Search found 18363 matches

by Jack FFR1846
Sat Jan 27, 2024 7:26 pm
Forum: Personal Investments
Topic: Should I sell my townhome or keep it?
Replies: 20
Views: 2385

Re: Should I sell my townhome or keep it?

If you keep the townhome, you should ONLY do it speculating on future value. Your rent is the smallest I think I've ever seen based on 1% of the value of the home in rent per month which should be $12,500 a month. You might say "that's nuts". Fine. Buy an SPIA and without landlord issues, make that much. Or move to Blacksburg, Virginia where we saw easy 5% rents. If this rent is typical, then you are in a strong sell and abysmal rent area.
by Jack FFR1846
Sat Jan 27, 2024 1:49 pm
Forum: Personal Finance (Not Investing)
Topic: 20-30X income, is that the "retirement rut"?
Replies: 90
Views: 13499

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

$2,000,000 x 0.02 = $40K $2,000,000 x 0.04 = $80K This is correct. Now the question is "So what?". Are you looking to reduce your working? Maybe go work for Starbucks instead of making the big bucks? I think several people were perplexed with the income and net worth statements. They're sort of like me saying I have 3 chain saws and the lake across the street has snapping turtles. All completely correct but meaningless. If you're looking for the answer to whether you can retire or FIRE or fat FIRE or light yourself on fire, there are 2 simple things to do. 1) Build a "retirement spending" list. The part that's going to involve lots of research is the health care costs part. This has about 2% in common with your "wh...
by Jack FFR1846
Sat Jan 27, 2024 11:55 am
Forum: Personal Finance (Not Investing)
Topic: An unintended visit from "Aunt IRMAA"?
Replies: 35
Views: 5923

Re: An unintended visit from "Aunt IRMAA"?

Say this is your first year of Medicare. It "doesn't matter" what you made in 2022. (huh?) You could have made $500k and still pay no IRMAA. How? Send in an appeal to recalculate if you're no longer working and just doing Roth conversions (and don't forget any interest, dividend income and social security if you're taking it). Now here's the monkey wrench. You will be charged the IRMAA premium increase until SS/Medicare processes and approves your recalculation. (I'm there right now for 2023). They will give you money back that you overpaid for IRMAA by not charging you until you're even. Ok, so there's for that one year. Now on to the 2nd year. Let's assume you made over the IRMAA limit. You were diligent and submitted your new y...
by Jack FFR1846
Sat Jan 27, 2024 7:53 am
Forum: Personal Consumer Issues
Topic: Do we need a new car?
Replies: 70
Views: 8642

Re: Do we need a new car?

You don't NEED a new car. Your wife WANTS a new car. I would warn to not rely on the backup camera. It's fine to check behind you and see if you can back a little farther in that parking space, but it does not show you everything. My son relied too much on it and the garage door opener messed up and the door was sitting 3 feet from the top. He backed his car out, bending his roof and breaking the antenna. $1000 deductible later, he had his car back. I grew up driving vans with no rear windows so always use the outside mirrors backing up. New safety features: Seat belts are in that old Civic. The rest are insignificant. If you wear your seat belt and PAY ATTENTION when you drive, those are the biggest safety features. You can rent an SUV for...
by Jack FFR1846
Fri Jan 26, 2024 8:28 pm
Forum: Personal Investments
Topic: Fee-Only Advisor $450/Hour: Total Rip-Off?
Replies: 97
Views: 8147

Re: Fee-Only Advisor $450/Hour: Total Rip-Off?

OP, I know your signature says you are retired but do you have access to an advisor from your former employer’s 401k plan? If you retired last year, are you wanting feedback on your current plan or did something happen that you need help with? Honest answer that I'll get clobbered for but I can take it: I'm looking at too many youtube videos and blogs about US equity valuations, I'm second-guessing my 100% US equity allocation that I've stuck with for the overwhelming majority of my investing life, and I'm tempted to make a change. Today I almost bought an Avantis US value ETF. Escaped that one by the skin of my teeth. Walked away from the laptop for a couple of hours. Meditated. I'm in a bit of a spot here. Gonna just stay the course for ...
by Jack FFR1846
Fri Jan 26, 2024 7:47 pm
Forum: Personal Finance (Not Investing)
Topic: Roth conversions in the 22 & 24% tax brackets.
Replies: 144
Views: 14403

Re: Roth conversions in the 22 & 24% tax brackets.

EdNorton wrote: Fri Jan 26, 2024 7:35 pm
What is the 15% tax bracket you speak of?
12% now. 15% starting 2026.

