Search found 1405 matches

by basspond
Tue Apr 06, 2021 12:14 pm
Forum: Personal Finance (Not Investing)
Topic: Too early to retire?
Replies: 53
Views: 6743

Re: Too early to retire?

Since you are younger then 59.5 I would suggest a portfolio at least 35 x yearly costs. But you could still probably pull the trigger now with the value of your paid off house as insurance just in case. Good luck.
by basspond
Sat Mar 27, 2021 6:50 am
Forum: Personal Finance (Not Investing)
Topic: Short term saving strategy taking into account taxes
Replies: 20
Views: 1181

Re: Short term saving strategy taking into account taxes

I have a relative who sold some equities for a down payment. They didn’t consider the tax consequences and luckily it was a minor loss they could claim as a deduction. Hopefully you too have learned a painful lesson. I would never stop retirement contributions just reduce your contributions if you h...
by basspond
Sat Mar 27, 2021 6:41 am
Forum: Personal Finance (Not Investing)
Topic: Retirement: Pension or lump sum ?
Replies: 30
Views: 3035

Re: Retirement: Pension or lump sum ?

If you are concerned about taxes, the chances for rates going up for for income over $400k is much higher then for them to be coming down since they will be expiring in 2025. Don’t forget the present value of your lump sum. And with a pension you will have no flexibility to manage your income.
by basspond
Tue Mar 23, 2021 6:18 am
Forum: Personal Finance (Not Investing)
Topic: 529 affect on FAFSA?
Replies: 50
Views: 3309

Re: 529 affect on FAFSA?

Yes you should but only after you max out your Roth, IRA’s, and work on becoming debt free before they start college.
by basspond
Fri Mar 19, 2021 6:40 am
Forum: Personal Finance (Not Investing)
Topic: Time to fill my taxes... how to claim college tuition for our kid?
Replies: 39
Views: 3267

Re: Time to fill my taxes... how to claim college tuition for our kid?

Forget about any tax credits for college and be thankful for your awesome income. Our income was substantially less and we not able to claim, until our income was closer to $100k. I believe the threshold is $180k. Until your child provides over 1/2 of their support they will not be able to file for ...
by basspond
Fri Mar 19, 2021 6:27 am
Forum: Personal Finance (Not Investing)
Topic: How to pay ZERO taxes in retirement with 6-figure expenses
Replies: 224
Views: 153303

Re: How to pay ZERO taxes in retirement with 6-figure expenses

The odds are always stacked in the house’s (government) favor. Why do you think the break even point of your SS payments and percentage of RMDs are where they are? They will get what’s coming to them and according to the two guarantees in life, death and taxes, we will too.
by basspond
Fri Mar 19, 2021 6:14 am
Forum: Personal Finance (Not Investing)
Topic: [Third stimulus payment - mega-thread]
Replies: 362
Views: 25831

Re: Have All 3rd Stimulus Direct Deposits Been Made?

I have two relatives, one has received the other has not. We weren’t eligible for the 2020 stimulus based on our 2019 income but were able to take them as a credit on our 2020 return.
by basspond
Tue Mar 16, 2021 4:46 pm
Forum: Personal Finance (Not Investing)
Topic: Excel Experts? Rearrange data
Replies: 15
Views: 1393

Re: Excel Experts? Rearrange data

Don’t know exactly how your data is formatted but many times I would have to analyze data that was in a report format and missing vital column information. I used a combination of data/text to column reformatting then would have to add a column with the information using IF statements for new column...
by basspond
Tue Mar 09, 2021 5:56 am
Forum: Personal Finance (Not Investing)
Topic: Has anyone see an inheritance not go as planned? I would like to hear stories from others of what can go wrong.
Replies: 406
Views: 46110

Re: Has anyone see an inheritance not go as planned? I would like to hear stories from others of what can go wrong.

When a relative’s land was disbursed, part of the land had different mineral rights ownership. The person who received the land with lesser rights was given extra cash out of the inheritance to make up the difference. Fast forward 30 years later the original inheritor passed and their surviving bene...
by basspond
Tue Mar 02, 2021 5:57 am
Forum: Personal Finance (Not Investing)
Topic: Personal Finances and Minimalism
Replies: 52
Views: 5898

Re: Personal Finances and Minimalism

I would like to simplify too but I am always reminded of Madoff and Stanford..
by basspond
Sat Feb 27, 2021 12:01 am
Forum: Personal Consumer Issues
Topic: Whole House Backup Generator or Tesla Powerwalls?
Replies: 26
Views: 2948

Re: Whole House Backup Generator or Tesla Powerwalls?

