|
I didn't watch the video but he looks like an 8 year old with an advanced aging disease.
|
#
?
Jun 15, 2015 16:51
|
|
|
|
| # ? May 14, 2024 23:25 |
|
|
mrmcd posted:Assuming healthcare stays the same as it is now, and the Supreme Court and/or Republican Congress doesn't burn down Obamacare, you'd pay these insurance rates as anyone else without a heart condition. You'd basically buy insurance on the state exchange and if your income was too low you'd get part of that premium subsidized. One of the changes in the ACA was they can only base your insurance rates on where you live and if your a smoker or not. Age, sex, and preexisting conditions discriminations aren't allowed. Assuming that Income doesn't include my pension or 401k funds not drawn. The plans aren't as expensive as I thought they would be. Thank you
|
|
#
?
Jun 16, 2015 01:32
|
|
|
Ropes4u posted:Assuming that Income doesn't include my pension or 401k funds not drawn. The plans aren't as expensive as I thought they would be. Nah, unless your taking distributions from a non-Roth 401k or IRA it doesn't count as income. A pension probably does but only if you're getting payments from it. Basically talk to your tax advisor.
|
|
#
?
Jun 16, 2015 01:41
|
|
|
To the point - should I consult with a financial advisor (fiduciary, CFP, etc.) or can I manage this on my own well enough? -27 y/o -Salary at 57K/yr, will increase by about 2k/yr for the next four years to a total of about 63k/yr. Currently have it set up to take 15% of salary into a 403b with a 6% employer match of 50% -No debt -Assets include a house (paid off) that I'm renting for about $900/mo after property management fees -Also have ~100k in liquid dollars left over from a trust I'm planning on opening a Roth IRA this year and will try to maximize the contribution. I've been reading this forum and r/personalfinance casually for the past few years, and I know enough to know that I should be wary of people wanting to "help" with my finances, especially given that I'm in medicine and the predation is real. I also have read through Bernstein's If You Can and will probably be picking up the Millionaire Next Door soon. Think I can manage this on my own or should I get some assistance?
|
|
#
?
Jun 16, 2015 03:54
|
|
|
Laminator posted:To the point - should I consult with a financial advisor (fiduciary, CFP, etc.) or can I manage this on my own well enough? You sound like you're in great shape. At worst you might want a CPA if your tax situation gets complicated. There seems like a lot to read and understand but it's really not that much. Following the priorities listed in the OP ( You should decide on what allocation of stocks and bonds you want and know what investments your 403b offers. If you've got $100k in cash you'll probably want to get that invested.
|
|
#
?
Jun 16, 2015 04:21
|
|
|
Laminator posted:To the point - should I consult with a financial advisor (fiduciary, CFP, etc.) or can I manage this on my own well enough? What are your short and long term goals? You have the rental and a large amount of money in accounts where I presume the earnings are taxable, both of which make taxes more complex for you. How's your level of comfort with that? Really it depends on your level of interest. There's no particular urgency about it. If you read until you're fed up and still feel out of your depth, hire somebody for a consultation - just be judicious in who you choose, and find experts, not salespeople.
|
|
#
?
Jun 16, 2015 04:26
|
|
|
Probably at least hiring a CPA once you have a rental property and other types of investments. For the 100k cash I would just invest it in a Vanguard lifestrategy fund.
|
|
#
?
Jun 17, 2015 23:21
|
|
|
What's the process of transferring a 401k between employers? I'm about to accept a new job after leaving my last one a month ago (under amicable terms), and I've never had a 401k to transfer. I was hoping I could use "make it easy for me to move my 401k over here" and one last little bargaining chip for this new position, but I guess I don't know how difficult it is by default.
|
|
#
?
Jun 18, 2015 16:27
|
|
|
I had a question on what type of investment I should put the money I have currently sitting in a savings account in, which is around $50k. I'd like to invest 10-20k of that, since I might be looking at houses soon. I have been maxing out a Roth IRA through Vanguard for 7+ years now, with a mix between Target 2050 and VFINX. I was looking around on the Vanguard site and saw they have both ETF's and mutual funds, didn't know which would be my best option, this would be for a longer term investment. I don't have the option of a 401k right now since I am mostly self employed, which is also why I don't want to invest more of what is in savings right now in case I lose one of my jobs.
|
|
#
?
Jun 18, 2015 16:36
|
|
|
Just stick it in a high-yield savings account (~1%) if you're planning on using it in the next couple years.
|
|
#
?