I've been very buried in this. Well over $2M in IRA. About to turn 67, so little time till 70 (SS) and 73 (RMD). I've latched onto the strategy to convert up to the IRMAA limit. I can certainly see DW missing out with potential ACA subsidies and in town tax and energy breaks exist for lower income seniors. But I'm just so focused on the upcoming RMD years that with social security added, and looking to avoid IRMAA, I guess I don't see an alternate. And of course the tax increase in 26.
by Jack FFR1846
Fri Jan 26, 2024 5:44 pm
Forum: Personal Finance (Not Investing)
Topic: Net Worth Averages in different professions
Replies: 91
Views: 11542

Re: Net Worth Averages in different professions

Borqa45 wrote: Sun Jan 21, 2024 4:56 am
winterrain wrote: Sun Jan 21, 2024 4:00 am Reasonable goals of liquid assets:
Engineers: $5 MM
Physicians: $10 MM
This must be a joke. Too high.
Dave Ramsey just had a video out talking about their survey of Millionaires in the US and profession. #1: Engineers.

I'm a recently retired engineer. Total net worth: $5M. Annual spend while working: $50k. Annual spend now: $75k.
by Jack FFR1846
Fri Jan 26, 2024 9:05 am
Forum: Personal Finance (Not Investing)
Topic: Adding Wife to Car Ins
Replies: 5
Views: 892

Re: Adding Wife to Car Ins

For an umbrella, your liability will likely need to be upped to 250/500. For your question if your wife should be on your policy...if she EVER drives your car, then of course. The risk if you don't do that is that she's in an accident and the insurance company sees her address as the same as yours. They then reduce your coverage because you did not properly list her. In my state, they would only pay a total of $5k for the entire accident. If your wife's risks (years driving, tickets, accidents) aren't bad, there may be no change in rates. Regardless, she either needs to be on the policy or NEVER drive your car. Since she has a car, she can be listed as an "occasional" driver where you're primary. For her car insurance, YOU need to...
by Jack FFR1846
Fri Jan 26, 2024 7:47 am
Forum: Personal Consumer Issues
Topic: Retirees, how much $ do you actually need
Replies: 48
Views: 7268

Re: Retirees, how much $ do you actually need

I highly recommend you put together a "retirement spending" list. This requires a lot of research for health insurance. Work health insurance, as much as you might think is expensive, isn't for typical group insurance plans. For us, we retired last June and our retirement spending is 50% MORE than "while working" spending. Not less. We don't travel as we have a cat needing medications 3 times a day. We do eat out more. We have one more car than while working because my mom gave up her car and gave it to me. Our biggest expense, by far is health related between COBRA, Medicare, copays, deductibles, prescriptions. DW is on Cobra (it's cheaper than ACA for her) and I'm on Medicare. Our costs are about 5 times what they were...
by Jack FFR1846
Thu Jan 25, 2024 1:27 pm
Forum: Personal Consumer Issues
Topic: Which Boston suburb to settle?
Replies: 198
Views: 18112

Re: Which Boston suburb to settle?

you brought up the points that why I particularly like Hopkinton and Westborough is that there are a lot of greenery places, my family love hiking and outdoor activities. I don't know how well publicized it is, but there are tons of trails. They're restricted to foot or bicycle in the dirt months and cross country skis, by foot or snowshoes in the winter. From my house which is on the west side of Whitehall Reservoir, there are trails that surround the lake. I used to be a big mountain biker and could go take a 6 hour ride because the trails connect at the south to trails leading into Upton State Park. They have maps for their trails which have a parking area at the south side. There are little used trails I would mountain bike on the othe...
by Jack FFR1846
Thu Jan 25, 2024 9:41 am
Forum: Personal Consumer Issues
Topic: Fleet Vehicle - What car should I choose?
Replies: 17
Views: 2280

Re: Fleet Vehicle - What car should I choose?

Test drive them all. I did that with a bunch of EVs before sitting down and doing the math. While the Tesla charging network is worlds above the rest, the iPad instruments in the middle of the car made the model 3 I drove a "cross off the list". I would expect the Mercedes to be somewhat similar to the Audi I drove which was leagues above everything else. Also, the sizes are all over the map. From the model 3 to the Bz4xyz, you're going from a small sedan to an SUV. Drive them all and then decide. Do you have to pay the same amount with all of them? Being cheap, if my work was making me make this choice, I'd take the lowest cost one, even if it had the stupid iPad "over there" (cricks neck for 20 seconds off the road to ...
by Jack FFR1846
Thu Jan 25, 2024 7:08 am
Forum: Personal Finance (Not Investing)
Topic: Anyone wished they had worked a few more years before retiring?
Replies: 89
Views: 14577

Re: Anyone wished they had worked a few more years before retiring?

