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winski58

Vanguard transferred funds to my ALLY ROTH account on April 9. ALLY said transfer was rejected and funds were returned because of an incorrect account number. Verified that the account number is in fact correct after checking original Transfer Form. Called Vanguard and after waiting an hour, was tol...

winski58

Is this example correct? Purchase SPIA in 2021 for $150,000 from qualified funds. Traditional eoy balance for 2021 is reduced by $150,000 which reduces RMD for 2022 and beyond. Must take RMD for 2021 based on 2020 eoy qualified balances. (SPIA purchase has no impact on 2021RMD) Tax on $150,000 used...

winski58

Buying an annuity with IRA assets lowers your RMD because those assets are no longer part of the RMD calculation. The IRS considers an IRA immediate annuity to have satisfied future RMDs for the money placed in the annuity (the amount of premium used to buy that IRA Annuity). Rick Ferri Is this exa...

winski58

A SPIA purchase using qualified funds satisfies the RMD in the year of purchase, assuming the amount is greater than or equal to your RMD, and therefore the funds are are not included for income tax purposes for the year of purchase...correct? In other words, not like a ROTH conversion that requires...

winski58

Spouse and I are 70/74 and plan is to convert $150K from Traditional IRA to ROTH in $25K increments over the next 6 years. This will provide the required after-tax funds to purchase a SPIA in the event one of us passes and our income tax burden suddenly increases. We have decided to invest the fund...

winski58

I-bonds would be a better choice than Tips. You can buy $10,000 per year and your spouse can buy $10,000 per year. You can also get $5,000 per year in paper bonds if you overpay your taxes and request your tax refund in I-bonds. How can they hold I-bonds in a Roth? :confused I am referring to Taxab...

winski58

I-bonds would be a better choice than Tips. You can buy $10,000 per year and your spouse can buy $10,000 per year. You can also get $5,000 per year in paper bonds if you overpay your taxes and request your tax refund in I-bonds. The only catch is the sixth year. One must hold an I-Bond for a year b...

winski58

I-bonds would be a better choice than Tips. You can buy $10,000 per year and your spouse can buy $10,000 per year. You can also get $5,000 per year in paper bonds if you overpay your taxes and request your tax refund in I-bonds. The only catch is the sixth year. One must hold an I-Bond for a year b...

winski58

Spouse and I are 70/74 and plan is to convert $150K from Traditional IRA to ROTH in $25K increments over the next 6 years. This will provide the required after-tax funds to purchase a SPIA in the event one of us passes and our income tax burden suddenly increases. We have decided to invest the funds...

winski58

So if you are

1) OVER AGE 59.5
2) FIVE YEARS OR MORE SINCE OPENING FIRST ROTH IRA

I guess the key point "Since Opening First ROTH IRA"

...The penalty and tax clock is disabled
for all future contributions via IRA conversion.

winski58

Let me simplify. Example: You have had a Roth for more than 5 years and you are now 73. May 2021 ROTH balance is $60,000. Contributed $40.000 via conversion from a Traditional IRA in June of 2021. (from funds that were rolled over from 401K in March 2021) Balance including earnings in ROTH is $105,0...

winski58

I know this issue has been discussed previously, but I want to be absolutely sure before I proceed with a Direct Rollover from my TSP 401K (Thrift Savings Program) to my Vanguard Traditional IRA. Plan is to convert funds annually from the Vanguard IRA to my ROTH IRA. (Note that I established the ROT...

winski58

We have the bulk of our retirement assets invested in TIAA (Supplemental) Traditional. This is a an "annuity contract" and the guaranteed interest rate is quite high given current bond yields. So our plan is to use this for our bond allocation as we are retired and this seems to be a very ...

winski58

But my concern is inflation as we are in good health and longevity could be an issue. Could a SPIA help out here? :idea: SPIA and/or TIPS may be an option in the future. Decided to allocate VTSAX/VTWAX (80/20) with 20% of current retirement funds. Will invest future RMDs until we have 25% to 30% al...

winski58

Congratulations on your good health and prospect for longevity! The title "Reentry Jitters" and line about having "Won the Game" suggest both a low tolerance and low need (if any) for risk. Since you are teetering on having won the game (depending on inflation and longevity), th...