Jun 18, 2015 16:37
|
|
|
C-Euro posted:What's the process of transferring a 401k between employers? I'm about to accept a new job after leaving my last one a month ago (under amicable terms), and I've never had a 401k to transfer. I was hoping I could use "make it easy for me to move my 401k over here" and one last little bargaining chip for this new position, but I guess I don't know how difficult it is by default. When I left my old position: I called Vanguard, which is where I wanted to roll my old IRA over to They called ING for me ING asked me "Are you sure you want to do this?" and then sent me a form I had to sign and fax/email back 3 days later my money was out of ING and into a Vanguard account. Between the phone call and the document, it may have taken 5 minutes of my time.
|
|
#
?
Jun 18, 2015 16:40
|
|
|
Slightly off-topic, but does anyone have any experience with using a Donor Advised Fund? My income this year on paper is probably going to be unusually high because of exercising a bunch of Non-qualified employee stock options. Since I could probably spare the cash I was thinking of setting up a DAF account (the minimum at Fidelity is only 5k) in the lower side of five figures to front-load my charitable giving for the next 5-10 years and get the biggest tax benefit for it. Mostly I'm just wondering if anyone has done something like this before and if its even worth the effort for someone who isn't a 1-percenter millionaire type of donor.
|
|
#
?
Jun 18, 2015 16:40
|
|
|
C-Euro posted:What's the process of transferring a 401k between employers? I'm about to accept a new job after leaving my last one a month ago (under amicable terms), and I've never had a 401k to transfer. I was hoping I could use "make it easy for me to move my 401k over here" and one last little bargaining chip for this new position, but I guess I don't know how difficult it is by default. It's really easy, but it doesn't really have much to do with either your old employer or your new employer. It's a transaction between the 401k providers. There's probably a form and/or instructions on your old 401k provider's website, the term you want to look for is "rollover". As DJCobol said, you can also just call your old 401k provider, your new 401k provider (or personal IRA provider), or HR at your new job and have them walk you through it. It doesn't make any sense to use "make it easy" as a negotiation tactic. It would be like saying "Make it easy for me to sign up for health insurance." They likely already have a process in place for that, they don't have a way of making it easier.
|
|
#
?
Jun 18, 2015 17:13
|
|
|
mrmcd posted:Slightly off-topic, but does anyone have any experience with using a Donor Advised Fund? Yep, I have one. Fidelity's DAF is great, and if you are in a position to use one, it really is a better way to give. Way better timing of tax deductions over the long run and you only need to keep track of contributions into the fund for tax purposes, so way easier bookkeeping. You should have no issues setting up the account, as well as making donations from it. You can make donations anonymously or in your name. The investment choices and fees are reasonable. Also, you can gift appreciated mutual fund shares to fund it instead of cash (and use cash to re-buy mutual fund shares at a higher cost basis). If you have taxable investments, you may want to fund it that way, and get an even better tax savings over the long run. The advantage of a DAF is that you deal with one institution in terms of funding. Try gifting appreciated shares to every small charity you want to give to, and you will find it to be more hassle than it is worth. Doing it once in awhile in large amounts in certain tax years, and always dealing with the same institution (Fidelity) is way easier. Another reason Fidelity is great (over Vanguard) is not only the smaller initial minimum ($5k vs $25k) but also the grants. You can make grants as low as $50 from Fidelity but Vanguard requires grants of $500 or higher. 80k fucked around with this message at 19:07 on Jun 18, 2015 |
|
#
?
Jun 18, 2015 18:58
|
|
|
C-Euro posted:What's the process of transferring a 401k between employers? I'm about to accept a new job after leaving my last one a month ago (under amicable terms), and I've never had a 401k to transfer. I was hoping I could use "make it easy for me to move my 401k over here" and one last little bargaining chip for this new position, but I guess I don't know how difficult it is by default. My default response and what I've always done is to roll it to a Vanguard IRA.
|
|
#
?
Jun 18, 2015 20:37
|
|
|
C-Euro posted:What's the process of transferring a 401k between employers? I'm about to accept a new job after leaving my last one a month ago (under amicable terms), and I've never had a 401k to transfer. I was hoping I could use "make it easy for me to move my 401k over here" and one last little bargaining chip for this new position, but I guess I don't know how difficult it is by default. The level of pain varies from provider to provider. Some can do it electronically in a few days you just need to provide the transfer information online, for others you will need to fill out some paper forms. Most important thing is to make sure to ask for a direct/custodian to custodian transfer. Basically means your old provider sends a check to your new provider "For the Benefit of C-Euro" and this is pretty much the best way to avoid tax troubles.
|
|
#
?