I retired at 66, mostly because DW was not in agreement to retire. Now that we're retired, bringing in zero dollars, my portfolio has grown well over $100k in 6 months. My physical ability is way less than 5 years ago and even at 10 years ago, we were over that golden 4%. So no, working another year, which would have brought in another $250k which we don't need would have made no sense whatsoever.
by Jack FFR1846
Wed Jan 24, 2024 4:44 pm
Forum: Personal Finance (Not Investing)
Topic: Will related issue
Replies: 79
Views: 7250

Re: Will related issue

If you go to the court with your attorney and seek appointment as executor, they can appoint you. If the will says Joe Jones should be executor, the court can still appoint you. Your attorney can ask for the original will from the other attorney after this. Any accounts naming a beneficiary will go to the beneficiary, even if the will says otherwise.
by Jack FFR1846
Wed Jan 24, 2024 2:56 pm
Forum: Personal Finance (Not Investing)
Topic: Just got laid off
Replies: 120
Views: 15989

Re: Just got fired

Sign nothing.

You are being laid off if you don't sign. You will be able to collect unemployment while you look for a new, acceptable job. In my state, I could collect this for 26 weeks, half a year. If I were in your position, I would absolutely not sign anything and I would sign up for unemployment. Note that you won't be paid as much per week but after 26 weeks, I'm sure you will have been paid many times what your employer is offering. And of course you can smile a bit knowing that every dollar paid to you increases their unemployment insurance premium.
by Jack FFR1846
Wed Jan 24, 2024 2:47 pm
Forum: Personal Finance (Not Investing)
Topic: Fire calculator- what real life considerations is it missing
Replies: 12
Views: 1553

Re: Fire calculator- what real life considerations is it missing

I'll mention that I have been both super conservative and a safety net guy. Retired last June at 56 times retirement spending. An excel sheet is great for doing year to year predictions that get documented along the way. Each year should have a "growth percentage" for next year and when the economy and inflation changes, this should also be changed. In my own spread sheet, each year showed asset value, income and spending with that percentage box. I could look forward at any time and see what would be predicted for when I turned 85. Add in rows for short term or single events like college costs, quitting a job, taking social security, new roof etc. In the spending, do your homework to figure out things like health costs which incl...
by Jack FFR1846
Wed Jan 24, 2024 2:38 pm
Forum: Personal Finance (Not Investing)
Topic: Just got laid off
Replies: 120
Views: 15989

Re: Just got fired

Fired or laid off? There's a HUGE difference. Fired would mean for cause and most employers would walk you out and you'd get no severance. Laid off means you can collect unemployment. The "sign this for 2 weeks pay" sounds like you're being asked to voluntarily quit which would mean no unemployment. For 2 weeks, absolutely not. If they caught you stealing gold from the company vault and have pictures and videos, then you were fired and should have been immediately walked out. You can have an attorney review the document to sign but be sure it's a competent labor lawyer. I had something similar that may have lead to that saying I agree with unsatisfactory work. Attorney said to sign anything. I fired him and would not sign anything...
by Jack FFR1846
Wed Jan 24, 2024 11:01 am
Forum: Personal Finance (Not Investing)
Topic: Someone will inherit my Roth IRA - what happens?
Replies: 23
Views: 4008

Re: Someone will inherit my Roth IRA - what happens?

If I were your heir, I'd cash the Roth and order a new Porsche 911 GT-3 for pickup in Leipzig, Germany. Your expressed wishes would be ignored. This could certainly happen with your heir as once you're gone, you would not have control over the person or what they did with the Roth. There is no taxable event if it's simply cashed. Only the sales tax on the Porsche when it's delivered in the US.
by Jack FFR1846
Wed Jan 24, 2024 10:57 am
Forum: Personal Finance (Not Investing)
Topic: Retiring vs Resigning
Replies: 28
Views: 4309

