Search found 4854 matches

by Wannaretireearly
Wed Mar 27, 2024 11:23 pm
Forum: Personal Finance (Not Investing)
Topic: 12 months before retirement what do you wish you had done
Replies: 72
Views: 8654

Re: 12 months before retirement what do you wish you had done

Wish I would have accumulated more cash to live on after retirement instead of taking from pre-tax. Would have liked to have less AGI to qualify for ACA subsidies or more Roth conversions (and cash to pay tax on conversions). I did contribute to Roth 401k for the final year at least. If you saved more cash to live on after retirement wouldn’t that increase your AGI (interest etc) for ACA subsidies? Just curious, as I think I need more cash saved up too (vs. pre-tax or Roth). Yes. We never planned for anything like 5% for our cash position. Most of our careers, cash earned 0%-2%. Higher rates mean more interest income to fund expenses but less room for premium tax credits and Roth conversions. We are okay with the trade off this first year ...
by Wannaretireearly
Wed Mar 27, 2024 10:32 pm
Forum: Personal Finance (Not Investing)
Topic: 12 months before retirement what do you wish you had done
Replies: 72
Views: 8654

Re: 12 months before retirement what do you wish you had done

nyone wrote: Wed Mar 27, 2024 6:17 pm Wish I would have accumulated more cash to live on after retirement instead of taking from pre-tax. Would have liked to have less AGI to qualify for ACA subsidies or more Roth conversions (and cash to pay tax on conversions).
I did contribute to Roth 401k for the final year at least.
If you saved more cash to live on after retirement wouldn’t that increase your AGI (interest etc) for ACA subsidies?

Just curious, as I think I need more cash saved up too (vs. pre-tax or Roth).
by Wannaretireearly
Wed Mar 27, 2024 7:04 pm
Forum: Personal Finance (Not Investing)
Topic: how much do you think you need to retire?
Replies: 296
Views: 62775

Re: how much do you think you need to retire?

We retired 5.X years ago in our mid-50's with $1.6M, one FERS pension (36% of one ending high-3 salary) and two claims on Social Security (one above average and one close to maxed out). We spend about $11K a month, the very large majority of it discretionary. Portfolio after withdrawing 5% per year of annual portfolio balance for 5.X years is now almost $2M. We just started drawing the lower claim on SS at age 62 and will wait until 70 on the higher claim. We've had so much fun the past 5+ years. Healthy go-go years of retirement and tons of discretionary income to do within reason pretty much whatever we want without worrying about money. I'm running every other day, cross-training the other days and getting a massage every other week. 50...
by Wannaretireearly
Wed Mar 27, 2024 1:12 am
Forum: Non-US Investing
Topic: Career break to maximise time with kids?
Replies: 43
Views: 3156

Re: Career break to maximise time with kids?

It is a precious time when the kids are elementary/primary school age. Covid hit at the right time for us, and wfh these past 4 years has worked well for our family.

I now have two teenagers, with appropriate behavior and school stress etc.

Fully enjoy the young kiddos. It would seem you don’t really see the kids during the week with your long days.

Figure out something to free up time.
by Wannaretireearly
Tue Mar 26, 2024 11:43 pm
Forum: Personal Finance (Not Investing)
Topic: how much do you think you need to retire?
Replies: 296
Views: 62775

Re: how much do you think you need to retire?

Intersesting thread, so many different answers, and mine is totally different. We were cruising along happily with our plan with retirement, then at 59 everything was reset and I had to almost start over, but this time with only one income due to my wife becoming disabled. It forced a total restructuring of what retirement would look like, and at times I thought maybe we wouldn't get there. We paid off everything as a fast as possible including the house, saved significantly more, and I worked a couple more years. We also adjusted our spending down dramatically. I looked at what our SS would be at certain ages and budgeted to live on less than that, turned out we were just as happy with fewer worries. This resulted in SS covering all of ou...
by Wannaretireearly
Tue Mar 26, 2024 1:42 am
Forum: Personal Consumer Issues
Topic: When brand names matter and when they don't
Replies: 193
Views: 11787

Re: When brand names matter and when they don't

Four pages. I have not looked at these others posts.
However, let me bring some finality to this thread ;):

What matters:

