BH for a year now; what to do with new $ from a real estate Sale

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Randtor
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BH for a year now; what to do with new $ from a real estate Sale

Post by Randtor » Fri May 15, 2020 11:54 pm

Hey all,
Looking for advice on where to put $500K I just received in the sale of my office building. I am 69, recently "mostly retired" (still working around 12 hrs/wk because I like what I do!) and am not sure how to properly invest this. DW is 70. We are both healthy and having fun with our family. We plan on some traveling while we can, but nothing exotic... and of course that's all on hold for a while anyway :-)

I have a taxable Fidelity account:
4 long term individual Stock holdings, total : $305K

In my Vanguard Portfolio - thanks to the advice received here when I joined - I have reduced my holdings, from almost 50 funds when I started here last February (with my portfolio in a managed Ameriprise account), to the following :

Joint Taxable account :
VTSAX (total Stock) : $59K

Wife's IRA :
VBTLX (total Bond) : $192K
Harris Cty Bond : $25K
2 Stock ETF Index Funds : $11K

My IRA:
VTSAX (total stock) $122.5K
VTIAX (total Int'l stock) $52.5K
VBTLX (total bond) $247.5K
VTABX (total Int'l bond) $64K

3 Stock ETF Index funds, total : $148K
4 individual Stock holdings: $99K
1 Bond : $10K
1 CD : $30K

A small cash holding, $1K
(All figures are rounded)

Post sale, after closing/legal expenses, and paying off 2 small personal loans, we will have more than $500K, and no debt. I will hold some cash in an emergency fund. We are also going to use some for long delayed home projects and a few 'wants'. The end result will be that $500K will be going into a taxable account.

My current AA is 58%/42%. I have fluctuated recently between 60/40 and 50/50 (with this volatile market). Up to now I was comfortable with 55/45, so I did not adjust anything. Now that I am 'mostly' retired, my risk tolerance comfort zone puts me around 35/65, allowing for a fluctuation margin from 40/60 to 30/70. I feel like I have 'won the game', We are blessed with having almost everything we want, and I do have everything I really need!

It looks like most of this money will go into bonds of some sort, but since it will be in a taxable account, I am not sure of the best vehicle. Any advice would be appreciated. Thank you all.
"Whats done is done, and can't be undone"

mega317
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Re: BH for a year now; what to do with new $ from a real estate Sale

Post by mega317 » Sat May 16, 2020 3:12 am

Not sure of your income, Roth conversions, etc, but probably total bond is fine.

That's a very large portion of your portfolio in individual stocks which has the effect of increasing your overall risk. So if you think you're good at 35% stock you might dial that back a little more.

Or another perspective is go higher stock allocation since it sounds like you're investing for your heirs.
https://www.bogleheads.org/forum/viewtopic.php?t=6212

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Re: BH for a year now; what to do with new $ from a real estate Sale

Post by David Althaus » Sat May 16, 2020 10:15 am

1. Total up your portfolio.
2. Determine your asset allocation
3. Locate equities in the taxable account
4. Use up whatever space required for bonds in your tax-deferred.

Boglehead wiki sites have good information in more detail--asset location.

All the best

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Re: BH for a year now; what to do with new $ from a real estate Sale

Post by Randtor » Sat May 16, 2020 10:38 am

mega317 wrote:
Sat May 16, 2020 3:12 am
Not sure of your income, Roth conversions, etc, but probably total bond is fine.
Just having "mostly" retired but still working a bit, I don't know what my income will actually be yet either. At this point I won't be doing Roth, or adding to my IRA
That's a very large portion of your portfolio in individual stocks which has the effect of increasing your overall risk. So if you think you're good at 35% stock you might dial that back a little more.
Yes, I assumed putting the new money into a bond type investment vehicle will adjust the stock ratio down to around that 30-40%.
Or another perspective is go higher stock allocation since it sounds like you're investing for your heirs.
I have always been on the higher side of risk, my wife not so much. 30-40% is a compromise (albeit slightly favored toward me :-) ). Thanks!
"Whats done is done, and can't be undone"

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Re: BH for a year now; what to do with new $ from a real estate Sale