Re: Retiring vs Resigning

The times I've resigned, it was always on good terms with at least a 2 week advanced notice. Any options not vested were lost. Any RSUs not vested are lost. All vacation time was paid out at either 100% or 75% of full pay depending on the company. Insurance continued until the end of the month or for some number of months beyond my leaving. I was able in most cases to turn in a form to roll my 401k over to my IRA. When I retired, I gave a very long notice. 6 months. I had no options and all RSUs not vested were lost. I was paid 100% for vacation time not taken. Insurance continued until the end of the month. My 401k was with Fidelity so I left it there for a month or 2 and then rolled it via the online netbenefits to my IRA in Fidelity. Dur...
by Jack FFR1846
Tue Jan 23, 2024 7:20 pm
Forum: Personal Consumer Issues
Topic: Portable battery pack, w/ AC or cigarette lighter & jump starter
Replies: 20
Views: 2053

Re: Portable battery pack, w/ AC or cigarette lighter & jump starter

There are probably millions of these things. I bought mine from the local Ace Hardware and is a Craftsman brand. AC or cigarette lighter input. Jumper cables, cigarette lighter output, USB outputs. Note that this isn't what I consider a hot jump starter where you put it on the battery and immediately start the car. You put it on the battery and let it charge the battery for 5 minutes, then start it. All of these things have small batteries in them, either Lithium Ion or small lead acid. I don't remember the exact price but it was well under $100, from memory.
by Jack FFR1846
Tue Jan 23, 2024 7:15 pm
Forum: Personal Consumer Issues
Topic: Adding child as authorized user on cc
Replies: 33
Views: 2211

Re: Adding child as authorized user on cc

Several incorrect responses here. I'll start by saying that I sell tradelines which simply is adding others as authorized users. The companies who run these collect money from those looking to increase their credit score by "piggy backing" on those with good stats, like most Bogleheads. So I'm adding users a couple dozen times a year. Some credit cards require the address of the AU (authorized user). Others require the social security number. All require name and date of birth. The AU's credit report DOES get the bump from the card holder's credit limit, good history and age of the card. For cards that don't add what you like, instead of adding your kids online, call on the telephone. Ask them to include their social security num...
by Jack FFR1846
Tue Jan 23, 2024 7:07 pm
Forum: Personal Consumer Issues
Topic: Adding child as authorized user on cc
Replies: 33
Views: 2211

Re: Adding child as authorized user on cc

Several incorrect responses here. I'll start by saying that I sell tradelines which simply is adding others as authorized users. The companies who run these collect money from those looking to increase their credit score by "piggy backing" on those with good stats, like most Bogleheads. So I'm adding users a couple dozen times a year. Some credit cards require the address of the AU (authorized user). Others require the social security number. All require name and date of birth. The AU's credit report DOES get the bump from the card holder's credit limit, good history and age of the card. For cards that don't add what you like, instead of adding your kids online, call on the telephone. Ask them to include their social security numb...
by Jack FFR1846
Tue Jan 23, 2024 9:28 am
Forum: Personal Investments
Topic: Financial Advisor?
Replies: 19
Views: 1977

Re: Financial Advisor?

The absolute best value of a financial advisor is to talk you out of panic selling when news is outrageous. For that, they'll charge you $17,000 a year. If you don't panic sell when the market does something drastic and temporary, then a financial advisor is a waste of your money.
by Jack FFR1846
Tue Jan 23, 2024 9:21 am
Forum: Personal Consumer Issues
Topic: Which Boston suburb to settle?
Replies: 198
Views: 18112

Re: Which Boston suburb to settle?

Some info on diversity and new housing. Only a few years ago, Weston Nurseries was in dire financial trouble and went to sell a couple hundred acres of their property. South of Rt 135, condos or apartments were built. North, McMansions were built. We know from stories from when my son delivered pizzas that these have a good percentage of new immigrants from India. In town, we have what used to be EMC, now part of Dell and the company is chock full of engineers (I used to work there). I would not say that Hopkinton or Westborough are very diverse. Going east, Framingham, 2 towns over (well, now a newly voted city...used to be the biggest town in the US) has a huge Brazilian population. Going farther west (about 15 miles) is Worcester, which ...
by Jack FFR1846
Tue Jan 23, 2024 8:32 am
Forum: Personal Consumer Issues
Topic: A definitive data-based answer to oft-asked question, best new car for the money
Replies: 15
Views: 1921

Re: A definitive data-based answer to oft-asked question, best new car for the money

Reliability matters and unfortunately, that isn't really known with a revised or redesigned model. I bought a 98 Audi A4 2.8 Quattro new after seeing in consumer reports that the new 5 valve engine'd car was in their top reliability category. Then as time went by and they started evaluating the car as a used vehicle, it became a "worse than average" and no longer recommended car. I liked that it had a 5 year, 50k mile warranty as Audi ate the cost for a new $10k transmission replacement (labor time alone was 15 hours) and new steering rack. I would have expected a range of miles of life. It's reasonable to set a mileage where a lot of expensive work is required, like 100k and dump the car while instead, you can repair virtually an...
by Jack FFR1846
Tue Jan 23, 2024 8:22 am
Forum: Personal Finance (Not Investing)
Topic: Redeeming Paper EE Savings Bonds
Replies: 18
Views: 1625