Four roses bourbon
Lagavulin scotch
Honda engines
Advil
Brooks beast sneakers 20/23
Gold bond cream
Yes, Heinz ketchup without fructose crap
Kirin beer, on tap even better
Emirates or Singapore airlines
LASIK
Wagu Japanese A4/5 beef
Vicks vaporub
In n Out
Uber
Bulleit rye
Pizza Hut veg pizza
Big Mac
Fitbit
by Wannaretireearly
Tue Mar 26, 2024 1:09 am
Forum: Personal Finance (Not Investing)
Topic: Going Back to Work Numbers
Replies: 18
Views: 2464

Re: Going Back to Work Numbers

Set the boundaries firm. All stacked in your favor.
Try to swing 4-6 hours of work with your preferred timing. No politics or BS. Just good work and good outcomes.

Congrats on the offer. Be careful it doesn’t take over.
by Wannaretireearly
Tue Mar 26, 2024 12:53 am
Forum: Investing - Theory, News & General
Topic: It is really that simple to do it the Bogleheads way?
Replies: 87
Views: 8175

Re: It is really that simple to do it the Bogleheads way?

Yep, just remember the 80/20 rule. Take the most consistent 80% of the advice here. Remaining 20% is just academic ‘noise’.

Get your AA right. Invest regularly. Save for a rainy day.

It’s worked over 15+ years for us.
by Wannaretireearly
Tue Mar 26, 2024 12:42 am
Forum: Personal Finance (Not Investing)
Topic: Would you do a house upgrade?
Replies: 49
Views: 3551

Re: Would you do a house upgrade?

Nope. I would buy a second home in a beach community like Carmel, CA or Fort Lauderdale, FL.

Did we get your new right at $18-19M?
by Wannaretireearly
Sun Mar 24, 2024 9:37 pm
Forum: Personal Finance (Not Investing)
Topic: Can I really really afford a 3 million mortgage?
Replies: 104
Views: 9012

Re: Can I really really afford a 3 million mortgage?

redfan11 wrote: Sun Mar 24, 2024 7:04 pm
syngameon wrote: Sun Mar 24, 2024 6:46 pm You want to pay $3M for a townhouse where you share a wall with your neighbor? That's bonkers. I would do absolutely anything to avoid that situation including switching careers. But that's me.
To clarify- I wanted to buy a SFH. Townhomes in desirable locations are 3m or didn’t make sense to do that hence I focused on 4m SFH. I’ve decided to rent for now when I move later this year.
Good move. Property tax will metaphorically strangle you. You likely won’t be able to go on the vacations you want cos your house poor with a $4M place. I’ve seen this play out
by Wannaretireearly
Sun Mar 24, 2024 4:46 pm
Forum: Personal Finance (Not Investing)
Topic: Number of healthy years with no dependents
Replies: 23
Views: 1626

Re: Number of healthy years with no dependents

Well, we finally don’t have to be helping with our elders at this time as both sets of parents are now in the next world since last year. We both have health conditions now that make travel a bit limiting (especially if altitudes or poor air quality is involved)—I have had my health issues since early 40s, for over 24 years. We CAN travel and have the funds to do so but tend to get ill on trips. Even though the others on the trip only get and share “mild colds,” they tend to make us pretty ill for weeks. This has made us cut way back on travel as we seem to stay healthier when we don’t travel as much. Not sure when our S may start his family and may want some help from us—he just married last year. If he wants help, we are hoping he starts...
by Wannaretireearly
Sun Mar 24, 2024 4:43 pm
Forum: Personal Finance (Not Investing)
Topic: Number of healthy years with no dependents
Replies: 23
Views: 1626

Re: Number of healthy years with no dependents

Watty wrote: Sun Mar 24, 2024 3:05 pm
Wannaretireearly wrote: Sun Mar 24, 2024 11:17 am 1. Current Age: 45.
This life expectancy calculator is very simplistic but according to it there is about a 27% chance that at least one of you will not make it to be 66.

https://www.kitces.com/joint-life-expec ... alculator/

Your finances may limit what you can do now but the key is really to have a good balance with doing as much as you can with what you have instead of deferring it until later.
Thanks Watty. Kinda looking at this with one eye lol. It is sobering and real, with your sage advice being very appropriate.
by Wannaretireearly
Sun Mar 24, 2024 4:42 pm
Forum: Personal Finance (Not Investing)
Topic: Number of healthy years with no dependents
Replies: 23
Views: 1626

