Search found 473 matches

by Rex66
Sat Apr 10, 2021 8:18 pm
Forum: Personal Investments
Topic: Annuity statement. Not sure how this works?
Replies: 11
Views: 576

Re: Annuity statement. Not sure how this works?

You have a variable annuity All gains will be taxed at income rates. No step up in basis at death. You would need to provide a lot more information about your overall financial picture and plans to get any real recommendations. It was a bad decision to purchase but at this point it isn’t clear if yo...
by Rex66
Thu Apr 08, 2021 6:45 pm
Forum: Personal Finance (Not Investing)
Topic: Life insurance + long term care rider bundle?
Replies: 12
Views: 608

Re: Life insurance + long term care rider bundle?

id look to see what straight ltci policy you could purchase for 1600 per year (assuming the policy also qualifies). This policy is going to crash by the manner you tentatively plan to use it. You will then be taxed on any gains at income level including any loan interest if you loan the money instea...
by Rex66
Tue Apr 06, 2021 3:16 pm
Forum: Personal Investments
Topic: Financial advisor help
Replies: 22
Views: 2041

Re: Financial advisor help

Many places say they do lots under 1 roof

Rarely they do them all well
by Rex66
Tue Apr 06, 2021 12:25 pm
Forum: Personal Investments
Topic: Financial advisor help
Replies: 22
Views: 2041

Re: Financial advisor help

You want a unicorn

You need to settle for a horse

Even at much higher net worth, there is substantial risk that it won’t work any better.

There just aren’t any great tax strategies that are hidden. Opening a business is only really an option when you already have a plan/idea
by Rex66
Tue Apr 06, 2021 9:42 am
Forum: Personal Consumer Issues
Topic: Should I buy a SLR camera without a built in flash?
Replies: 90
Views: 3232

Re: Should I buy a SLR camera without a built in flash?

well its a lot more than that mine will take 12 pictures per second, has superior autofocus capabilities to any phone camera, better low light and adjustments such as aperature, speed and iso equivalents as well. you could never take sports photos like i can with my 1dxii but you would have to pony ...
by Rex66
Tue Apr 06, 2021 9:37 am
Forum: Personal Finance (Not Investing)
Topic: Old employer closed my 401K and withheld taxes
Replies: 16
Views: 1682

Re: Old employer closed my 401K and withheld taxes

a good lesson to be more proactive

if you have a new employer, id look to see if it can be rolled into that 401k if backdoor roth ira is a potential issue based on income and what IRAs you have

as mentioned there is a time period so if you have been sitting on this then i would do it quickly.
by Rex66
Tue Apr 06, 2021 8:10 am
Forum: Personal Consumer Issues
Topic: Should I buy a SLR camera without a built in flash?
Replies: 90
Views: 3232

Re: Should I buy a SLR camera without a built in flash?

You will find you only need the flash for specific times.

All the best/professional cameras require a separate flash.

I have a canon 2dxii and only bring flash for portraits.

I would go mirrorless at this point.
by Rex66
Mon Apr 05, 2021 9:53 am
Forum: Personal Finance (Not Investing)
Topic: Should I opt for deferred compensation ? seeking advise
Replies: 31
Views: 3037

Re: Should I opt for deferred compensation ? seeking advise

Yep close to retirement is the best time to do it

Less time for company to go bust and at retirement highest chance income can be adjusted down.
by Rex66
Sun Apr 04, 2021 5:52 pm
Forum: Personal Finance (Not Investing)
Topic: Should I opt for deferred compensation ? seeking advise
Replies: 31
Views: 3037

Re: Should I opt for deferred compensation ? seeking advise

IIRC the distributions from a deferred compensation plan are taxed as ordinary/regular income. As a result if you invest in equities in a deferred compensation plan you will not have the advantages of long-term capital gains treatment of any gains on equity investments in the account. So the taxes ...
by Rex66
Sun Apr 04, 2021 12:29 pm
Forum: Personal Investments
Topic: Lump sum vs. Annuity...it's time to decide - need some help!
Replies: 25
Views: 2251

Re: Lump sum vs. Annuity...it's time to decide - need some help!