Re: Redeeming Paper EE Savings Bonds

Digital Credit Union redeems easily and I've walked in with a stack of $50k in a combination of EE and i bonds and there was no issue. I sat there signing and writing my social security number on them while the credit union person had me in her office and she typed everything into her computer. After 15 minutes of signing, the money was in my account with no hold whatsoever. I can tell you that I helped DW cash savings bonds from a passed relative for which DW was executor. From the mailing date (regular, 1st class mail), we had cash in the estate account, ACH'd in that took less than 6 weeks. I do like 15 minutes vs 6 weeks myself. Also, cashing at the credit union, I get a 1099 from the credit union that has my regular interest plus the &...
by Jack FFR1846
Tue Jan 23, 2024 8:16 am
Forum: Personal Consumer Issues
Topic: Best car for icy weather? Advice about driving in snowy conditions?
Replies: 113
Views: 7459

Re: Best car for icy weather? Advice about driving in snowy conditions?

I've got a pile of recommendations from personal experience driving around New England for 50 years. Ice tires are now available to buy. These have a good, low temperature snow tire compound but have lots of sipes cut into the tread. These spread and grip ice as much as possible. Don't think you can drive as if you're on dry pavement, though or you're going off the road. The car type would make less difference but indeed, true all wheel drive will give you better acceleration traction. The vehicle stability system, which has been around for 10 years matters. From my own cars and having tested the systems in parking lots, Subaru's system is excellent. My Jeep Wrangler 4 door's system is total garbage. Note both vehicles are 4 or all wheel dr...
by Jack FFR1846
Mon Jan 22, 2024 9:58 pm
Forum: Personal Consumer Issues
Topic: Which Boston suburb to settle?
Replies: 198
Views: 18112

Re: Which Boston suburb to settle?

I've lived in Hopkinton for 32 years, a mile from the Westborough line. If you have specific questions, feel free to act. We did just vote in the new school to replace Elmwood for $158.4M so I think I heard our taxes are going up on average a grand.
by Jack FFR1846
Mon Jan 22, 2024 9:50 pm
Forum: Personal Consumer Issues
Topic: Vroom is done
Replies: 4
Views: 1404

Vroom is done

Vroom announces they're ceasing operations. While most in the car galaxy has expected Carvana to be first, Vroom beat them to it.

https://www.vroom.com/sell/sitemsg

Where I heard this first from Lucky of Las Vegas

https://www.youtube.com/watch?v=zx25oeOZQlA
by Jack FFR1846
Sun Jan 21, 2024 5:08 pm
Forum: Personal Investments
Topic: What should a 94-yr old do with mature EE bonds?
Replies: 11
Views: 1215

Re: What should a 94-yr old do with mature EE bonds?

Yes, you're required to pay the taxes at 30 years. What happens if instead, they don't get cashed and her heir's heirs cash them when they're 80 year old? The heir pays their ordinary income tax on the interest. The end.

(and I'm saying this because DW's grandfather never cashed bonds from 1941. We did when inherited a couple years ago)
by Jack FFR1846
Sun Jan 21, 2024 3:45 pm
Forum: Personal Finance (Not Investing)
Topic: Mom wants to give me her IRA, her advisor wants me to inherit it
Replies: 16
Views: 2131

Re: Mom wants to give me her IRA, her advisor wants me to inherit it

Her advisor it taking AUM on the IRA. If she cashes it and gifts that money to you, he loses his percentage of that account. Of course he wants her to keep it.
by Jack FFR1846
Sun Jan 21, 2024 3:41 pm
Forum: Personal Finance (Not Investing)
Topic: Sell or Keep Condo Rental
Replies: 16
Views: 1634

Re: Sell or Keep Condo Rental

Sell. For this to even be an acceptable rental property, you'd need to be bringing in nearly double the rent you get. You would make more in a high yield savings account.
by Jack FFR1846
Sun Jan 21, 2024 12:54 pm
Forum: Personal Finance (Not Investing)
Topic: Anyway to reduce tax withholding on RSU to $0 (or close to it)?
Replies: 6
Views: 743

Re: Anyway to reduce tax withholding on RSU to $0 (or close to it)?