Jun 18, 2015 23:34
|
|
|
Mr.Radar posted:Since Desuwa answered your second question, I'll answer your first. I won't say it's stupid but it is a bit unusual. Since you didn't mention the specific funds you are investing in I'll use VTI, VGK, VPL, and VWO as analogs. Using the Morningstar Instant X-Ray tool we can compare your investment strategy to other strategies: your strategy, VT (total world stock fund, allocated proportionally to market cap), Vanguard target retirement stock allocation (60% US total stock, 40% non-US total stock). Compared to both other strategies you are invested significantly less in North American stocks and significantly more in Asian and emerging market stocks (categories which have quite a lot of overlap). Is there a reason you decided on this strategy? If you don't have a good one you might want to simplify your stock funds to mirror the Vanguard target retirement allocation which is pretty close to the standard recommendation. Should have mentioned that I'm not from US so using Vanguard is kinda hard for me. Anyway I revised my investment plan to be bit simpler and more traditional: 60% Whole world except emerging markets iShares Core MSCI World UCITS ETF TER 0.20% 20% Emerging markets iShares Core MSCI Emerging Markets IMI UCITS ETF TER 0.25% 20% Eurobonds db x-trackers II iBoxx Sovereigns Eurozone UCITS ETF TER 0.15% Additional benefit of these ETFs is that they are available through my broker for no stock buying fees. Would appreciate feedback since I'm really new to this. Right now I'm thinking that maybe the ratios should 65/15/20 instead? Edit: Also forgot to mention that these ETFs also reinvest any dividends, etc. they get, which should be a nice tax benefit. That way I can avoid paying any taxes until I sell the stocks which should hopefully be around 30+ years from now. Zilkin fucked around with this message at 19:49 on Jun 19, 2015 |
|
#
?
Jun 19, 2015 19:42
|
|
|
You should probably diversify your bonds a bit better.
|
|
#
?
Jun 20, 2015 05:49
|
|
|
How much should I start an IRA with that I want to use to invest? $1000? $2000? I make min wage.
rizuhbull fucked around with this message at 03:24 on Jun 21, 2015 |
|
#
?
Jun 21, 2015 03:17
|
|
|
anything greater than zero dollars and less than the yearly maximum contribution (~$3500)?
|
|
#
?
Jun 21, 2015 03:24
|
|
|
rizuhbull posted:How much should I start an IRA with that I want to use to invest? $1000? $2000? I make min wage.
|
|
#
?
Jun 21, 2015 03:36
|
|
|
If it's with Vanguard you need $1000 minimum for some of their funds, but you have until you file your 2015 taxes (April 15th, 2016, but don't leave it quite that long) to make a contribution for 2015.Bhodi posted:anything greater than zero dollars and less than the yearly maximum contribution (~$3500)? Yearly limit this year is $5500.
|
|
#
?
Jun 21, 2015 04:42
|
|
|
Desuwa posted:If it's with Vanguard you need $1000 minimum for some of their funds, but you have until you file your 2015 taxes (April 15th, 2016, but don't leave it quite that long) to make a contribution for 2015.
|
|
#
?
Jun 21, 2015 09:06
|
|
|
rizuhbull posted:How much should I start an IRA with that I want to use to invest? $1000? $2000? I make min wage. Good for you on investing while making minimum wage! I'd recommend trying to put in at least 15% of your income. If that isn't possible, I'd do $1000 so you can get into one of the Vanguard target date retirement funds.
|
|
#
?
Jun 21, 2015 18:22
|
|
|
rizuhbull posted:How much should I start an IRA with that I want to use to invest? $1000? $2000? I make min wage. If you're making minimum wage you probably qualify for the Saver's Credit when you file your income taxes.
|
|
#
?
Jun 21, 2015 18:38
|
|
|
My dad suggested "Behind the Wall Street Curtain" https://www.amazon.com/Behind-Street-Curtain-Edward-Jerome/dp/1614279942/ My dad's investment advice varies from "extremely smart" to "kind of nuts," depending on the exact subject matter. Any goon opinions on this book?
|
|
#
?
Jun 21, 2015 19:50
|
|
|
Mr.Radar posted:If you're making minimum wage you probably qualify for the Saver's Credit when you file your income taxes. This is good advice, Uncle Sam will give you 50% of the IRA contribution back in tax credits. So a $1000 contribution would only cost you $500 out of pocket. I'd save up to $1000, then invest in the target retirement fund. With the max tax credit you are getting help from uncle sam.
|
|
#
?