Important to take kids expected tax rate into consideration for that. Even with the changes, my kids would pay less in taxes than I would.
by Rex66
Sun Apr 04, 2021 12:26 pm
Forum: Personal Finance (Not Investing)
Topic: Any reason to file taxes before May 17?
Replies: 34
Views: 3580

Re: Any reason to file taxes before May 17?

anon_investor wrote: Sun Apr 04, 2021 11:34 am
samsoes wrote: Sun Apr 04, 2021 5:02 am File as early as possible to prevent identity theft by someone fraudulently filing for you first.
Just get the IRS Identity Protection PIN!
The PIN is very helpful like mentioned. Otherwise it is a real issue as I’ve experienced in the past.
by Rex66
Sun Apr 04, 2021 11:36 am
Forum: Personal Investments
Topic: I need a brokerage (or financial instrument) that won't let me sell
Replies: 25
Views: 2319

Re: I need a brokerage (or financial instrument) that won't let me sell

You have to change

It’s been shown that most who buy insurance products lapse and surrender regardless of forced savings and surrender fees.

The reason you believe myga aren’t like that is bc they currently do better than cds etc

Wait until interest rates rise quickly
by Rex66
Sun Apr 04, 2021 8:51 am
Forum: Personal Finance (Not Investing)
Topic: Should I opt for deferred compensation ? seeking advise
Replies: 31
Views: 3037

Re: Should I opt for deferred compensation ? seeking advise

Definitely look at the fees These typically are so high that you might as well just pay the taxes now The best way to use these is to defer to a time of lower tax bracket so for example defer enough now to lower your bracket then retire like in 5 years and take it out over another 5 years, minimizin...
by Rex66
Sat Apr 03, 2021 3:27 pm
Forum: Personal Investments
Topic: Lump sum vs. Annuity...it's time to decide - need some help!
Replies: 25
Views: 2251

Re: Lump sum vs. Annuity...it's time to decide - need some help!

With that additional information I’d take the lump and defer SS for more guaranteed since that’s inflation adjusted and you don’t really appear to “need “ guaranteed income.

As was mentioned, you can do either and likely won’t have a problem.
by Rex66
Sat Apr 03, 2021 8:10 am
Forum: Personal Investments
Topic: Lump sum vs. Annuity...it's time to decide - need some help!
Replies: 25
Views: 2251

Re: Lump sum vs. Annuity...it's time to decide - need some help!

Really need to know the amount in investments to decide how much you need the guaranteed income

I’d delay SS and then based on investment income decide about the pension. If I had a lot of investment income, I’d take lump sum.
by Rex66
Wed Mar 31, 2021 5:27 pm
Forum: Personal Finance (Not Investing)
Topic: Universal Life Insurane (Mutual of Omaha) pls help
Replies: 6
Views: 481

Re: Universal Life Insurane (Mutual of Omaha) pls help

with the additional information, im betting you should just cash it out. You can ask what premium is necessary to keep it in force to say age 100 as i mentioned above. You would want the guaranteed number and the current illustration number. You can see if that still looks attractive to you.
by Rex66
Wed Mar 31, 2021 3:31 pm
Forum: Personal Finance (Not Investing)
Topic: Problems with ACA Plans Purchased on the Exchange?
Replies: 13
Views: 850

Re: Problems with ACA Plans Purchased on the Exchange?

Better if you ask specifically about the bcbs plan you are considering
by Rex66
Wed Mar 31, 2021 3:00 pm
Forum: Personal Finance (Not Investing)
Topic: Problems with ACA Plans Purchased on the Exchange?
Replies: 13
Views: 850

Re: Problems with ACA Plans Purchased on the Exchange?

While the plans appear the same to you. They aren’t. Unfortunately it’s like a mattress where there are ones that are near impossible for mortals to determine the difference besides the name but sold at different stores and at different prices. Many times there is no difference but unfortunately som...
by Rex66
Tue Mar 30, 2021 5:22 pm
Forum: Personal Finance (Not Investing)
Topic: Universal Life Insurane (Mutual of Omaha) pls help
Replies: 6
Views: 481

Re: Universal Life Insurane (Mutual of Omaha) pls help

Is this policy on both of you (2nd to die) bc I’m not sure who the policy is on based on what you wrote. If the person whom the policy is based on is very unhealthy then typically you keep it (ie die before it goes bust). If the person is very healthy and the death benefit isn’t really needed then t...
by Rex66
Sun Mar 28, 2021 7:18 pm
Forum: Personal Finance (Not Investing)
Topic: Go into private practice?
Replies: 15
Views: 2483

Re: Go into private practice?