We have a 3500 watt generator (around $750) that is enough to power a AC window unit, 2 refrigerators, fans, lights, and our home computer network including router, PCs and TVs. We make sure we have gas on hand for at least 5 days plus we could siphon the gas from our autos. We also have a gas grill...
by basspond
Mon Feb 22, 2021 2:01 am
Forum: Personal Finance (Not Investing)
Topic: too much in 401k may be forced to quit job
Replies: 183
Views: 16824

Re: too much in 401k may be forced to quit job

Have you researched your plan on Brightscope? Don’t know if it would be there but for my ex megacorp it had number of participants and average balance and gave me an idea on how we were doing. We had multiple times over the average and I always wondered if someone in my leadership knew how much we h...
by basspond
Sun Feb 21, 2021 7:34 am
Forum: Personal Finance (Not Investing)
Topic: Revealing net worth
Replies: 251
Views: 16514

Re: Revealing net worth

We have in a roundabout way told our children and we know our parents’. I was once asked by someone that they didn’t know how they would get to 7 digits and if we were there? My answer was we were closer to 2 then 1, then I told them the story my dad told me, “I’m working on my 2nd million, I gave u...
by basspond
Sat Feb 20, 2021 7:39 am
Forum: Personal Finance (Not Investing)
Topic: How to justify selling investments to pay off car loan?
Replies: 12
Views: 926

Re: How to justify selling investments to pay off car loan?

It depends on your financial situation. If the Tesla stock is under 10% or over 30% of your non property portfolio then yes. In between I don’t think it matters.
by basspond
Sat Feb 20, 2021 7:32 am
Forum: Personal Finance (Not Investing)
Topic: Which ideas or strategies that helped you discover through Bogleheads?
Replies: 48
Views: 3115

Re: Which ideas or strategies that helped you discover through Bogleheads?

I didn’t find out about this sight until I was over 50. It confirmed that I had done some financial things right. That I need to be working on Roth conversions.
by basspond
Fri Feb 19, 2021 6:47 am
Forum: Personal Finance (Not Investing)
Topic: What a difference an RMD makes!
Replies: 13
Views: 2742

Re: What a difference an RMD makes!

We are now eligible for the two stimulus credits we didn’t get because of our lower 2020 income.
by basspond
Thu Feb 18, 2021 6:19 am
Forum: Personal Finance (Not Investing)
Topic: Should I come out of retirement?
Replies: 66
Views: 7268

Re: Should I come out of retirement?

You have been doing the right thing by not making any major decisions while you are still mourning. Enjoy your kids and get them started in college before you make your final decision. This would also give you some more time to ensure your income is enough to cover your expenses. If you do go back t...
by basspond
Mon Feb 15, 2021 4:02 am
Forum: Personal Finance (Not Investing)
Topic: Can I retire at age 55?
Replies: 26
Views: 9294

Re: Can I retire at age 55?

Move as quick as you can to a lower cost area with good schools. It doesn’t seem right that too many HCOL areas have under performing schools. Which in the end is an unmeasurable cost financially (including delayed financial independence) and development of children. Good luck house hunting.
by basspond
Sun Feb 14, 2021 9:55 pm
Forum: Personal Finance (Not Investing)
Topic: Needing input - Thinking to move back to TX after my move to CA
Replies: 19
Views: 2343

Re: Needing input - Thinking to move back to TX after my move to CA

I have several friends that grew up in California but now live in the Houston area and seem to be very happy with their decision. I understand you can’t beat that California “vibe” but as we mature you realize that family is a crucial part of your life, especially with children. And don’t take it fr...
by basspond
Wed Feb 10, 2021 8:36 am
Forum: Personal Finance (Not Investing)
Topic: Give electric wheelchair to veteran---liability
Replies: 39
Views: 3109

Re: Give electric wheelchair to veteran---liability

Sell it to them for a $1, include all the service information on it as well as operating documents. Generally wheelchairs need to be serviced at least yearly. Does the war vet that it is being sold to have any experience with motorized wheel chairs? Are all functions working properly? And final ques...
by basspond
Tue Feb 09, 2021 7:19 pm
Forum: Personal Finance (Not Investing)
Topic: To purchase a California home or move out of state?
Replies: 88
Views: 7435

Re: To purchase a California home or move out of state?