Jun 21, 2015 20:28
|
|
|
Leperflesh posted:My dad suggested "Behind the Wall Street Curtain" It's from the 1950's, before almost all of the standard BFC advice was even possible, because index funds didn't exist. It may be entertaining and/or interesting, but it almost certainly won't be good advice for investing.
|
|
#
?
Jun 22, 2015 00:28
|
|
|
I am moving to a new job in two weeks, and I have some questions regarding how to best allocate my retirement funds. Age: 28 My current 401k balance is $18,552.60. All of the funds are Vanguard funds. I also have a Roth IRA with Vanguard (Balance: $14,278.02) I will continue maxing the Roth. The new position has a 401k that has a 75% match up to 6%, but the match doesn’t kick in until after Year 1. The funds are managed by Hewitt and are as follows: Balanced - Total Fund Expenses 0.46% US Govt. Securities - 0.11% Fixed Interest - 0.20% Intermediate Bond - 0.22% Large Cap Diversified Equity - 0.38% Russell 3000 Index - 0.06% Small Cap - 0.65% International Equity - 0.67% There is also an option for company stock but I will be avoiding that. My questions are: 1: Should I move this 401k to my new employer, or open a Traditional IRA through Vanguard and dump it in there? 2: If IRA, what kind of fund mix should I be looking at? My projected retirement at this point would be about 2050. My current 401k mix is fairly aggressive. 3: If IRA, should I continue investing money into it? What would my priorities be? 401k to Match > Max Roth > Max 401k > Traditional? 4: Should I still focus on the 401k in the first year since it does not offer a match?
|
|
#
?
Jun 22, 2015 01:07
|
|
|
Kinfolk Jones posted:I am moving to a new job in two weeks, and I have some questions regarding how to best allocate my retirement funds. Age: 28 I'm a little unclear; your 401(k) with your previous employer is all vanguard funds, and you have 18.5k with them, correct? And these funds are the ones offered by your new employer? 1. If the old 401(k) is in vanguard funds you can consider leaving the funds there unless you're paying extra fees. Opening a traditional IRA will cause you to pay tax if you ever need to backdoor Roth, which is the only concern there. 2. If you're unsure just decide what percentage of stocks vs bonds you want and pick the target date retirement fund that matches that. If I was aiming to retire in 2050 I'd be aiming for 80 or 90% stocks (which is what I'm doing), but your risk tolerance may be different. 3. If you decide to roll it into an IRA and not do backdoor Roth contributions that makes sense. Keep in mind the yearly IRA limit is for all IRAs, not per type. Unless you're in the income range where the Roth limit starts being reduced you won't be able to max it and make traditional IRA contributions in the same year. That is where the backdoor Roth would come in. 4. Yes, unless you think you're going to be paying a lot more tax after you retire. You can take money out of a tax-advantaged state (say, by rolling it into a Roth IRA after you leave, paying tax at that time, and taking it out without penalty five years after the conversion) but you can't put money back in. If you don't need the money for anything else (IRA, living expenses, short term saving for a large purchase) there's no benefit to not making the contributions because it sounds like you don't have a really terrible 401(k). For that 401(k) I'd be looking at the Russell 3000 index fund since its fees are very low (this will be roughly equivalent to a total stock market fund or an S&P + extended fund) and then mixing in some of the bonds/securities/fixed income depending on what you want. Because of the high fees with your international equity I'd look at not taking very much of it, if any at all, and instead aiming to make up for that in your other accounts so that your overall allocation is where you want it to be.
|
|
#
?
Jun 22, 2015 01:41
|
|
|
Kinfolk Jones posted:I am moving to a new job in two weeks, and I have some questions regarding how to best allocate my retirement funds. Age: 28 Well someone would recommend against moving to a IRA in case you want to do a backdoor Roth. For the 401k route you can easily go 90% Russell 3000 and 10% intermediate bonds. It's still worth doing a 401k without a match for the first year since it allows you do pre-tax contributions but I would also look at a Roth IRA since it allows you to make international stock investments at a lower cost. 401k tend to have pretty bad low cost international stock funds. You also don't need to rollover when change jobs if you are happy with your old 401k options.
|
|
#
?
Jun 22, 2015 01:42
|
|
|
Kinfolk Jones posted:I am moving to a new job in two weeks, and I have some questions regarding how to best allocate my retirement funds. Age: 28 2) Same mix you run now. Your mix should be based on your whole investing strategy, not just one part of it. 3-4) You'll want to check a few things, one of which is if your new 401k retroactively matches. If so, do the match at a minimum. If your income is over the 36.6k, you should be doing 401k in part anyway. You want to do 15% of your gross income, 5.5k = is 15% of 36.6k gross. You should go with maxing your IRA and then putting as much into your 401k as possible, most likely.
|
|
#
?