Also post at whitecoatinvestor.com
by Rex66
Sun Mar 28, 2021 7:15 pm
Forum: Personal Finance (Not Investing)
Topic: Go into private practice?
Replies: 15
Views: 2483

Re: Go into private practice?

You need to figure out if you will enjoy the day to day of running the business. The hiring and firing. You can hire people to do everything but finding enough of such people isn’t easy. Your fellowship should know who went out on their own. Contact them for a business plan assuming they are not com...
by Rex66
Sun Mar 28, 2021 11:13 am
Forum: Personal Investments
Topic: Cash balance/defined benefit plan
Replies: 5
Views: 438

Re: Cash balance/defined benefit plan

A cash value plan is a type of defined benefit plan. It’s just a “newer” form and most use it like a 401k. Most actually think of cash balance as more flexible but that’s splitting hairs.
by Rex66
Sun Mar 28, 2021 11:08 am
Forum: Personal Finance (Not Investing)
Topic: Transamerica Vanguard Variable Annuity GLWB
Replies: 14
Views: 936

Re: Transamerica Vanguard Variable Annuity GLWB

There is no confusion on my part. As I’ve mentioned, I believe people should obtain an inforce illustration to best evaluate their position in previously purchased insurance products. You can get an idea of any loads/fees/etc that are not obvious by other means. May god bless you and your post conti...
by Rex66
Sun Mar 28, 2021 7:43 am
Forum: Personal Finance (Not Investing)
Topic: Transamerica Vanguard Variable Annuity GLWB
Replies: 14
Views: 936

Re: Transamerica Vanguard Variable Annuity GLWB

There can be guaranteed rates in both.

Good luck.
by Rex66
Sun Mar 28, 2021 6:06 am
Forum: Personal Finance (Not Investing)
Topic: Transamerica Vanguard Variable Annuity GLWB
Replies: 14
Views: 936

Re: Transamerica Vanguard Variable Annuity GLWB

I don’t have any confusion. I haven’t read this particular contract although I have looked over several and it happens all the time here people don’t see what they are missing until they look at the illustration. Two of the reasons I’m not as confident in your interpretations is that you talk about ...
by Rex66
Sat Mar 27, 2021 8:16 pm
Forum: Personal Finance (Not Investing)
Topic: Transamerica Vanguard Variable Annuity GLWB
Replies: 14
Views: 936

Re: Transamerica Vanguard Variable Annuity GLWB

You don’t seem to understand, it could easily say 4% but other fees make it like 2% once you look at the illustration. With guaranteed income riders, the expensive ones in the past had better guarantees on exactly how much you can withdrawal. The cheaper ones really didn’t have any value. For instan...
by Rex66
Sat Mar 27, 2021 7:05 pm
Forum: Personal Finance (Not Investing)
Topic: Transamerica Vanguard Variable Annuity GLWB
Replies: 14
Views: 936

Re: Transamerica Vanguard Variable Annuity GLWB

It’s a situation where one really needs to see the illustration and what actually is guaranteed for income/withdrawal. Small chance it’s attractive at this point. The information given so far just isn’t enough to know. All too often with insurance products people hear about a small component of the ...
by Rex66
Sat Mar 27, 2021 5:54 pm
Forum: Personal Investments
Topic: Cash balance/defined benefit plan
Replies: 5
Views: 438

Re: Cash balance/defined benefit plan

Let’s say you have a maximum pension. Thats around 230k per year coming out in retirement. That’s going to already put you in a higher bracket. This if you have “another pension” in the for Of this plan, then you may be deferring money into the same tax bracket. You thus paid all this money for less...
by Rex66
Sat Mar 27, 2021 5:49 pm
Forum: Personal Finance (Not Investing)
Topic: Transamerica Vanguard Variable Annuity GLWB
Replies: 14
Views: 936

Re: Transamerica Vanguard Variable Annuity GLWB

You should ask for an illustration with what you are proposing and see if it still interest you
by Rex66
Sat Mar 27, 2021 5:12 pm
Forum: Personal Investments
Topic: Cash balance/defined benefit plan
Replies: 5
Views: 438