Re: Number of healthy years with no dependents

I had my children early and my parents both died before they developed any chronic illnesses. I have already lived through those years and I had 28 of them before my spouse became dependent on me. Thanks for sharing. How has this affected your retirement planning? Anything you’d do differently before your spouse became dependent on you? No - because following my father’s sudden death before my mother even retired, I determined that my spouse and I would retire as soon as we possibly could. That turned out to be age 46 for me (he was substantially older). We spent the first years moving across the country, buying a new home in the old West and pulling a 30 foot trailer all around the western U.S. It was amazing! Hard to regret anything with...
by Wannaretireearly
Sun Mar 24, 2024 2:27 pm
Forum: Personal Finance (Not Investing)
Topic: Number of healthy years with no dependents
Replies: 23
Views: 1626

Re: Number of healthy years with no dependents

humblecoder wrote: Sun Mar 24, 2024 1:56 pm For us it is zero. We will need to care for our special needs daughter for the rest of our lives.

That said, anyone who THINKS they know the answer to your question either has a crystal ball or is just guessing. Given that crystal ball tech is quite ready for prime time, it's most likely the latter. Nobody knows what curve balls life is going to throw at you. Or as that great philosopher Mike Tyson said, "Everyone has a plan until they get punched in the mouth!"
Well said. Thanks for sharing humblecoder!
by Wannaretireearly
Sun Mar 24, 2024 1:51 pm
Forum: Personal Finance (Not Investing)
Topic: Number of healthy years with no dependents
Replies: 23
Views: 1626

Re: Number of healthy years with no dependents

livesoft wrote: Sun Mar 24, 2024 1:46 pm
Wannaretireearly wrote: Sun Mar 24, 2024 1:23 pm Very good! I account for 20 good years, 50 to 70. But also factor looking after parents roughly in 10 years time affecting our ‘mobility’ to travel. Is this not a factor for you or your wife?
Our parents died a long time ago while our kids were still in school.
Gotcha, thanks.
We have 3 parents across DW and I. Two who are in middling health now in their 70s (one of which was very active thru 75/76 and has mobility issues now vs. walking 5-10 miles at a pace no one else could keep up with!)

I have an uncle who looked after my grandparents on/off for 30 years really. One passed and the other now lives with him, age high nineties.
by Wannaretireearly
Sun Mar 24, 2024 1:43 pm
Forum: Personal Finance (Not Investing)
Topic: Life...moving forward. Existential.
Replies: 16
Views: 1775

Re: Life...moving forward. Existential.

Airbnb or long term rental is our plan.
I can only own one place at a time (financially and head stress wise)
by Wannaretireearly
Sun Mar 24, 2024 1:26 pm
Forum: Personal Finance (Not Investing)
Topic: Number of healthy years with no dependents
Replies: 23
Views: 1626

Re: Number of healthy years with no dependents

er999 wrote: Sun Mar 24, 2024 11:31 am I would focus on your health with a regular exercise program and maintaining a healthy weight. There are many active people in their 60s and early 70s.
Yes, agree. We do what we can in a very busy household. 2 full time careers, kids in busy school years, etc.

We would both be healthier for sure, if our day opened up in hours.
by Wannaretireearly
Sun Mar 24, 2024 1:25 pm
Forum: Personal Finance (Not Investing)
Topic: Number of healthy years with no dependents
Replies: 23
Views: 1626

Re: Number of healthy years with no dependents

littlebird wrote: Sun Mar 24, 2024 11:31 am I had my children early and my parents both died before they developed any chronic illnesses. I have already lived through those years and I had 28 of them before my spouse became dependent on me.
Thanks for sharing. How has this affected your retirement planning? Anything you’d do differently before your spouse became dependent on you?
by Wannaretireearly
Sun Mar 24, 2024 1:23 pm
Forum: Personal Finance (Not Investing)
Topic: Number of healthy years with no dependents
Replies: 23
Views: 1626

Re: Number of healthy years with no dependents

livesoft wrote: Sun Mar 24, 2024 11:29 am My spouse has been overseas to 7 countries in 3 separate trips in the past year. She asks "You want to know what I'm planning for next year?"

I've been on a few mountaintops in the last year and I am almost her age.