At my last job, our RSUs were administered at eTrade and I had full choice to have zero withholding and for the first year, I did exactly that, not realizing how much in RSU income I was getting. I paid a big tax bill and then had tax withheld going forward. Do you not have this as a choice? I know on eTrade, every vesting date, in advance, I could choose to withhold shares or not. And this could independently change every RSU date.
by Jack FFR1846
Sun Jan 21, 2024 7:14 am
Forum: Personal Consumer Issues
Topic: Shatter my Van Life Dreams
Replies: 65
Views: 8427

Re: Shatter my Van Life Dreams

We are not very mechanically-inclined and hope to minimize responsibilities in our retirement. Are we going to regret this purchase?[/list] This is key. RVs break. A LOT. If you an fix it yourself, you spend an hour, pick up a part at an auto parts store or a hardware store and are on your way. RVs are not included in the lemon law so if something unfixable goes wrong, too bad. Warranties can be written to cover many items. That's great. Call your RV dealer in the middle of camping season and ask when you can get your unit in for some warranty repairs. Don't be shocked when they say November when you're calling in June. A trailer might be a better choice for a few reasons. You can go to a campground, unhitch and take a normal vehicle to th...
by Jack FFR1846
Sat Jan 20, 2024 2:13 pm
Forum: Personal Finance (Not Investing)
Topic: 6 Months to Cash an iBond from my Father’s Estate
Replies: 10
Views: 1422

Re: 6 Months to Cash an iBond from my Father’s Estate

I had bonds from 2 people. First was DW's aunt who passed. A single $1000 bond. Probably a EE...I don't remember. It was from I think the 70's. I filled out the TD form and sent it with the Executor paperwork from the court, death certificate and info to ACH money into the estate account. 6 weeks later it was there. Next (as the above was my dry run) was $75,000 in bonds going back to war bonds as in some were from 1941 going forward. None were less than 30 years old. Some E and mostly EE. I did the exact same as above. Only difference was that I put sort of small stacks of bonds together then used cardboard to put them in between and sent them in a large envelope. Like a 10x14. Same documents as above. 6 weeks later, the money was in that ...
by Jack FFR1846
Sat Jan 20, 2024 11:11 am
Forum: Personal Consumer Issues
Topic: Hang onto car or sell?
Replies: 19
Views: 1640

Re: Hang onto car or sell?

I did some quick and dirty math. Insurance $100, storage $200, depreciation $200 a month each. In 3 years, the car loses $18,000 in value making it virtually worthless. I'll assume you only get one mouse in the car causing maybe $1000 in damage. You'll need to replace the tires and all fluids when you get back, so figure another $1,000.

Sell the car.......obviously
by Jack FFR1846
Sat Jan 20, 2024 8:54 am
Forum: Personal Consumer Issues
Topic: Tesla in Cold Weather
Replies: 197
Views: 17897

Re: Tesla in Cold Weather

Ok, here we go. Chicago, someone lands at the airport. Tesla won't do anything. He has it flatbedded to the charging station where a dozen other Teslas are sitting and won't charge because it's too cold. Great.

https://www.youtube.com/watch?v=kNV8hGEmSP8&t=266s
by Jack FFR1846
Sat Jan 20, 2024 6:34 am
Forum: Personal Finance (Not Investing)
Topic: Turning Your Net Worth into Income Production
Replies: 24
Views: 4698

Re: Turning Your Net Worth into Income Production

I think people think they need "income production" along the lines of dividends and interest. Having retired and taken Medicare, I want as little of these as possible because I'm doing Roth conversions so the higher interest and dividends from taxable are, the less Roth converting I can do. For now, I'm staying under IRMAA and of course stepping up in tax brackets. Looking forward, RMDs will be added to these and any further Roth conversions will be lower. I have been actively reducing interest producing accounts, taking the money and buying BRK/b which produces no dividends. In the taxable accounts, I'm divesting from VTI and SCHB which do produce dividends and buying BRK/b. For the cash you need, look at your interest, dividends...
by Jack FFR1846
Fri Jan 19, 2024 8:16 pm
Forum: Personal Finance (Not Investing)
Topic: How much tax does a beneficiary pay on a IRA rollover
Replies: 7
Views: 1123

Re: How much tax does a beneficiary pay on a IRA rollover

And to directly answer, the entire amount that is taken out.
by Jack FFR1846
Fri Jan 19, 2024 5:40 pm
Forum: Personal Finance (Not Investing)
Topic: How to make FAFSA-conscious decisions?
Replies: 60
Views: 5197

Re: How to make FAFSA-conscious decisions?