Re: Cash balance/defined benefit plan

About 2k per year costs with occasional extra fees bc of “need to update plan documents “ and more to close it. The older you are, the more it makes sense bc contribution amounts go up. Keep in mind you are deferring taxes so if your w2 is substantial and thus getting a substantial pension then the ...
by Rex66
Sat Mar 27, 2021 4:41 pm
Forum: Personal Finance (Not Investing)
Topic: Transamerica Vanguard Variable Annuity GLWB
Replies: 14
Views: 936

Re: Transamerica Vanguard Variable Annuity GLWB

You may wish to contact them and confirm what was actually guaranteed to be available and what was just listed as an option on your contract.
by Rex66
Fri Mar 26, 2021 5:15 pm
Forum: Personal Investments
Topic: Any reasons to not convert tIRA to Roth?
Replies: 40
Views: 2604

Re: Any reasons to not convert tIRA to Roth?

Pay taxes when you guess they will be lowest for that money given current tax laws.
by Rex66
Wed Mar 24, 2021 10:40 am
Forum: Personal Investments
Topic: Desperately asking for help - Thank you!
Replies: 39
Views: 5254

Re: Desperately asking for help - Thank you!

You should request an inforce illustration of your whole life. It has NOT returned 4% in the guaranteed column. Yes the policy says 4% either in the name or in the first few pages but that is not the return. You should likely keep what you have at this point but never buy another one. You have misse...
by Rex66
Wed Mar 24, 2021 6:56 am
Forum: Personal Consumer Issues
Topic: New 4K TV. But, Cable Box 1080p!
Replies: 8
Views: 1017

Re: New 4K TV. But, Cable Box 1080p!

Yes streaming, blue Ray and rare directv channels are the only current 4K

Normally you try to get a 4K tv that looks great at the lower resolutions bc that’s mostly what u will watch

They also make upconverters in devices like receivers but expensive for what you get
by Rex66
Tue Mar 23, 2021 7:52 pm
Forum: Personal Investments
Topic: Help with "Cash Balance" Defined Benefit Plan
Replies: 8
Views: 892

Re: Help with "Cash Balance" Defined Benefit Plan

so per your explanation, it sounds like her only option is this annuity which doesnt have any options to it like joint or over a specific number of years just a single life? Unless the information is different then id take it immediately. It isnt inflation adjusted like SS and the amount is going up...
by Rex66
Tue Mar 23, 2021 4:42 pm
Forum: Personal Investments
Topic: Help with "Cash Balance" Defined Benefit Plan
Replies: 8
Views: 892

Re: Help with "Cash Balance" Defined Benefit Plan

a cash balance plan is not an annuity although an annuity can be purchased at the end of one it is a type of defined benefit plan that has a value "similar" to a 401k (which is a defined contribution plan) the way you described it so far, the money is invested in 30 year treasuries so very...
by Rex66
Tue Mar 23, 2021 10:13 am
Forum: Personal Finance (Not Investing)
Topic: 529 affect on FAFSA?
Replies: 50
Views: 3309

Re: 529 affect on FAFSA?

The disservice is you took only a small part of my post I clearly said the future is difficult to predict. And yet you say that the answer for OP's question is that $175k is too much. I'm not predicting any future need-based financial aid scenario because, as you point out, the future is difficult ...
by Rex66
Tue Mar 23, 2021 7:45 am
Forum: Personal Finance (Not Investing)
Topic: 529 affect on FAFSA?
Replies: 50
Views: 3309

Re: 529 affect on FAFSA?

OP be sure to post back when the day comes


Like many above, it will likely be the same as the above folks
by Rex66
Tue Mar 23, 2021 7:41 am
Forum: Personal Investments
Topic: Brighthouse Variable Annuity XC
Replies: 16
Views: 929

Re: Brighthouse Variable Annuity XC

Don’t pay too much attention to the value of the sub account

Pay attention to what you actually can withdraw each year with the rider. They could claim it’s worth a billion but the amount out per year is the factor.
by Rex66
Mon Mar 22, 2021 8:41 pm
Forum: Personal Finance (Not Investing)
Topic: 529 affect on FAFSA?
Replies: 50
Views: 3309

Re: 529 affect on FAFSA?