We are both getting close to 70 and I think we are as healthy now as at age 50, so I'm not sure why you short-change yourself and stop at 60.
Very good! I account for 20 good years, 50 to 70. But also factor looking after parents roughly in 10 years time affecting our ‘mobility’ to travel. Is this not a factor for you or your wife?
by Wannaretireearly
Sun Mar 24, 2024 11:30 am
Forum: Personal Finance (Not Investing)
Topic: Life...moving forward. Existential.
Replies: 16
Views: 1775

Re: Life...moving forward. Existential.

US: Fort Lauderdale and non-US: Barcelona, Spain or Phuket, Thailand.
These are our options but we’re 5-10 years from executing on a decision similar to yours. We’re also in CA and will likely never give up our home base.
by Wannaretireearly
Sun Mar 24, 2024 11:17 am
Forum: Personal Finance (Not Investing)
Topic: Number of healthy years with no dependents
Replies: 23
Views: 1626

Number of healthy years with no dependents

I posit we all do a bad job of estimating how much healthy time we have. Especially healthy years where we are not tied to looking after kids or parents (or grandkids if lucky!). This is the time when you/we could wander the world, relatively care free. How many years do you estimate you have and how did you determine your number? I’ll start. 1. Current Age: 45. 2. Age when I don’t have to look after anyone: 50 3. Healthy years max total: 20 (based on family experience) 4. Number of healthy years which I/DW have for ourselves 100% of the time: 10 years, from age 50 to 60. The last stat is what I’d like to poll the group on and have a ‘healthy’ discussion as it’s a swag. But, is key to determine what is enough! Note: let’s not delve into any...
by Wannaretireearly
Sun Mar 24, 2024 11:04 am
Forum: Personal Finance (Not Investing)
Topic: 20-30X income, is that the "retirement rut"?
Replies: 135
Views: 20768

Re: 20-30X income, is that the "retirement rut"?

That's precisely the rub (and the rut). I'm not working to support a more lavish lifestyle or to buy stuff. I'm working to grow my portfolio. But if one's portfolio has reached the threshold that you describe, where additional working/saving is small, compared to market-driven growth (or decline!), then the impetus to work, wanes. I check the news, learning that the market has risen 1% that day... a number more or less tracked by my portfolio. How long would it take, how many months of working my W2, just to gross that amount, let alone to save it? The next day, the market falls 1%. Again: how many months of work would it take, to make good the [hopefully temporary] losses, through additional sedulous effort at saving? Beyond some point, i...
by Wannaretireearly
Sat Mar 23, 2024 2:41 pm
Forum: Personal Finance (Not Investing)
Topic: 20-30X income, is that the "retirement rut"?
Replies: 135
Views: 20768

Re: 20-30X income, is that the "retirement rut"?

I scanned all the prior replies but didn't see anyone saying "have you run the numbers if you stop working to see what SS benefit might be with such an early work stoppage"? Any pension? Spouses contribution to future pension or SS income, and her intentions re work? Of course, we were raised with the notion of the three stool approach to retirement planning: pension, Social Security and savings/investments. ... Our biggest expense was medical insurance premiums pre Medicare age. 12k to cover us both per year. Quite a few other factors besides the portfolio balance to consider IMHO. This hasn't been brought up because OP is not looking to retire nor did they ask for opinion on retiring. They simply asked about generic thoughts re...
by Wannaretireearly
Sat Mar 23, 2024 10:00 am
Forum: Personal Investments
Topic: Pulled out of Target Fund 2045 to rebalance, more aggressive
Replies: 98
Views: 5644

Re: Pulled out of Target Fund 2045 to rebalance, more aggressive

rkhusky wrote: Fri Mar 22, 2024 9:05 pm High risk can lead to high return, or big losses. That’s why it’s high risk. How will you respond if the market drops in half and you lose half your nest egg? It will probably happen again in the next 20 years.
This. It’s taken me a while to come to terms with a more balanced AA. I always want to be in a situation where I can rebalance from bonds to stocks. However I never want to be below 60-70% stock. So I’ve settled on 70/30 (using mostly target date funds). I think I’d be ok going back to 90/10 if the situation warranted it (massive/sudden drop in markets like March 2020).