KlangFool wrote: Fri Jan 19, 2024 2:47 pm
the_wiki,

My kids qualified for merit scholarship. No FAFSA is needed.

KlangFool
Depends on the college. My son did his first year at Wentworth in Boston. They contacted us to tell me that he received 1/4 of his total cost for each year as a merit scholarship, but only after they received the FAFSA docs. It's a private FAFSA only school. I hastily filled it out and he got his scholarship.
by Jack FFR1846
Fri Jan 19, 2024 4:55 pm
Forum: Personal Finance (Not Investing)
Topic: Sell house on open market vs. to "investors?"
Replies: 32
Views: 2714

Re: Sell house on open market vs. to "investors?"

I have sold houses the "normal" way with a real estate agent. Every one, before being contracted brought me a dozen recently sold homes with the differences listed and costed out so that they could make them "equal" to mine. This is how they determined the price for my house. In every instance, there was a range in pricing that was not dramatic. I would go at least to the point of getting this. Then ask the investors what they will pay. If they are more than 6% below the mid price from the real estate agent, then list the house. If they are in that range, you want a contract with a non-refundable, large (well over 20%) down payment and a quick closing (like 30 days) with penalties for delays ($100 a day kind of thing). Y...
by Jack FFR1846
Fri Jan 19, 2024 2:30 pm
Forum: Personal Consumer Issues
Topic: Feb. 7 Update -- Brand new Subaru needs new transmission
Replies: 173
Views: 16222

Re: Brand new Subaru needs new transmission

We have a 2015 Outback 2.5i, we love how the car handles and drives particularly in bad conditions, once you upgrade the typically garbage dealer tires. Goodyear weatherready have been great on this car for us. Unfortunately there have been several glitches over the years-- a spontaneously cracked windshield with 1500 mi on the odometer that a had to engage subaru of america to fix (they did to their credit), Rear wheelbearings gone at 40K mi (fixed under powertrain warranty, although the dealership tried to get me to pay out of pocket for them), electrical oddities that went away when I replaced the battery after 3.1 years, valve cover gaskets at 65K miles, and now at 96k mi an oil leak from the camshaft housing, which apparently is a rep...
by Jack FFR1846
Fri Jan 19, 2024 2:06 pm
Forum: Personal Finance (Not Investing)
Topic: Cancel my health insurance?
Replies: 100
Views: 12600

Re: Cancel my health insurance?

Do you know what even small medical emergencies cost?

Myself: Broke a finger. Surgery with pins. Later surgery to remove pins. Well over $100k.

Father in Law: Cancer. Bone marrow transplant. Several re-occurances. Lots of chemo and other treatment. So far, over $10M.

Any car crash can easily be over $100k. If it's deemed to be your fault, expect your after insurance cost to be at least mid 6 figures from the law suit you'll face. The attorney you hire will cost you about $100k.

Your premiums are peanuts. Why are you trying to save peanuts?
by Jack FFR1846
Fri Jan 19, 2024 2:01 pm
Forum: Personal Finance (Not Investing)
Topic: How to make FAFSA-conscious decisions?
Replies: 60
Views: 5197

Re: How to make FAFSA-conscious decisions?

I found it extremely helpful in my son's pre-college years to find a PDF of the previous year's FAFSA form, print it out including all the tables and fill it out. A 10k foot view shows that the following are worst to best (ignoring allowances): Student income Student assets Parent income Parent assets So as has been mentioned, parent assets are the least critical but if you're a Boglehead with a ton of non-retirement assets, it *may* count. If you're making $50k a year as a family, then absolutely, get rid of those assets, including the 529, taking that 10% hit. Things to do with the assets: Pay off the mortgage Obviously, pay off any loans you may have. Replace all your cars. If you still have lots of assets, consider buying something like...
by Jack FFR1846
Fri Jan 19, 2024 7:43 am
Forum: Personal Consumer Issues
Topic: Tesla in Cold Weather
Replies: 197
Views: 17897

Re: Tesla in Cold Weather

TFL did another "real world" test in the model 3 performance that they bought and own. In short, with zero degree weather in the Denver area, and the car properly fitted with snow tires, the range was half what warm weather range is. For people like me who love doing math, that brings the cost to run the car from about 10 cents a mile, using my own electric rates to 20 cents a mile. https://www.youtube.com/watch?v=aIUrOkttv7g If you want to compare that to an ICE vehicle, well, at least around me, gas prices are plummeting. A station I found next to the Market Basket in Ashland just dropped to $2.86 when I filled up Wednesday. Then yesterday, I went to get diesel at the cheap, no name station over in Westborough and noted they're ...
by Jack FFR1846
Fri Jan 19, 2024 7:28 am
Forum: Personal Consumer Issues
Topic: Feb. 7 Update -- Brand new Subaru needs new transmission
Replies: 173
Views: 16222