winski58

With a comfortable level of bonds/cash, you should look at this analysis when considering your stock investing: https://awealthofcommonsense.com/2014/02/worlds-worst-market-timer/ On a different note, one thing to consider is that one of you is very likely to die before the other, and the survivor ...

winski58

Congratulations on your good health and prospect for longevity! The title "Reentry Jitters" and line about having "Won the Game" suggest both a low tolerance and low need (if any) for risk. Since you are teetering on having won the game (depending on inflation and longevity), th...

winski58

Spouse and I (73 & 70) have used retirement (401k) funds to supplement our income for 8 years in order to get maximum Social Security benefits. Our plan was to keep our funds in TSP GFund and TIAA Traditional until both of us were drawing SS. And recently reached that goa! Our modest retirement ...

winski58

Finally received a response from OPM. They verified that my calculations were technically correct but the total of the (12) payments were less than the actual COLA because of the rounding down after dividing by 12. In other words, (previous years annual gross x 1.COLA percentage = new gross annual a...

winski58

So I verified the last 3 years of COLA's based on my OPM Retirement Services Online account. Calculations are based on gross payments. Received a 1.9% increase for 2019. (Published FERS COLA for 2019 is 2%) Received a 1.42% increase for 2020. (Published FERS COLA for 2020 is 1.6%) Will receive a 1....

winski58

So I verified the last 3 years of COLA's based on my OPM Retirement Services Online account. Calculations are based on gross payments. Received a 1.9% increase for 2019. (Published FERS COLA for 2019 is 2%) Received a 1.42% increase for 2020. (Published FERS COLA for 2020 is 1.6%) Will receive a 1.1...

winski58

No, it is not.

winski58

Calculation is based on Gross payment. I calculated my 1.3% Social Security COLA using the same formula on my spreadsheet and the the 2021 SS payment is correct. I contacted OPM and they sent me the COLA qualifying information. I replied requesting an explanation for the discrepancy. Assume they did...

winski58

Calculated my FERS COLA for 2021 by using this formula. ((2021 gross payment-2020 gross payment)/2020 gross payment) And the result is 1.17%. The 2021 COLA should be 1.3%. I have been retired for many years and qualify for the full adjustment. Are there any other federal retirees finding this discre...

winski58

Spouse received her Award letter yesterday with first payment scheduled for receipt in January 2021 for December 2020 benefit. This will be her first payment on her Own Record as she has been receiving a Spousal Benefit. The last claim for Spousal is November 2020 and expected receipt on December 20...

winski58

I have a question related to the timing for applying for SS at 70. Spouse DOB is March 27 when he will turn 70. Is the month for accruing his last credit in February or March. This will determine when he will apply to assure he receives his last monthly 0.16667 monthly increase. Squeezing the last p...

winski58

Considering a Home Equity Loan to fund a home improvement for my daughter. She and her husband both have high incomes but very little equity in their home. They would pay for all closing costs and make monthly payments (via monthly transfers to my account) and pay back the loan in 12 months. Are the...

winski58

I am considering an investment in Distributed Ledger/Blockchain Technology after extensive research. There are currently at least 2 Blockchain ETF's that are a awaiting approval from the SEC. Any others interested in this new and promising technology?

winski58

neilpilot wrote: ↑Tue Dec 26, 2017 3:13 pm They charge a management fee of 0.75% (PLUS APPLICABLE SALES TAX)

https://www.horizonsetfs.com/hmmj
So I was apparently incorrect in assuming all fees were included in the Expense Ratio?

winski58

winski58 wrote: ↑Tue Dec 26, 2017 3:03 pm
livesoft wrote: ↑Tue Dec 26, 2017 2:48 pm Only after you state the ticker symbol.

Maybe they borrow shares and lend them out
HMMJ
Should have stated as 0%. (Yahoo Finance)

winski58

livesoft wrote: ↑Tue Dec 26, 2017 2:48 pm Only after you state the ticker symbol.