Getting AA right is the number one thing. Ok, perhaps number two after raw savings rate.
by Wannaretireearly
Sat Mar 23, 2024 1:33 am
Forum: Personal Investments
Topic: Transfer HSA from Optum to Fidelity
Replies: 33
Views: 7126

Re: Transfer HSA from Optum to Fidelity

If you’re in CA, this gets really difficult since you can’t transfer in-mind and have to liquidate, thus paying state tax on gains (if applicable). State taxes? Really? I had no idea if this is in fact true. It's true in California & New Jersey, those are the two states that don't treat HSA accounts as tax deferred. Thanks. I guess this is a surprise to me and a fault of me being too proactive trying to consolidate accounts. Oh well, I’ll deal with the consequences….smh Have you figured out how to file your taxes with this? Also CA resident and also now dealing with the consequences with consolidating in Fidelity haha. Wondering what forms I need to get from Optum to calculate gains, dividends, interest. Hoping to avoid needing a CPA t...
by Wannaretireearly
Fri Mar 22, 2024 12:21 am
Forum: Personal Finance (Not Investing)
Topic: Anyone know any great bonuses being offered for large credit card purchase?
Replies: 19
Views: 2233

Re: Anyone know any great bonuses being offered for large credit card purchase?

Check out 0% Apr cards for 18 months.
Works out to $1k plus ‘bonus’ assuming cash is in MM funds.
by Wannaretireearly
Thu Mar 21, 2024 7:01 am
Forum: Investing - Theory, News & General
Topic: Dangers of excessive optimism?
Replies: 86
Views: 6679

Re: Dangers of excessive optimism?

There is a lot more green than than blue in this chart. So I can see where optimism could hurt folks these days. We are due for a grey period. https://static.helpjuice.com/helpjuice_production/uploads/upload/image/3894/direct/1529528640819-Bull%20v%20Bear.png The time since 2009 hasn't been all rainbows and unicorns. https://www.advisorperspectives.com/images/content_image/data/cd/cdc24824dfea6095aec56f0fb2768c2f.png Great chart! Lot’s to take away from this, including ‘don’t be afraid to invest’. The grey recession could hit at any point. Real conclusion for me is have an AA which you can sustain thruout the turbulence. I’m glad I moved from 90/10 to 70/30 a few months ago, even though I would have earned more if I hadn’t changed my AA. K...
by Wannaretireearly
Wed Mar 20, 2024 7:41 am
Forum: Investing - Theory, News & General
Topic: Anybody heard stories of well "prepared" retirees running out of money?
Replies: 210
Views: 23835

Re: Anybody heard stories of well "prepared" retirees running out of money?

+1. Same goals, similar situation. I’m already the wrong side of 40 and plenty of real examples of friends/family where quality time has not been valued, or has been taken away by sickness etc. Sobering. In my mind, hit 50, figure out what 4% is without SS and dive in. Set that as initial budget (very roughly for me: fixed costs are 2%, discretionary is 2%) & start living a decent retired life. Adjust as needed. Cannot live analysis paralysis forever. That’s a fools game. I would kill for 2% fixed costs. Ok, maybe not kill. Ours are about 3.75% . Discretionary 1.25%. Tax still unknown but probably will end up between 0.5% and 1%. SS at 62 would cover approximately 30% of total expenses. If we last that long , and the portfolio survives...
by Wannaretireearly
Wed Mar 20, 2024 7:37 am
Forum: Personal Consumer Issues
Topic: Moving in retirement.
Replies: 29
Views: 3612

Re: Moving in retirement.

My family has experienced the hard way what it’s like when the house does not support a disability or illness.
We’ve taken this to heart, and essentially renovated to simplify and have easier access (could still be better, like true ADA bathroom/access space) for disabilities etc.

Downstairs bathroom is key. Simplified garden is key for us (low/no maintenance).
by Wannaretireearly
Wed Mar 20, 2024 7:01 am
Forum: Personal Investments
Topic: Portfolio Review Request
Replies: 11
Views: 1496

Re: Portfolio Review Request

Just scanning thru. OP is golden however you look at it.
The advice here will help fine tune things, but well done on getting such a big next egg, and spending it “well” in FL. 🍹 🏖️
by Wannaretireearly
Wed Mar 20, 2024 6:31 am
Forum: Personal Finance (Not Investing)
Topic: What did you do today to increase your income? [Financial]
Replies: 64
Views: 4235

Re: What did you do today to increase your income?