I know some relatives who lived in California and the East coast. They settled on Northern Nevada to retire. Less taxes then both coasts and they still have a lot of the California amenities and can hop across the border if they miss too much of it.
by basspond
Mon Feb 08, 2021 11:14 pm
Forum: Personal Finance (Not Investing)
Topic: Turbotaxing first full year in retirement
Replies: 30
Views: 2154

Re: Turbotaxing first full year in retirement

This is our first year too. We paid quarterly estimates based on 2019’s non-salary income. Non-salaried was a little bit less in 2020, we had more charitable deductions, and I wanted to have a little cushion to avoid any penalties for under paying. But the kicker is that TurboTax is telling us we ca...
by basspond
Mon Feb 01, 2021 8:41 am
Forum: Personal Finance (Not Investing)
Topic: Distance from FI, Necessary Balance in Taxable Account
Replies: 20
Views: 1562

Re: Distance from FI, Necessary Balance in Taxable Account

One thing that helped us is we had no debt. We both retired years before 59.5 and still have a little way to go. Like college for our 2 children, we had some money set aside, no 529s, but were able to pay as we go saving those funds for us. We have some accounts that are creating about half our expe...
by basspond
Mon Feb 01, 2021 8:12 am
Forum: Personal Finance (Not Investing)
Topic: Motivate Graduating HS Sr to Start Life - facing an uphill climb
Replies: 175
Views: 12594

Re: Motivate Graduating HS Sr to Start Life - facing an uphill climb

The harsh reality is that in this late stage, the only thing that is going to work is his change in attitude and that will be all on him. Only suggestion is that he gets a job that is physically demanding and very mundane. Hopefully in a year or less he will see that there is no future in it or he i...
by basspond
Sun Jan 31, 2021 6:58 am
Forum: Personal Finance (Not Investing)
Topic: Home warranty
Replies: 19
Views: 1262

Re: Home warranty

A relative just bought a house with a warranty. Within the first month the AC started leaking water through a vent. The owner even had the unit serviced while the house was under contract. The first company could not determine how the water got there, and the work they had suggested wasn’t covered. ...
by basspond
Fri Jan 29, 2021 8:30 am
Forum: Personal Finance (Not Investing)
Topic: Requesting help with multiple state tax situation
Replies: 10
Views: 660

Re: Requesting help with multiple state tax situation

If you file your federal taxes MFJ then you will also need to file your state income taxes MFJ. Look at each state’s non-resident filing process. But since California’s rate is higher then Pennsylvania the numbers might show you would be better off MFS.
by basspond
Fri Jan 29, 2021 8:13 am
Forum: Personal Finance (Not Investing)
Topic: Would you accept this job offer?
Replies: 28
Views: 3105

Re: Would you accept this job offer?

Before making a change look at the stability of each company, what kind of long term growth you can expect in 5 years, does any company have a separation program, and if the company you choose let you go, would it be harder to get another job by the decision you make now? But remember, the pasture o...
by basspond
Thu Jan 28, 2021 7:20 am
Forum: Personal Finance (Not Investing)
Topic: When to buy a new car vs. repair existing car
Replies: 36
Views: 2500

Re: When to buy a new car vs. repair existing car

If the auto has over 100,000 miles and the cost of the repair is more than one year of payments on the original price of the automobile (assume 4 year loan at 0%) consider scrapping. If you keep it though, there are no guarantees that it will last more than a year without any other breakdowns.
by basspond
Tue Jan 26, 2021 11:29 am
Forum: Personal Finance (Not Investing)
Topic: Bicycle commuter benefit
Replies: 15
Views: 773

Re: Bicycle commuter benefit

I’m assuming you have to prove you are actually using the bike.
by basspond
Tue Jan 26, 2021 7:58 am
Forum: Personal Finance (Not Investing)
Topic: How much tax burden is too much?
Replies: 64
Views: 4644

Re: How much tax burden is too much?