Post by Randtor » Sat May 16, 2020 10:49 am

David Althaus wrote:
Sat May 16, 2020 10:15 am
1. Total up your portfolio.
2. Determine your asset allocation
3. Locate equities in the taxable account
4. Use up whatever space required for bonds in your tax-deferred.
David, thanks for the input. I did #1, #2 and #3 already. I am not looking to redistribute, just advice on what investment vehicle would be best, as I am putting the money into a taxable account.
Boglehead wiki sites have good information in more detail--asset location.
Agreed. I have read the Wiki info quite a bit over the past year. I understand the parameters (I think!) of where to put money when there are choices to be made like that. But at present my situation is that the $500K will go into a taxable account. So - invest ALL in total bond, (a little a time, all at once), or put some into total bond, some into other funds? I appreciate the simplicity of the 2, 3 or 4 fund portfolios. I have been working my way towards that since last year. At present I am comfortable with where everything is invested. When the market went way down all I did was invest some 'play' money into one of my stock holdings that was underwater. That has worked out really well so far (up from $40 to $170's). Otherwise I am a long term hold kinda guy.

All the best
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Re: BH for a year now; what to do with new $ from a real estate Sale

Post by ZWorkLess » Sat May 16, 2020 4:49 pm

Have you considered a Vanguard LifeStrategy fund?

I'd look at either the Income (20/80) or Conservative Growth (40/60) funds for that 500k, whichever works best to get you to the total allocation you desire.

https://investor.vanguard.com/mutual-fu ... estrategy/#/

If your other investments are staying where they are at in a relatively stock-heavy ratio compared to where you'd like to be, I'd lean towards putting the 500k in the Income (20/80) fund. Then you can keep more stock in your tax-preferred investments to achieve your overall desired allocation.

If you want "more" stocks after putting the 500k into the 20/80 fund, you could simply transfer some of your IRA holdings from bonds to stocks.

TBH, I'd also try to take this time to "clean up" all your IRA and other holdings to whatever extent you are able to without major negative tax/other implications, simplifying/moving them into the smallest number of Index funds that would achieve your goals (probably using the funds you already own or a LifeStrategy fund). I'd aim to keep simplifying your life as you are able, so you can enjoy your retirement and have fewer things to worry about. Having cared for my mom through her last years with dementia, I'm *VERY* grateful that she'd simplified her financial life in her 60s, so by the time I had to deal with it, it was very straightforward with minimal different accounts/etc.

So, for me personally, I am trying to abide by the Bogle philosophy and trying to keep as simple as possible, and I will ramp that up a lot as I approach 70, aiming to have our finances as simple as humanly possible before I turn 70, for sure. (My mom's dementia kicked in by 70 . . .)

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Re: BH for a year now; what to do with new $ from a real estate Sale

Post by Outer Marker » Sat May 16, 2020 4:59 pm

Dear OP

May I ask what the individual stock holdings are?

What is a Harris Cty Bond, and why does it need to be held in your tax advantaged space? Sounds like a municipal bond that belongs in taxable.

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Re: BH for a year now; what to do with new $ from a real estate Sale

Post by Randtor » Sun May 17, 2020 9:13 am

ZWorkLess wrote:
Sat May 16, 2020 4:49 pm
Have you considered a Vanguard LifeStrategy fund?

I'd look at either the Income (20/80) or Conservative Growth (40/60) funds for that 500k, whichever works best to get you to the total allocation you desire.https://investor.vanguard.com/mutual-fu ... estrategy/#/

I have not looked into these, but I will now, thank you.

If your other investments are staying where they are at in a relatively stock-heavy ratio compared to where you'd like to be, I'd lean towards putting the 500k in the Income (20/80) fund. Then you can keep more stock in your tax-preferred investments to achieve your overall desired allocation.

If you want "more" stocks after putting the 500k into the 20/80 fund, you could simply transfer some of your IRA holdings from bonds to stocks.

TBH, I'd also try to take this time to "clean up" all your IRA and other holdings to whatever extent you are able to without major negative tax/other implications, simplifying/moving them into the smallest number of Index funds that would achieve your goals (probably using the funds you already own or a LifeStrategy fund). I'd aim to keep simplifying your life as you are able, so you can enjoy your retirement and have fewer things to worry about. Having cared for my mom through her last years with dementia, I'm *VERY* grateful that she'd simplified her financial life in her 60s, so by the time I had to deal with it, it was very straightforward with minimal different accounts/etc.