Boosting your income super important, and under discussed, but I don't think of it as an every day activity. To me, it's really about a few big decisions and getting them right. I think the decisions are different based on the various seasons of life. Disclaimer: these statements are going to be wildly generalized and not entirely correct for any specific career, though I personally still think it's a useful framework... don't @ me! Early career, let's say within first 5-10 years after schooling, I think the big one is deciding whether you've got the right career to get you through the next 30 years, or if you want to make an adjustment. I've seen people get this fabulously right and fabulously wrong. I think this is about having insight. ...
by Wannaretireearly
Wed Mar 20, 2024 6:25 am
Forum: Investing - Theory, News & General
Topic: Anybody heard stories of well "prepared" retirees running out of money?
Replies: 210
Views: 23835

Re: Anybody heard stories of well "prepared" retirees running out of money?

Threads like this eventually end up with posters stating that 0.5% withdrawal rate, excluding Social Security, pension and real estate, is the new 4%. There is a vein of fear of running out of money on this site. I would never be one of these. 200x expenses is just insane. There was a poster with 50x yesterday and many still told him not to retire. We are trying to retire in our late 40s/early 50s with 20x expenses, most of the portfolio being situated in TIRA and Roth IRA. That's a 5% withdrawal rate, but the expenses don't account for income taxes on TIRA and Roth earnings. It's hard to do and I'm still trying to figure out whether we can. With the taxes it might be a 6% withdrawal rate. With inflation on top, unclear whether we can make...
by Wannaretireearly
Tue Mar 19, 2024 1:01 am
Forum: Investing - Theory, News & General
Topic: Anybody heard stories of well "prepared" retirees running out of money?
Replies: 210
Views: 23835

Re: Anybody heard stories of well "prepared" retirees running out of money?

DW & I ran into an older gentleman at the store a few weeks back. He was standing by the frozen foods and started talking with us. He said that he could barely afford to go shopping anymore. He actually said he saved what he believed was enough for he & his wife to get through retirement. After he was retired a few years, he got cancer. He went into remission & then a few years later the cancer returned. During our conversation with him, he also told us his wife had recently had a stroke & at that point she was in the hospital. I saw him go through the checkout line with very little in his cart. When we finished checking out, I saw him putting his groceries in his car & offered him a little financial assistance. I gave ...
by Wannaretireearly
Sun Mar 17, 2024 10:12 am
Forum: Personal Investments
Topic: Asset allocation for "bridge funds" to be used from age 50-59.5?
Replies: 16
Views: 2100

Re: Asset allocation for "bridge funds" to be used from age 50-59.5?

This is a great question I’m sure a few of us with similar goals have. Thanks for posting OP. There is the “science” behind this, with optimal tax strategies as above posts detail. Plus the comfort or safety factor that some desire (including me) of having the money accessible easily in taxable accounts. I’m planning on accumulating 2-3 years of CA muni bond funds while working. Perhaps more if we can swing it. Obviously once we stop working we don’t need the munis (and assoc tax benefits) so optimally probably better to shift this money to a different ‘safe’ asset (perhaps TIPs?). Overall targeting a 70-30 AA, perhaps more towards 60-40 at age 50/target retirement age. I think the same AA in taxable brokerage is my target, with those CA mu...
by Wannaretireearly
Sat Mar 16, 2024 6:38 pm
Forum: Personal Consumer Issues
Topic: Dual majors and non big 50 colleges
Replies: 111
Views: 7471

Re: Dual majors and non big 50 colleges

So I was like you until I realized (ok, was told) what it was doing to my kid and I stopped. What you are doing is catastrophizing and it is hurting your kid. You want your kid to be excited and hungry not scared. Fear is no way to go through life. People brought up in fear never learn risk taking. Nothing bad will happen if you wait until it's time for your kid to pick colleges and then offer support and encouragement without judgement and pressure. You cannot predict the future any way except poorly. Don't make them fear disappointing you. I am an engineer. Double majors are worthless, MechE and Aerospace are practically the same and everybody knows it. There is no reason to major in both. But none of this is relevant to a HS sophomore. ...
by Wannaretireearly
Sat Mar 16, 2024 12:56 pm
Forum: Personal Investments
Topic: Retiring Soon-Questions about rollovers
Replies: 7
Views: 1280

Re: Retiring Soon-Questions about rollovers

lakpr wrote: Sat Mar 16, 2024 10:38 am
Wannaretireearly wrote: Sat Mar 16, 2024 9:43 am Following. Are the ‘weak’ rules in CA applicable to both TIRA and Roth IRA?
YEP. No difference between a tIRA or rIRA.
Got it. Thanks lakpr.
by Wannaretireearly
Sat Mar 16, 2024 9:43 am
Forum: Personal Investments
Topic: Retiring Soon-Questions about rollovers
Replies: 7
Views: 1280

