb 21, 2017 10:31 am
Forum: Investing - Theory, News & General
Topic: Tax Implications of Drawdown from Different Account Types
Replies: 13
Views: 1020

Re: Tax Implications of Drawdown from Different Account Types

"Are either of these correct (and that Social Security Retirement Benefits used to be untaxed)?"
Yes- originally untaxed with a number of changes made since then starting in 1979, here are the details.

https://www.ssa.gov/history/taxationofbenefits.html
by smitcat
Tue Feb 14, 2017 2:06 pm
Forum: Investing - Help with Personal Investments
Topic: Requesting tax efficient investing advice
Replies: 28
Views: 2842

Re: Requesting tax efficient investing advice

"Why bother when you get to choose? Why pay more than 0% LTCG tax? You get to decide your own tax bracket too. KlangFool" This certainly makes a lot of sense. What happens to those folks that have annuities and also wait till 70 to collect 2 - SSA benefits? Are they not at 'risk' of losing this adva...
by smitcat
Sun Feb 12, 2017 3:07 pm
Forum: Investing - Help with Personal Investments
Topic: Child on the Way - What to do for College Financing?
Replies: 116
Views: 7477

Re: Child on the Way - What to do for College Financing?

Here is a cut and paste from the article linked below, There are many statistics like these that cane be researched and reviewed on individual college before you visit so you can form your own best plan with the school.... "According to the 2012 Tuition Discounting Study published by the National As...
by smitcat
Sun Feb 12, 2017 9:48 am
Forum: Personal Consumer Issues
Topic: Boats
Replies: 36
Views: 3599

Re: Boats

"Even with that, when I sold the boat, 4 years after buying for 1/2 of what we paid new, it had all of 20 hours on the engine" Interesting - We have had boats where we put more than 10 hours on the engine in a single long weekend. Even more of a reason to make sure you know how you are going to use ...
by smitcat
Fri Feb 10, 2017 7:41 pm
Forum: Personal Consumer Issues
Topic: Boats
Replies: 36
Views: 3599

Re: Boats

We have had plenty of boats over the years (all used) and some were moored and some trailered- none were ever in a slip unless we had taken them on a longer trip and were visiting other areas. Most all of our boating is in salt water with a few trips up large rivers that are fresh for a week or two ...
by smitcat
Thu Feb 09, 2017 6:25 am
Forum: Investing - Help with Personal Investments
Topic: Child on the Way - What to do for College Financing?
Replies: 116
Views: 7477

Re: Child on the Way - What to do for College Financing?

Read the admissions section carefully and look for what they can qualify for. Visit the schools on your final selection list and meet with an admissions counselor with your specific questions and goals. Set up a spreadsheet showing which potential schools offer which grants, scholarships and work op...
by smitcat
Thu Feb 09, 2017 6:10 am
Forum: Personal Finance (Not Investing)
Topic: Question on when to take Social Security.
Replies: 7
Views: 1537

Re: Question on when to take Social Security.

This is in a similar post right now in this same forum.... Re: Social Security - Seeking Advice - When To Claim Report this post Quote Postby simplesimon » Tue Feb 07, 2017 11:09 am smitcat wrote: Maybe someone can confirm the idea whether you can lose potential spousal survivor benefits or not. In ...
by smitcat
Thu Feb 09, 2017 6:01 am
Forum: Personal Consumer Issues
Topic: Boats
Replies: 36
Views: 3599

Re: Boats

There just does not seem to be a perfect boat for both fishing and skiing so deciding which one takes the preference is likely the key to your best fit. If it were 50/50 I would look at the larger bow riders with outboards from the major builders as they typically swallow up a lot of people. That wo...
by smitcat
Wed Feb 08, 2017 11:36 am
Forum: Investing - Help with Personal Investments
Topic: Child on the Way - What to do for College Financing?
Replies: 116
Views: 7477

Re: Child on the Way - What to do for College Financing?

Our daughter just finished undergrad a couple of years ago and the FAFSA was instrumental in setting up talks with various potential colleges to determine which financial help 'tools' might be available to her. We went to each school and met personally with admissions to learn which exact scholarshi...
by smitcat
Wed Feb 08, 2017 11:22 am
Forum: Personal Finance (Not Investing)
Topic: Two Years to Retirement – Please review and comment [1 year update]
Replies: 62
Views: 8884

Re: Two Years to Retirement – Please review and comment

"You can also get the numbers on the Social Security web site where you enter different scenarios to see what the benefit amount will be. https://www.ssa.gov/retire/estimator.html. That is really great advice - we have used that estimator to simulate a number of options including earlier retirement ...
by smitcat
Wed Feb 08, 2017 9:05 am
Forum: Investing - Help with Personal Investments
Topic: Child on the Way - What to do for College Financing?
Replies: 116
Views: 7477

Re: Child on the Way - What to do for College Financing?

"Hey Folks, I have a kid in the way shortly for later this year, and I'm trying to prepare as best as I can for inevitable expenses like college savings. First thing I want to emphasize is my intent: -I INTEND to have a semi decent size fund for my kid to use on College expenses such as Tuition -I D...
by smitcat
Wed Feb 08, 2017 8:54 am
Forum: Investing - Help with Personal Investments
Topic: Child on the Way - What to do for College Financing?
Replies: 116
Views: 7477

Re: Child on the Way - What to do for College Financing?

"I have no trouble seeing that coming from a poor family will lead to lower graduation rates; I can think of many reasons why. However, I didn't see graduation rate included in OP's list of bad decisions I wouldn't chase after OP's opinion except that it was made in a context of claiming strong fact...
by smitcat
Wed Feb 08, 2017 7:48 am
Forum: Investing - Help with Personal Investments
Topic: Child on the Way - What to do for College Financing?
Replies: 116
Views: 7477

Re: Child on the Way - What to do for College Financing?