The disservice is you took only a small part of my post

I clearly said the future is difficult to predict.
by Rex66
Mon Mar 22, 2021 8:19 pm
Forum: Personal Finance (Not Investing)
Topic: 529 affect on FAFSA?
Replies: 50
Views: 3309

Re: 529 affect on FAFSA?

The real key is your income. If income is high, then everything else becomes trivial. Again, the answer to the question of how much income is too much to receive institutional need-based aid depends on which school is being considered. For a federal Pell grant, it's relatively easy to figure out th...
by Rex66
Mon Mar 22, 2021 7:39 pm
Forum: Personal Finance (Not Investing)
Topic: 529 affect on FAFSA?
Replies: 50
Views: 3309

Re: 529 affect on FAFSA?

The real key is your income. If income is high, then everything else becomes trivial. It’s also very hard to predict the future. I used 529s for 100% of all 3 kids education. None of them received need based aide. Two got some merit although that’s becoming a game with universities where they give m...
by Rex66
Mon Mar 22, 2021 2:03 pm
Forum: Personal Investments
Topic: Brighthouse Variable Annuity XC
Replies: 16
Views: 929

Re: Brighthouse Variable Annuity XC

Request illustrations with the income rider starting when you want income. Compare that to a spia

Likely you will want to activate the income rider. Nothing can change the opportunity you lost over the years. Make the most of what you already purchased.
by Rex66
Mon Mar 22, 2021 12:11 pm
Forum: Personal Investments
Topic: Brighthouse Variable Annuity XC
Replies: 16
Views: 929

Re: Brighthouse Variable Annuity XC

With a gain, if it’s substantial and the person is close to 59.5 then it can make sense to avoid the penalty to 1035 it....

First need to figure out what the OP has already paid for.
by Rex66
Mon Mar 22, 2021 9:18 am
Forum: Personal Investments
Topic: Brighthouse Variable Annuity XC
Replies: 16
Views: 929

Re: Brighthouse Variable Annuity XC

Bc he talked about riders, it’s likely an income rider and not annuitization that would be considered

It is very important to know that while income riders and annuitization provide income streams, they are different processes and one has to be careful to pick which one makes sense at this point.
by Rex66
Mon Mar 22, 2021 8:00 am
Forum: Personal Investments
Topic: Brighthouse Variable Annuity XC
Replies: 16
Views: 929

Re: Brighthouse Variable Annuity XC

Not enough info Need age, basis, current amount, what riders at least. Good to have an idea of overall intentions. These things rarely work. As you are noticing the fees are just too much. This doesn’t even account for fact that you have changed long term gains to income rates, can’t tax loss harves...
by Rex66
Sun Mar 21, 2021 7:21 pm
Forum: Investing - Theory, News & General
Topic: Gaming Sector
Replies: 16
Views: 1377

Re: Gaming Sector

As mentioned many of the best opportunities are private.

Cyberpunk was supposed to be the greatest game last year...it was a dud and the stock has not recovered.
by Rex66
Sun Mar 21, 2021 1:26 pm
Forum: Personal Finance (Not Investing)
Topic: Squared Away: Does higher life expectancy make people retire later?
Replies: 45
Views: 3886

Re: Squared Away: Does higher life expectancy make people retire later?

While people are living longer, some of those extra years aren’t golden. People seem to “go down hill a little “ at the same age and this is a big factor as to when people retire.

Frankly I think the trend is to FIRE which I think is going to become a backfire for society and some individuals.
by Rex66
Sun Mar 21, 2021 11:09 am
Forum: Personal Finance (Not Investing)
Topic: Life Insurance
Replies: 13
Views: 1285

Re: Life Insurance

With the amount of assets, need is probably too strong a word. With 4 million in net worth, desire is probably better. It is cheap so most would desire to have some to be sure to maintain a comfortable lifestyle possibly even more than how you are living now. The ideas on someone not working post de...
by Rex66
Fri Mar 19, 2021 9:58 am
Forum: Personal Finance (Not Investing)
Topic: Long Term Care Insurance
Replies: 418
Views: 20853

Re: Long Term Care Insurance

https://www.kiplinger.com/article/retirement/t036-c032-s014-should-you-buy-hybrid-long-term-care-insurance.html Michael Kitces had a more detailed post awhile back on his site reviewing hybrid LTC policies. Below is an excerpt. The bottom line is that in today’s marketplace, there are some opportun...