Re: Retiring Soon-Questions about rollovers

Following. Are the ‘weak’ rules in CA applicable to both TIRA and Roth IRA?
by Wannaretireearly
Fri Mar 15, 2024 10:40 pm
Forum: Personal Finance (Not Investing)
Topic: The best game-changing financial advice you ever received (or "discovered")
Replies: 219
Views: 25601

Re: The best game-changing financial advice you ever received (or "discovered")

DarkHelmetII wrote: Fri Mar 15, 2024 8:11 am mega back door roth. don't know if it truly qualifies as "game-changing" but I see several high-income people looking for convoluted / 'magical' tax schemes whilst overlooking the $50-$60k (whatever the number is today) you can put into mega back door roth.

in fact several CPA's / tax preparers and financial planners did not proactively mention this. perhaps hyperbolic but to not suggest looking into it for a high income earner is almost malpractice. and testament to the advice acquired through this forum vs 'professionals.'
100% agree. Has low adoption from what I’ve seen at my company, puzzling. To be fair, it took me a full year to get my head around doing it.
by Wannaretireearly
Fri Mar 15, 2024 10:29 pm
Forum: Personal Consumer Issues
Topic: Dual majors and non big 50 colleges
Replies: 111
Views: 7471

Re: Dual majors and non big 50 colleges

JPM wrote: Fri Mar 15, 2024 1:48 pm The most important things I did for my kids were the enrichment opportunities (intentional) and developing a wide range of connections (unintentional). The connections turned out to be crucial to professional opportunities for two of my kids.
Connections can be key. Nice work getting the kids launched!
by Wannaretireearly
Fri Mar 15, 2024 10:20 pm
Forum: Personal Consumer Issues
Topic: Dual majors and non big 50 colleges
Replies: 111
Views: 7471

Re: Dual majors and non big 50 colleges

Going through this with a senior from a typical competitive (borderline toxic imo) bay area high school. One thing I have observed is within engineering disciplines there are wildly different levels of competition for entrance, since most state schools in CA engineering colleges admit by major. The competition in CS admissions (and anything computer related) right now is absurd for all of the UC's as well as many of the CSUs, mechanical engineering and aerospace is a close 2nd followed by bio/biomedical and non-cs EE, then civil. In other disciplines (i.e. industrial, manufacturing, chemical, materials) the competition is less insane. So if your kid ends up applying to one of these most competitive disciplines they should apply broadly and...
by Wannaretireearly
Fri Mar 15, 2024 12:05 am
Forum: Personal Finance (Not Investing)
Topic: The best game-changing financial advice you ever received (or "discovered")
Replies: 219
Views: 25601

Re: The best game-changing financial advice you ever received (or "discovered")

Advice here:
Backdoor Roth
MBDR

Feel like I’m the one in control of my goal posts.
Enough is within touching distance.
by Wannaretireearly
Thu Mar 14, 2024 8:57 pm
Forum: Personal Consumer Issues
Topic: Dual majors and non big 50 colleges
Replies: 111
Views: 7471

Re: Dual majors and non big 50 colleges

OP: I appreciate reading about your enthusiasm to help you child explore future options in what may be an area of interest and/or strength. I do think your enthusiasm has you a few steps ahead of where you might be most helpful as a parent.... I can share that my experience as a parent of three, the last about to graduate with a duel degree in 3 years, (albeit in a different but demanding area med bio/bio physics. Shout out to AP classes), the dual major degree isn't all that it seems like it will be on the open market. Often a dual degree means a student has an area of interest outside their major, is told by an advisor or realizes late junior year they could wind up with a second major and schedules senior year of college accordingly. So...
by Wannaretireearly
Thu Mar 14, 2024 12:24 am
Forum: Investing - Theory, News & General
Topic: Where does your [investing] inspiration come from?
Replies: 31
Views: 3117

Re: Where does your inspiration come from?