Re: Brand new Subaru needs new transmission

Contact Subaru of America and tell them your story. Ask for the Subaru Gold extended warranty for either the 8 year, 120k mile or 10 year, 100k mile zero deductible plan (yes, the numbers are correct). Dealers will only sell in your state. Back in the day, Mastria in Massachusetts was known to be the cheapest in the country (Hi Dave) but today, the first question they'll ask is "Are you in Massachusetts?". If no, you're done. But yes, you can shop around in your own state. For the OP, ask Subaru of America to add this for free. Some have said that they thought Subaru just replaces the transmission when any problem related to the transmission is indicated. This is correct. I've had this happen myself and a failed solenoid control u...
by Jack FFR1846
Thu Jan 18, 2024 5:47 pm
Forum: Personal Consumer Issues
Topic: Are car washes necessary?
Replies: 116
Views: 12616

Re: Are car washes necessary?

I watch lots of shows where guys find barn find cars or in a field. So not washed sometimes for decades. They often have green and black mold growing all over them. If you like mold then you don't really need to wash your car. I'm sure this is location dependent. I expect in Phoenix, it might never be a problem but in Seattle, mold would start in about a week.
by Jack FFR1846
Thu Jan 18, 2024 5:07 pm
Forum: Personal Finance (Not Investing)
Topic: It Does not Seem to Make Sense for Me to Ever Pay Home off Early
Replies: 51
Views: 5595

Re: It Does not Seem to Make Sense for Me to Ever Pay Home off Early

When DW and I started our first mortgage, we were newly married and had a personal loan, car loan and student loans in addition. We were both in good jobs and being both newly college graduated, we lived a lot like students which meant the money coming in vastly exceeded what we were spending. Me being an engineer, math is my home base so we put extra money towards whatever the highest interest rate loan was. At one point, DW even officially sold me her car because I could get a much lower car loan rate. We continued paying Dave Ramsey style (but at this time point, Dave was broke and didn't even know why he was broke) and of course now, we could use "avalanche" as the method we used although there was no word for it then. The loa...
by Jack FFR1846
Thu Jan 18, 2024 4:42 pm
Forum: Personal Finance (Not Investing)
Topic: Which loan to pay off?
Replies: 22
Views: 1333

Re: Which loan to pay off?

Chief_Engineer wrote: Thu Jan 18, 2024 3:51 pm
anon_investor wrote: Thu Jan 18, 2024 3:35 pm
Mike Scott wrote: Thu Jan 18, 2024 3:28 pm I would keep both of those loans and invest the money.
+1. Those are such low interest loans.
I'd be inclined to agree with you. However, the windfall is money my spouse inherited and they would like to prioritize reducing debt.
Based on this, whatever the spouse wants to do is what you should do. It's also not like one loan is 13.8% and the other is 0.9%. They're so close that it really doesn't matter all that much.
by Jack FFR1846
Thu Jan 18, 2024 3:59 pm
Forum: Personal Finance (Not Investing)
Topic: New Fidelity Private Client Policy?
Replies: 44
Views: 6577

Re: New Fidelity Private Client Policy?

Under my "Fidelity Private Client" box, it says "Contact your team". Some time ago, there used to be the name of some guy with his picture. I have a couple million with Fidelity and have never used the Private Client guy for anything. I do still see the free turbo tax and will probably have my son use it.
by Jack FFR1846
Thu Jan 18, 2024 11:50 am
Forum: Personal Finance (Not Investing)
Topic: No-state-income-tax states are not good for retirees.
Replies: 413
Views: 39165

Re: No-state-income-tax states are not good for retirees.

If cost of place to live is that important, it's wise to look at all costs, not just taxes. And what taxes apply to you? Say you're an EV owner. Do you care that a state has the highest gas taxes in the country? But of course, you will want to look at electricity costs. I see all the time where people on Bogleheads in some parts of the country have 4 cents a kWh rates. Before jumping ship from my high cost electric company, I was paying 46.5 cents, so more than 10 times. I'd think nobody would buy an EV near me, especially in the winter when the cost to run one doubles. If you're retired and living on social security and Roth and taxable for really low income, do you care that you're in the highest income tax state in the country? You would...