Over 30% when working making less then 100k (FICA is 15.3%) then gradually rising to 40%. If not working reduce under 100k by 15%.
by basspond
Tue Jan 26, 2021 7:37 am
Forum: Personal Finance (Not Investing)
Topic: HELP COLLEGE AID and lowering AGI
Replies: 7
Views: 785

Re: HELP COLLEGE AID and lowering AGI

I don’t think there is anything legal you can do to lower your AGI. When our kids were applying we basically had to be paupers to get any aid so we just let it be. In this case, Newton’s 3rd law is very relevant, for every action there is an equal an opposite reaction. I’ve learned the hard way that...
by basspond
Sat Jan 23, 2021 5:55 am
Forum: Personal Finance (Not Investing)
Topic: Who or what has helped the most in your financial journey?
Replies: 121
Views: 7378

Re: Who or what has helped the most in your financial journey?

[Religious reference removed by moderator oldcomputerguy], and close relatives and friends by either the advice they gave or observing their living habits. And I can only hope that my words and actions are passing that information on.
by basspond
Fri Jan 22, 2021 11:54 am
Forum: Personal Finance (Not Investing)
Topic: What defines being successful?
Replies: 50
Views: 2813

Re: What defines being successful?

You will never reach full success until you embrace that there is something better and bigger then yourself. After that everything else will fall into place. In addition, our children’s success is a huge part of our success now.
by basspond
Sun Jan 17, 2021 2:38 pm
Forum: Personal Finance (Not Investing)
Topic: Worth financing car purchase (temporarily) for incentive?
Replies: 21
Views: 1472

Re: Worth financing car purchase (temporarily) for incentive?

I don’t think $500 is enough to make-up for the hassle, fees, and interest you will have to pay on the loan. But I did it years ago but they knocked off $5000 off of the fleet price. I did have to keep the loan for three months before I could pay it off.
by basspond
Sat Jan 16, 2021 11:56 pm
Forum: Personal Consumer Issues
Topic: Universal theme parks Orlando: premium experience
Replies: 34
Views: 3204

Re: Universal theme parks Orlando: premium experience

Five years ago we stayed at the Portofino Hotel in July. There was only one Harry Potter World then. By staying on property the Universal Express was a perk. We did most if not all of the major rides by early afternoon on both parks. We went to Harry Potter later in the day and waited in line less t...
by basspond
Thu Jan 14, 2021 9:40 am
Forum: Personal Finance (Not Investing)
Topic: High tax rate...am I missing anything?
Replies: 79
Views: 6508

Re: High tax rate...am I missing anything?

Move to a non income/death tax state.
by basspond
Tue Jan 12, 2021 5:35 pm
Forum: Personal Finance (Not Investing)
Topic: Should I Pull Money (Equity) Out of Rental Properties?
Replies: 45
Views: 3416

Re: Should I Pull Money (Equity) Out of Rental Properties?

I’m not a real estate guy, just numbers. Where would you be if you had a couple of properties vacant for several months and a couple of major incidents? Your debt is about twice what you have in non real estate investments, and with 4 children and no education funds. Until that number is at least 1...
by basspond
Mon Jan 11, 2021 7:49 am
Forum: Personal Finance (Not Investing)
Topic: Should I Pull Money (Equity) Out of Rental Properties?
Replies: 45
Views: 3416

Re: Should I Pull Money (Equity) Out of Rental Properties?

I’m not a real estate guy, just numbers. Where would you be if you had a couple of properties vacant for several months and a couple of major incidents? Your debt is about twice what you have in non real estate investments, and with 4 children and no education funds. Until that number is at least 1-...
by basspond
Sun Jan 10, 2021 7:36 am
Forum: Personal Finance (Not Investing)
Topic: Impact of Early Retirement on Social Security
Replies: 15
Views: 1978

Re: Impact of Early Retirement on Social Security

I retired at 55 and have been reviewing my SS statement for 3 years. Besides the COLA, my benefits have stayed the same.
by basspond
Sun Jan 10, 2021 7:31 am
Forum: Personal Finance (Not Investing)
Topic: Family Costs 1970s vs 2020s
Replies: 122
Views: 10199

Re: Family Costs 1970s vs 2020s

My DW’s parents and my parents, before we met each other, helped out some with college and expenses and gave each of us less then $1k graduation gift. In the early 80s books cost more then the fees for college courses. But in those days we had no cell phones and internet which is another expense to ...
by basspond
Sun Jan 10, 2021 7:06 am
Forum: Personal Finance (Not Investing)
Topic: What are your Lean FIRE, FIRE, and Fat FIRE numbers?
Replies: 307
Views: 25173

Re: What are your Lean FIRE, FIRE, and Fat FIRE numbers?