So, for me personally, I am trying to abide by the Bogle philosophy and trying to keep as simple as possible, and I will ramp that up a lot as I approach 70, aiming to have our finances as simple as humanly possible before I turn 70, for sure. (My mom's dementia kicked in by 70 . . .)
Good advice, thanks. I have cleaned up my accounts considerably over the past year. I realize I have more to do, but as I look at all the investment vehicles available, I get bogged down trying to decide what works best. Thus I thought Iwould put it out there and see what the community recommendations are. All help is greatly appreciated.
"Whats done is done, and can't be undone"

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Re: BH for a year now; what to do with new $ from a real estate Sale

Post by Randtor » Sun May 17, 2020 9:30 am

Outer Marker wrote:
Sat May 16, 2020 4:59 pm
Dear OP

May I ask what the individual stock holdings are?
In Fido: Ebay, Microsoft and Paypal, all held for 20 +/- years. Wayfair, some for 5 years(at $47), some just recently (at $36).

In VG: Apple, Eversource, Verizon, Exxon (the only dog at this point).
ETF Stock funds are QQQ(NASAQ lg cap), IWY (Russell 200) and SPGP (S&P 500). My Wife's IRA holds just QQQ and SPGP, but a very small amount. I intend to sell these (in both IRA's) and convert to less volatile (usually!) VTIAX (total stock). Right now VTIAX is a loser in my portfolio. Or I may decide to go to VBTLX(total bond) depending on my %AA. I would like to continue simplifying.


What is a Harris Cty Bond, and why does it need to be held in your tax advantaged space? Sounds like a municipal bond that belongs in taxable.
These are 'leftovers' from what my former FA did. I am not sure how to sell them but these are the last ones and I am going to contact VG and see about divesting.
"Whats done is done, and can't be undone"

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Re: BH for a year now; what to do with new $ from a real estate Sale

Post by ZWorkLess » Sun May 17, 2020 4:01 pm

Randtor wrote:
Sun May 17, 2020 9:13 am
ZWorkLess wrote:
Sat May 16, 2020 4:49 pm
Have you considered a Vanguard LifeStrategy fund?

I'd look at either the Income (20/80) or Conservative Growth (40/60) funds for that 500k, whichever works best to get you to the total allocation you desire.https://investor.vanguard.com/mutual-fu ... estrategy/#/

I have not looked into these, but I will now, thank you.

If your other investments are staying where they are at in a relatively stock-heavy ratio compared to where you'd like to be, I'd lean towards putting the 500k in the Income (20/80) fund. Then you can keep more stock in your tax-preferred investments to achieve your overall desired allocation.

If you want "more" stocks after putting the 500k into the 20/80 fund, you could simply transfer some of your IRA holdings from bonds to stocks.

TBH, I'd also try to take this time to "clean up" all your IRA and other holdings to whatever extent you are able to without major negative tax/other implications, simplifying/moving them into the smallest number of Index funds that would achieve your goals (probably using the funds you already own or a LifeStrategy fund). I'd aim to keep simplifying your life as you are able, so you can enjoy your retirement and have fewer things to worry about. Having cared for my mom through her last years with dementia, I'm *VERY* grateful that she'd simplified her financial life in her 60s, so by the time I had to deal with it, it was very straightforward with minimal different accounts/etc.

So, for me personally, I am trying to abide by the Bogle philosophy and trying to keep as simple as possible, and I will ramp that up a lot as I approach 70, aiming to have our finances as simple as humanly possible before I turn 70, for sure. (My mom's dementia kicked in by 70 . . .)
Good advice, thanks. I have cleaned up my accounts considerably over the past year. I realize I have more to do, but as I look at all the investment vehicles available, I get bogged down trying to decide what works best. Thus I thought Iwould put it out there and see what the community recommendations are. All help is greatly appreciated.
You're very welcome. I like those LifeStrategy funds for this sort of thing. I use the 80/20 Growth one for my kids' small nest eggs trusts. I like their simplicity in that they are very much like the Target Date retirement funds (that I use for retirement accounts), but they stay at their allocation permanently as opposed to shifting over time like the TargetDate ones. I know I pay a few dollars extra a year for the convenience of one fund vs several, but I'm 100% cool with that for the convenience they provide.

Good luck!!

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Re: BH for a year now; what to do with new $ from a real estate Sale

Post by hudson » Sun May 17, 2020 4:17 pm

Randtor, I didn't see your tax bracket?
If $500K is proper to go into taxable, the classic solution MIGHT be munis??
It depends.
Have you read Bernstein's Ages of the Investor or Four Pillars?