Father in law. Retired at age 49 on a shoestring budget. 25 years+ and still enjoying 100% of his time!
by Wannaretireearly
Thu Mar 14, 2024 12:22 am
Forum: Personal Investments
Topic: "Rich Man's Roth" / 7702
Replies: 37
Views: 5557

Re: "Rich Man's Roth" / 7702

We had this option when I first started working a long time ago.
After one or two paychecks I wised up. Likely after reading advice here. I’d almost forgotten this. What a pitfall I luckily got out of early….
by Wannaretireearly
Tue Mar 12, 2024 11:58 pm
Forum: Personal Consumer Issues
Topic: Dual majors and non big 50 colleges
Replies: 111
Views: 7471

Re: Dual majors and non big 50 colleges

Bay Area double major from a Top 50 school + MBA from Top 3 school. I defaulted into the undergrad double major b/c I couldn't decide and had enough credits for both. In terms of nabbing an interview or hiring, never mattered one iota. Never came up. Not even once. I like Hipcoyote's advice -- look for the best "fit" for your kid. Having the support and camaraderie to navigate the transiton from home to school to career is tremendously important. A place to build an amazing, strong emotional foundation, comfortably dig into their studies and become a well-rounded human being will help your kids thrive. The best thing my parents did was let me follow my interests (despite their worry). They let me play through and were not prescri...
by Wannaretireearly
Tue Mar 12, 2024 9:33 pm
Forum: Personal Consumer Issues
Topic: Dual majors and non big 50 colleges
Replies: 111
Views: 7471

Re: Dual majors and non big 50 colleges

Fair points KlangFool. What other majors could be considered if not pure engineering? I don’t know what I don’t know, but folks like you/your son may come up with options for a mechanically minded kid. Can you elaborate on "mechanically-minded"? I'm not very mechanically-minded, but as an EE, I don't need to be. Engineering is heavy on theory and math -- you don't necessarily have to love it, but you do have to have strong math skills, and the tenacity to see it through. If you're thinking about good ROI and something that's hands-on, maybe the trades: HVAC, plumbing, electrician, mechanic. There are also technician (such as electrical soldering), or medical technician roles (learn to be the person operating the MRI, ultrasound, ...
by Wannaretireearly
Tue Mar 12, 2024 9:30 pm
Forum: Personal Consumer Issues
Topic: Dual majors and non big 50 colleges
Replies: 111
Views: 7471

Re: Dual majors and non big 50 colleges

Going through this with a senior from a typical competitive (borderline toxic imo) bay area high school. One thing I have observed is within engineering disciplines there are wildly different levels of competition for entrance, since most state schools in CA engineering colleges admit by major. The competition in CS admissions (and anything computer related) right now is absurd for all of the UC's as well as many of the CSUs, mechanical engineering and aerospace is a close 2nd followed by bio/biomedical and non-cs EE, then civil. In other disciplines (i.e. industrial, manufacturing, chemical, materials) the competition is less insane. So if your kid ends up applying to one of these most competitive disciplines they should apply broadly and...
by Wannaretireearly
Tue Mar 12, 2024 9:28 pm
Forum: Personal Consumer Issues
Topic: Dual majors and non big 50 colleges
Replies: 111
Views: 7471

Re: Dual majors and non big 50 colleges

Having gone through this recently (and with another child the same age as your oldest) I know exactly how you feel. I don't think you're being a tiger dad. The landscape in front of your kid is very tough to navigate. It's actually much easier for a kid who's a prodigy - they'll be looking at all the famous schools everyone talks about. For your son it'll be tougher to decide where he wants to go. You absolutely shouldn't be forcing him into engineering (and I don't think you are) but helping him research summer programs or extracurricular activities is a good idea. IF (and that's a huge "IF") he really wants to go into engineering, you should start talking to him about potential engineering programs now. Find potential "saf...
by Wannaretireearly
Tue Mar 12, 2024 9:27 pm
Forum: Personal Consumer Issues
Topic: Dual majors and non big 50 colleges
Replies: 111
Views: 7471

Re: Dual majors and non big 50 colleges

torso2500 wrote: Tue Mar 12, 2024 1:00 pm I think you are getting swept up in the competitive environment surrounding you. I would bet the hand wringing you hear about prestige grads struggling to find jobs actually means they are not all getting the high prestige jobs they've aimed for, not that they are truly failing to find gainful employment. There's a lot more to college and life than this, so my advice is take the good information on engineering degrees (if that's what your child wants to pursue) and leave the hyperbolics of trying to rise to the top in the meritocratic hellscape.
Lol, love how you’ve written this. Thanks 🙏