We live in a LCA, late 50s, with no mortgage and last child just flew the coupe:

<50>80>100>…. Until RMD, God willing, our numbers will be higher.
by basspond
Sun Jan 10, 2021 6:54 am
Forum: Personal Finance (Not Investing)
Topic: "Annual returns from my portfolio is more than my annual income". Does this mean anything?
Replies: 66
Views: 5955

Re: "Annual returns from my portfolio is more than my annual income". Does this mean anything?

Just that you are enjoying the benefits of investment critical mass. It could easily go the other way. More important is your investments vs anticipated spending in retirement. Our number was a minimum of 35x.
by basspond
Sat Jan 09, 2021 5:21 am
Forum: Personal Finance (Not Investing)
Topic: Any couples out there who retired at different times?
Replies: 26
Views: 2478

Re: Any couples out there who retired at different times?

We retired several years apart, mainly due to the same difference in our ages and retirement benefits. I took care of all the household chores and made sure she didn’t have to worry about things around the house. I did take some vacations without her but it was with family members. We sat down with ...
by basspond
Tue Dec 29, 2020 8:41 am
Forum: Personal Finance (Not Investing)
Topic: Need help.. A little late with Roth Conversion, RMD, etc..
Replies: 11
Views: 790

Re: Need help.. A little late with Roth Conversion, RMD, etc..

Just look at your tax brackets before and after RMD. I would only load up on Roth conversions now if the after RMD rate is 5 percentage points more then the before RMD rate. You will also need to factor in that your Medicare payments will increase with your added income while you are converting to R...
by basspond
Mon Dec 28, 2020 8:03 am
Forum: Personal Finance (Not Investing)
Topic: Wait until 70 to take social security?
Replies: 161
Views: 16040

Re: Wait until 70 to take social security?

Read the obituaries for several weeks and keep tabs of who died before and after the SS break even age point. I did and it was around 50/50. If projections indicate your portfolio will survive you at any age then it doesn’t matter when to take. If it won’t, then something more then delaying might ne...
by basspond
Mon Dec 28, 2020 7:51 am
Forum: Personal Consumer Issues
Topic: Tips for Frugal Living
Replies: 284
Views: 27196

Re: Tips for Frugal Living

Only drink water at restaurants so if you wakeup thirsty at 2AM, you'd need to get in your car and head to a restaurant to get a drink of water? I hope you do better at investing then English comprehension and comedy. If I only drink water at restaurants the wording would have been: Drink water onl...
by basspond
Mon Dec 28, 2020 7:44 am
Forum: Personal Finance (Not Investing)
Topic: Keep universal life insurance policy?
Replies: 17
Views: 988

Re: Keep universal life insurance policy?

The glaring issue is that if this is supposed to be life insurance why does the death value keep decreasing? This is just a very expensive financial instrument with an insurance name tagged to it. I would have them cash it out.
by basspond
Thu Dec 24, 2020 10:30 am
Forum: Personal Consumer Issues
Topic: Tips for Frugal Living
Replies: 284
Views: 27196

Re: Tips for Frugal Living

Spend more time volunteering
Buy non-perishables on sale
DIY
Keep cars until wheels fall off
Only drink water at restaurants
by basspond
Sat Dec 19, 2020 1:59 am
Forum: Personal Finance (Not Investing)
Topic: College-Age Kids getting student loans when parent income too high
Replies: 133
Views: 7963

Re: College-Age Kids getting student loans when parent income too high

The skin that our children had to have in the game is make good grades, go to a reasonable priced state school, get a marketable degree, and don’t be a boomerang. We also preached finances to them at a young age. They both got good jobs after graduating and weren’t saddled with debt. Teaching them t...