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Re: BH for a year now; what to do with new $ from a real estate Sale

Post by informal guide » Sun May 17, 2020 4:37 pm

The other thing I'd consider is whether you wish to dollar cost average into whatever you choose (say over 6-12 months), particularly if equities - -there are divided opinions on this but the one thing it does do is reduce the possible regret of putting an important part of your wealth into at what, with 20/20 hind sight, might be at what turned out to be a lousy time. Several folks I have advised in the last 6 months have set it up and are happy with it - -but if you started at the beginning of 2019, it would not have been as attractive as dumping it all into your investments at once.

I wish you the best.

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Re: BH for a year now; what to do with new $ from a real estate Sale

Post by iamblessed » Sun May 17, 2020 4:59 pm

I would put everything in the Conservative Growth and call it a day. You will have to study if that would work for you tax wise. You might have to do it over several years for taxes. Great fund it only dropped about 10% in this coronavirus mess.

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Re: BH for a year now; what to do with new $ from a real estate Sale

Post by Randtor » Sun May 17, 2020 9:19 pm

hudson wrote:
Sun May 17, 2020 4:17 pm
Randtor, I didn't see your tax bracket?
Well,, I am semi "mostly retired" starting this month (10-12 hrs/wk, healthcare) so I don't really know what my total income will be (earned + SS + Portfolio withdrawals), but I would think likely 22% Fed, and 5.05% State (Taxachusetts lol)
If $500K is proper to go into taxable, the classic solution MIGHT be munis??
It depends.
Yes, tax free munis are a safe bet though they don't usually return much - but I just want to hopefully keep up with my withdrawal rate over time.
Have you read Bernstein's Ages of the Investor or Four Pillars? Not those, no. Recommended reading??

Thanks for chiming in.
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Re: BH for a year now; what to do with new $ from a real estate Sale

Post by Randtor » Sun May 17, 2020 9:22 pm

informal guide wrote:
Sun May 17, 2020 4:37 pm
The other thing I'd consider is whether you wish to dollar cost average into whatever you choose (say over 6-12 months), particularly if equities - -there are divided opinions on this but the one thing it does do is reduce the possible regret of putting an important part of your wealth into at what, with 20/20 hind sight, might be at what turned out to be a lousy time. Several folks I have advised in the last 6 months have set it up and are happy with it - -but if you started at the beginning of 2019, it would not have been as attractive as dumping it all into your investments at once.

I wish you the best.
Dollar cost averaging seems like a better way to go into the pool at this point rather than jumping in head first. Who know what kind of volatility we will see over the next few months as we get economic reports of ho much the economy was damaged, and the guessing game begins as to the recovery process as well. Thanks.
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Re: BH for a year now; what to do with new $ from a real estate Sale

Post by Randtor » Sun May 17, 2020 10:20 pm

iamblessed wrote:
Sun May 17, 2020 4:59 pm
I would put everything in the Conservative Growth and call it a day. You will have to study if that would work for you tax wise. You might have to do it over several years for taxes. Great fund it only dropped about 10% in this coronavirus mess.
Thanks for that recommendation. I've seen the term batted around here but I don't know much about this. I will look it over for sure and see what my options are.

I can see some homework and WIKI studying ahead of me! Thanks all!
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Re: BH for a year now; what to do with new $ from a real estate Sale

Post by hudson » Mon May 18, 2020 5:47 am

Randtor wrote:
Sun May 17, 2020 9:19 pm
Have you read Bernstein's Ages of the Investor or Four Pillars? Not those, no. Recommended reading??

[/quote]

Recommended reading...yes...along with Swedroe's bond book.
Bernstein posts: search.php?author_id=2464&sr=posts

22% tax bracket and munis. Munis (using distribution yield) probably would beat recently available 2% CDs after tax in that bracket. Don't believe me....you've got to do the math for YOUR situation. I wouldn't go into munis without reading Swedroe. I don't see anything in fixed income that can touch high quality muni distribution yields.

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Re: BH for a year now; what to do with new $ from a real estate Sale

Post by Randtor » Mon May 18, 2020 3:57 pm

hmmmm.... wondering... I would really like to continue to simplify rather than adding more funds. I have read ALL of the pages in Taylor Larimore's "3 fund portfolio" post on the forum. I've also read posts relating to, and have considered, the 2 fund and 4 fund approach. I know that bond funds are not great for a taxable account.