"Source that backs up this "statistically speaking" fact?" I just googled family income vs college graduation per cent and there were dozens of 'hits'. Here is the one that was on the top of my page from 2015 in the WSJ... https://www.wsj.com/articles/big-gap-in-college-graduation-rates-for-rich-and...
by smitcat
Tue Feb 07, 2017 11:38 am
Forum: Personal Consumer Issues
Topic: Disney Cruise instead of Disney World?
Replies: 45
Views: 5138

Re: Disney Cruise instead of Disney World?

Before you cruise - perhaps check the dates destinations and potential weather of each , it varies greatly by time of year....

https://wanderwisdom.com/travel-destina ... -Caribbean
by smitcat
Tue Feb 07, 2017 10:36 am
Forum: Personal Consumer Issues
Topic: Disney Cruise instead of Disney World?
Replies: 45
Views: 5138

Re: Disney Cruise instead of Disney World?

"I've never been on a cruise, but I have been to Disney World in the summer a couple of times. Disney World, at all times, takes a lot of advanced planning to be enjoyable. Showing up to a park with kid in tow and no plan will lead to a lot of disappointment. (especially in the scorching hot and hum...
by smitcat
Tue Feb 07, 2017 9:45 am
Forum: Personal Finance (Not Investing)
Topic: Social Security - Seeking Advice - When To Claim
Replies: 33
Views: 4451

Re: Social Security - Seeking Advice - When To Claim

Maybe someone can confirm the idea whether you can lose potential spousal survivor benefits or not. In the original example above the Husband is older and has a higher PIA so potentially more SS benefit than the wife. For each year DH delays he gets more SS. If he delays to 70 he gets his max SS. Th...
by smitcat
Tue Feb 07, 2017 9:36 am
Forum: Personal Finance (Not Investing)
Topic: Two Years to Retirement – Please review and comment [1 year update]
Replies: 62
Views: 8884

Re: Two Years to Retirement – Please review and comment

"Yea, I probably could have been more clear. From age 66.4 to age 68 my wife will get $8000/yr as her benefit, this will be our only benefit during that period. When I turn 68 (give or take, one doesn't have to decide in advance when to apply for SS benefits) I will get $2574/mo and my wife will get...
by smitcat
Tue Feb 07, 2017 9:24 am
Forum: Personal Consumer Issues
Topic: Disney Cruise instead of Disney World?
Replies: 45
Views: 5138

Re: Disney Cruise instead of Disney World?

"For the legality of absences thing, you need to look at your individual district's policy, which probably takes some nod from the state. In our school, they get 9 days unexcused absence before it's considered a serious problem." FWIW only ... I NY State the absences that are excused must be due to ...
by smitcat
Mon Feb 06, 2017 7:48 pm
Forum: Personal Finance (Not Investing)
Topic: Two Years to Retirement – Please review and comment [1 year update]
Replies: 62
Views: 8884

Re: Two Years to Retirement – Please review and comment

"Social Security: Approximately $49,000 (my benefit + spousal benefit) at age 68 - tentative claiming age based on specific life goals. Spouse files at FRA, ~$8000/yr. until spousal benefit begins." "Why does my number look different?" I'm must be misreading your intent on the numbers - if your spou...
by smitcat
Mon Feb 06, 2017 5:26 pm
Forum: Personal Consumer Issues
Topic: Disney Cruise instead of Disney World?
Replies: 45
Views: 5138

Re: Disney Cruise instead of Disney World?

"Do you happen to have a source on the legality of removing your child from school to take a vacation? I can't find one anywhere." While I do not necessarily agree with them in NY state where we are these are found under the NY state Educational requirements as well as under the NY child protective ...
by smitcat
Mon Feb 06, 2017 5:03 pm
Forum: Personal Finance (Not Investing)
Topic: Two Years to Retirement – Please review and comment [1 year update]
Replies: 62
Views: 8884

Re: Two Years to Retirement – Please review and comment

"Social Security: Approximately $49,000 (my benefit + spousal benefit) at age 68 - tentative claiming age based on specific life goals. Spouse files at FRA, ~$8000/yr. until spousal benefit begins." Have you gone on line yet at SSA.GOV and used your personal information to confirm your exact SS payo...
by smitcat
Mon Feb 06, 2017 4:57 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security - Seeking Advice - When To Claim
Replies: 33
Views: 4451

Re: Social Security - Seeking Advice - When To Claim

"Like someone responded earlier: this is the survivor benefit. Wife could collect at 62 at a reduced benefit and still get the full survivor benefit from her husband after he dies. Social Security will pick the benefit that is the higher of her own benefit or the survivor benefit. So please tell me ...
by smitcat
Mon Feb 06, 2017 12:20 pm
Forum: Personal Consumer Issues
Topic: Disney Cruise instead of Disney World?
Replies: 45
Views: 5138

Re: Disney Cruise instead of Disney World?

"I think a lot of this depends on your kids. My kids are more into the rides/fireworks/shows vs. the characters." Same here - that is why we started to prefer Universal studios over Disney when they were around age 10 or so. More action , a bit less expense and somewhat better food IMHO. The crowd c...
by smitcat
Mon Feb 06, 2017 11:28 am
Forum: Personal Finance (Not Investing)
Topic: Social Security - Seeking Advice - When To Claim
Replies: 33
Views: 4451

Re: Social Security - Seeking Advice - When To Claim

Hello JW, "Your Mom could also claim her own benefit as early as she wanted to without impacting her later widow benefits." Is that true ? I have had a hard time looking that up. Here is a cut and paste from the link you provided above. It looks like it says that she would get 71-1/2 to 99% of the b...