Maybe they borrow shares and lend them out
HMMJ

winski58

I am researching an ETF on the Toronto Exchange with a net expense ratio of $0.00. This makes no sense. Could someone explain.

winski58

The key point here is whether or not the person has filed. If you haven't filed for benefits by 70, they don't start automatically. Conversely, if you did file -- but you have suspended your benefits -- they will unsuspend automatically at 70. Regarding automatic retroactive filing: For a person fi...

winski58

The key point here is whether or not the person has filed. If you haven't filed for benefits by 70, they don't start automatically. Conversely, if you did file -- but you have suspended your benefits -- they will unsuspend automatically at 70. Regarding automatic retroactive filing: For a person fi...

winski58

My credit union has a "Payable upon Death" option but not a "Beneficiary Option." In order to do the the POD will require that I open a new account and transfer my checking and money market accounts to the newly established account because I have a "line of credit" in m...

winski58

Just froze Experian, TransUnion and Equifax this morning and there was no charge. Does this mean my credit has been breached?

winski58

DW and I have been enrolled with BCBS Basic for more than 25 years and are enrolled with Aetna Direct and added Part B, effective July 1,2017. Premiums DW $1608 (Part B premium) ME $2251 (Part B premium - penalty for late enrollment at age 69) Aetna Direct $3158 Subtotal $7,017 Aetna Reimb. $1,800 (...

winski58

Are the same Life Expectancy Tables used for both RMD and Annuity Exclusion Ratio calculations? No. Life expectancy for required distributions is slightly longer than for annuities. This is because people who buy annuities are self selected as people who expect to live a longer than average life. R...

winski58

Are the same Life Expectancy Tables used for both RMD and Annuity Exclusion Ratio calculations?

winski58

Yes, you can do a partial withdrawal and then later set up monthly payments to cover your RMDs. You can also withdraw your entire remaining balance at any time after you start the monthly payments. What you cannot do is take a partial lump sum withdrawal and then a second partial lump sum withdrawa...

winski58

Thanks for your input. I should not have assumed responders knowledge relating to the restricted nature of TSP withdrawals. And my rational was to use ALLY as a temporary vehicle to fund expenses over the next three years and also to convert some of the surplus to a Roth and use as an emergency fund...

winski58

Sorry, I should have mentioned that this rollover is considerably more than we need per year to supplement expenses. Plan is to start converting the surplus to a ROTH or withdraw from the IRA to taxable funds used for emergencies and play money in the future. Trying to avoid the social security tax ...

winski58

ALLY IRA CDs and Savings.

winski58

We will be doing a partial rollover used to help fund our budget over the next three years that will allow my DW to delay social security until 70. We have 2 options, TIAA Traditional liquid account or TSP G-Fund. We are leaning toward the G-Fund as the return is currently 2.25% vs TIAA Traditional ...

winski58

Yes, you can do a partial withdrawal and then later set up monthly payments to cover your RMDs. You can also withdraw your entire remaining balance at any time after you start the monthly payments. What you cannot do is take a partial lump sum withdrawal and then a second partial lump sum withdrawa...

winski58

I am turning 70 in December and plan to transfer/rollover a portion of my TSP account to an IRA Traditional account this fall. I was told by a TSP customer service rep. that this can be done via a TSP-77 form. He also stated that only one partial distribution is allowed and the remaining balance mus...

winski58

Can the tax payments for the RMD be spread over 4 quarters if the total RMD is distributed to the checking account in January?

winski58

Consider the following: RMD from 401k for 2018 divided by 12 and distributed on the 15th of every month from January thru December to checking account. Additional amount transferred via ROTH conversion in December 2018. Total income tax calculated via TaxCaster for projected income, including RMD (b...

winski58

I just entered (using TaxCaster) $20,000 in long-term capital gains/qualified dividends instead of taking an extra $20,000 from 401k and the tax is $7,154. So selling a few shares from my after-tax mutual fund appears to be a much better strategy. Is this because a long-term capital gain or stock qu...

winski58

The additional 20K distribution will cause more of your SS to be subject to taxation and therefore your AGI and taxable income go up by more than $20K. More explanation here: https://www.kitces.com/blog/the-taxation-of-social-security-benefits-as-a-marginal-tax-rate-increase/ Thanks...This may chan...

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