I could use the majority of my windfall in my Fido taxable account to purchase Fido's Total Stock Market Index Fund (FSKAX), or even VG's fund through Fido (VTSAX). Then reduce my STOCK holdings in my VG IRA Account(s) by selling my VTSAX there (no tax consequences to do so), and using those funds to purchase VBTLX (total bond) in my IRA accounts.
If I rebalanced that way, and ended up with my desired AA of 35/65 (average) across our entire portfolio, that would make more sense than buying total bonds for my FIDO taxable account, no?

I really do not want complexity, and I know I was asking for suggestions on how to put this new money to work for us. But in thinking on it a bit more, and reading the wiki on how to 'fill' your buckets properly, I think that might be the best strategy for us.

Thoughts?
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Re: The Three-Fund Portfolio

Post by Randtor » Mon May 18, 2020 10:21 pm

[Post moved into here, see below. --admin LadyGeek]

Hi Taylor, and all TFP followers,

We have chatted a bit in the past year, and I have been trying to move to the 3 fund portfolio over this time. Now I have some questions, I will give a brief synopsis (my original post with my portfolio detailed can be found here: viewtopic.php?f=1&t=315043) :

I am going to invest $500K from a very recent real estate sale. I am about 57/43 right now. I was comfortable at 60/40 +/-. Now 'mostly' retired, I want to go to 40/60 +/- using the TFP. Across my Fido and VG portfolios I have 2 taxable and 2 IRA accounts.

First question - Can I sell Stock funds in my IRA's, buy Bond funds in same, and then buy Stock funds for my taxable, trying to attain my comfort level? This would be a fairly significant shifting around but no tax implications, and allow me to rebalance to my desired AA. Would this be an advisable method to bring my money in, and apportion it correctly? I can do this with around $300K before I run out of room in my (and my wife's) IRA accounts

It take a bit of work to get around $300K into my taxable portfolio this way (I would buy more VTIAX - Total Stock)). The other $200K would go into taxable also, but - here is my 2nd question : Should I simply buy more Total Bond (VBTLX) or should I invest in a tax exempt bond fund since the money here will be in a taxable account? Bearing in mind I really am trying to simplify and get to the TFP, with perhaps a few outliers I have had for years and am loathe to sell (especially in taxable - BIG tax consequences there).

Thanks for the help....
Rand
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Re: BH for a year now; what to do with new $ from a real estate Sale

Post by LadyGeek » Tue May 19, 2020 10:40 am

Randtor - In order to give appropriate advice, it's best to keep all the information in one spot. I moved your post from The Three-Fund Portfolio into your original question.

If you have any questions, ask them here.
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Re: BH for a year now; what to do with new $ from a real estate Sale

Post by Randtor » Tue May 19, 2020 12:53 pm

Thank you Lady Geek, sorry for posting in the wrong place :shock:
Rand
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Re: BH for a year now; what to do with new $ from a real estate Sale

Post by longinvest » Sun May 24, 2020 10:52 pm

On Abuss368's Two Fund Portfolio thread, forum member Randtor asked me a question. As it's off topic for that thread, I'm replying here.
Randtor wrote:
Sun May 24, 2020 8:26 pm
I get that we cannot base the future of any investment on its past performance. But... how did you decide which fund to go with? I am guessing you researched it, including past performance. Why else would anyone pick one fund over another very similar one? Perhaps I am showing my lack of investment experience.
How do I select my stocks and bonds? I simply don't select them! Instead, I invest into all the investment-grade stocks and bonds of the planet.

“Don't look for the needle in the haystack. Just buy the haystack!” ― Jack Bogle

My portfolio is entirely invested into an all-in-one global balanced index Vanguard exchange-traded fund (ETF). It has a 60/40 stock/bond allocation with a moderate home bias. It's similar to Vanguard's LifeStrategy Moderate Growth Fund (VSMGX) except that it's an ETF and it has a different home bias.