Jun 22, 2015 01:52
|
|
|
baquerd posted:It's from the 1950's, before almost all of the standard BFC advice was even possible, because index funds didn't exist. It may be entertaining and/or interesting, but it almost certainly won't be good advice for investing. I emailed my dad and he had misremembered the title. He was actually thinking of "Backstage Wall Street" http://www.amazon.com/Backstage-Wall-Street-Insiders-Investments-ebook/dp/B007F8EZ9M
|
|
#
?
Jun 22, 2015 17:07
|
|
|
In my current job, I have a 457b with zero employee match, due to a pension plan that I will never qualify for (10 years minimum, I'll get less than 4 before moving out of this job). I have $30k of savings right now, with 10k set aside as an emergency "gently caress you, I'm out" fund, and 20k in just general savings that gets about $410 automatically added every two week pay period. I'm thinking of maxing out a Roth for this year ($5500) and putting another 5k into the emergency fund. Since there's no employee match on my 457b, there's no point in adding more money to it over opening a Roth, right?
|
|
#
?
Jun 22, 2015 21:30
|
|
|
If a 457 is like a 401k, it's still worth putting money in, even without an employer match. I'd prioritize Roth over it though. I don't get employer match, so I max my Roth first, then try to max my 401k as a second priority.
|
|
#
?
Jun 22, 2015 21:46
|
|
|
Yeah do your IRA first (Roth or traditional, your choice), up to your individual annual maximum ($5500, or lower if you're a high income earner). Then contribute to your 457 if you can afford to save more (it sounds like you can).
|
|
#
?
Jun 22, 2015 21:47
|
|
|
457s aren't subject to the 10% penalty for withdrawal before age 59.5, which is cool and a reason to consider leaving your money in there (as opposed to rolling over) when you leave your job, at least if you have good fund options. Are you in Illinois? I have the ten year vesting too through IMRF.
|
|
#
?
Jun 22, 2015 22:47
|
|
|
pig slut lisa posted:457s aren't subject to the 10% penalty for withdrawal before age 59.5, which is cool and a reason to consider leaving your money in there (as opposed to rolling over) when you leave your job, at least if you have good fund options. New York. I missed the 5 year vesting by two years, unfortunately, and I'll probably be leaving the state soon and don't see myself coming back to a public sector job in New York. Is it worth it to leave the money there, just in case, so if I come back I keep my current tier? Or should I just take the sum and invest it in a 401k/Roth/etc? I'd tell you how much is in there, but it was comically difficult to get that number from the state last time I checked. Probably around 5k?
|
|
#
?
Jun 23, 2015 00:09
|
|
|
Leperflesh posted:I emailed my dad and he had misremembered the title. Interestingly enough, this is a similar title - primarily entertainment value, not a book about how to invest your money well.
|
|
#
?
Jun 23, 2015 01:26
|
|
|
|
| # ? May 14, 2024 23:25 |
|
|
Schiavona posted:New York. I missed the 5 year vesting by two years, unfortunately, and I'll probably be leaving the state soon and don't see myself coming back to a public sector job in New York. Is it worth it to leave the money there, just in case, so if I come back I keep my current tier? Or should I just take the sum and invest it in a 401k/Roth/etc? I was in a fairly similar situation (and kind of still am). I work for an Illinois municipality and my wife is finishing her PhD. For awhile it was looking like her best job prospects would be out of state, so I was weighing the same question you are. Now she has a job lined up here in town, and so the odds are much higher that I'll be with this employer for at least the 8 more years it will take me to vest. But there's still a possibility we could leave and then I'd be making this calculus. My thinking about it was this: I planned to leave the pension contributions in the system for at least a couple years. This would give me enough time to more accurately assess the likelihood of returning to the state in the future. With only a few grand at stake it's not like missing the interest matters that much. Around year 3-5 after leaving I would probably roll the contributions over into an IRA. This would have been in the context of only being vested three or four years out of ten. If I were at 7+ I probably would have left them for longer, maybe 5-8. There's really not a good answer for this, but fortunately the stakes are relatively low. I certainly toyed with the alternative of just rolling it over immediately, accrued service credits be damned. Nice to not have to worry about though, at least in my case 
|
|
#
?
Jun 23, 2015 05:12
|
|