I do that because of Prof. William Sharpe's The Arithmetic of Active Management. This mathematical proof tells us that all investors, as a group, get the average market return before fees. It follows that every low-fee capitalization-weighted index fund investor also gets the average return of the market (minus the low fee). All other investors, as a group, also get the average market return before fees, but as they pay higher fees, they lose (as a group) to low-fee index investors. In other words, while some non-index investors beat the average market return (sometimes in remarkable fashion), this happens at the expense of other non-index investors. I don't feel lucky enough or knowledgeable enough about individual securities to be confident to end up in the winning group of non-indexers, instead of the large losing group of non-indexers. So, I adopt the defensive position of indexing, guaranteeing that I'll beat the average non-indexer after fees.

I'm satisfied with boring average market returns (minus a tiny expense ratio) with indexing. When average market returns are low, I get low returns. When average market returns are high, I get high returns. I never know in advance what I'll get, but I know that bonds are less volatile than stocks and that mixing both dampens the volatility of stocks. That's good enough for me.
Randtor wrote:
Sun May 24, 2020 8:26 pm
What I am concerned with is not just about paying taxes. It's the simple 4% rule. If I am to draw 4% of my portfolio down every year, with no other income to fall back on (other than my already accounted for SS), I want to be assured that I will not deplete my account. Looking at VBIAX and VSMGX, I was concerned with year over year return after taxes. Have they delivered 4% or more? For me, that's the key.
I think that the problem isn't the portfolio; it's the withdrawal method. The "4% rule" (as you call it) scares me! It has an extremely high probability of resulting into an undesirable outcome for me as it lets most of its adopters die with a gigantic unspent portfolio, and it bankrupts most of the rest. I don't want to die as the richest person in the graveyard or to go bankrupt while alive and end up eating cat food under a bridge (figuratively).

Instead, when I'll retire I'll use our wiki's sensible variable percentage withdrawal (VPW) method which adapts portfolio withdrawal amounts to the retiree's retirement horizon, asset allocation, and portfolio returns during retirement. It allows the retiree to spend most of the portfolio using return-adjusted withdrawals. By adapting withdrawals to market returns, VPW will never prematurely deplete the portfolio. VPW is best used along with guaranteed base income from Social Security, a pension (if any), and (if necessary) an inflation-indexed SPIA*.

* Single Premium Immediate Annuity.

There's a detailed example in this thread of how to combine VPW with a small work pension while delaying Social Security to age 70 to generate monthly retirement income.

You'll find plenty of additional information by searching for "VPW" in our forums.
Bogleheads investment philosophy | One-ETF global balanced index portfolio | VPW

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Re: BH for a year now; what to do with new $ from a real estate Sale

Post by Randtor » Tue May 26, 2020 8:52 pm

Longinvest, I appreciate the time you've spent educating me. It has not gone to waste! But following my desires, what I would like to do is stick closer to a 2 fund portfolio. I also want to back off International holdings, which are a bigger % of VTMGX than I want.

That means I will have to do some asset reallocation but I am ok with the mechanics of that.I would like to strive for a 50/50 AA to begin with. Currently I am around 58/42. I have $500K to invest. It must all go into my taxable account, I will keep it at vanguard.

So I have one joint taxable account at Fidelity, and I plan on no significant changes to that portfolio at the moment (due to tax implications this year). But I count all holdings (Fido and VG) in my AA, thus 58/42% AA.

Adding $500K to my VG taxable in Stock holdings (VTSAX) will require a good deal of rebalancing in my and my DW's non taxable accounts. I am concerned that once we start RMD withdrawals (next year), we will be pulling from Bonds. We will eventually run out of room for more Stocks in taxable because that will throw our AA off. Question 1 : how do I maintain my AA of 50/50 (or perhaps eventually 40/60) down the road without eventually adding bond funds to my taxable account?

My next question is : right now, when I use the 500K to purchase holdings in taxable, in addition to purchasing an amount of VTSAX (total US Stock) should I purchase an amount of tax exempt or tax free muni bond funds rather than VBTLX (total bond) since this must go into a taxable account?
Some choices I've been researching ( I live in Massachusetts):
VWALX (High Yield Tax Exempt Fund)
VTEAX (Tax Exempt Bond Index Fund)
VWITX (Intermediate Term Tax Exempt Fund)
VMATX (Massachusetts Tax Exempt Fund)

I know there are more choices, but I don't know what I don't know. I would appreciate advice from those that know a lot more about this aspect of investing than I... which leaves the field pretty wide open :-) .

Thanks all.
"Whats done is done, and can't be undone"

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