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SlyFrog posted:Without completely derailing the thread, could you explain this a little more? Maybe being at a high altitude is bad for your health. IDK
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Jan 15, 2021 18:55
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Also pilots have to display exceptional health at their regular screenings in order to stay working. If they've stopped working it means they failed their medical clearance which also means they've got a health issue
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Jan 15, 2021 18:57
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Flight crews do receive way more lifetime radiation from working at altitude for years and years. Studies are still out on concrete links to increased rates of cancer and the like, but it's probably not a good thing.
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Jan 15, 2021 19:05
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zaurg posted:Can I buy the book from you if you're done with it? 
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Jan 15, 2021 19:16
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Unlimited Cosmic Radiation Itty Bitty Metal Tube
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Jan 15, 2021 21:48
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SlyFrog posted:Without completely derailing the thread, could you explain this a little more? Bad and irregular sleep, bad and/or irregular diet, high stress, sedentarism/lack of exercise, radiation, just an overall unnatural way to live life and it can age you faster. Most of the issues seem to be cardiovascular and cancer. Because we have to be healthy enough to keep our medical certificates, pilots who suspect they have a serious health issue will forego going to a doctor lest they be diagnosed with something that might be disqualifying (tragically, they die from things that would have been treatable.) The annual medical certifications for pilots can miss a lot of stuff as it’s kind of superficial.
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Jan 15, 2021 22:51
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fart simpson posted:lol your old as hell I am, but I am also glad to have made it this far. Xguard86 posted:"no I'm not doing that. Because I don't want to" to anything he felt like. Said it was the best five years of his whole career lol I am close to that. I travel for work and the last three weeks in North Dakota I have been debating if I want to work for three more years. KYOON GRIFFEY JR posted:I think mortality rates associated with any road warrior lifestyle are pretty bad. Lots of sitting, bad sleep, family and personal issues, unhealthy food. Eating alone on the road can be a challenge. I find that running helps, but it’s difficult to healthy. I also know a lot of my fellow travelers spend way to much time in the bars getting hammered.
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Jan 16, 2021 20:39
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Ropes4u posted:I am, but I am also glad to have made it this far. Eating alone on the road can definitely be a challenge. I dropped a bunch of weight being off the road since start of COVID just due to eating home cooked more and also reducing portion sizes - I always hate "wasting" food (thank you mom and dad!) and so I try to eat whatever's in front of me. I'll try to run / move some freeweights around usually and have gotten way in to yoga post COVID so I'll probably add that in too. I actually find it's more of a challenge with client dinners and team based work. If I'm on my own IDGAF about eating a salad or whatever, but I don't wanna feel like I'm food shaming my clients who are usually big middle aged lads, so I tend to order less healthy options. If I know the client well and it's an intimate dinner, all that's out the window, but that's probably 1 in 20 dinners. If I'm working with a team, there's usually post-dinner work / brainstorm / bullshit and that's usually in the bar. If I'm solo I do a way better job looking after myself. Now I'm missing the road a bit, poo poo.
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Jan 16, 2021 23:32
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My company is in the process of being liquidated and while I have continued employment for now it won't be lasting long. In the mean time it looks like the 401k is being shut down. Wtf happens to it? Is it just an account that sits there until I roll it over to a new one at a new job?
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Jan 17, 2021 16:33
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George H.W. oval office posted:My company is in the process of being liquidated and while I have continued employment for now it won't be lasting long. In the mean time it looks like the 401k is being shut down. Wtf happens to it? Is it just an account that sits there until I roll it over to a new one at a new job? The custodian (Vanguard or whoever) will keep your account active (as in, invested the way it is now) and likely charge you an annual maintenance fee unless and until you roll it over. You can probably continue to manage it the same way you are now unless you currently have a company branded portal. So don't worry: it's YOUR account, not your company's account.
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Jan 17, 2021 16:59
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Question about backdoor Roths and our IRAs: I’m at the point where my AGI is very close to not being able to make a standard Roth IRA contribution. I fully understand that if I want to avoid the pro-rata rule, I’ll need to roll my Traditional IRAs into my 401(k) and then follow the backdoor process. How are my wife’s traditional IRAs treated? Can I leave hers and still complete the backdoor process, or will the value of her IRA play into the pro-rata rule if it’s only for MY Roth IRA contribution. We are MFJ, but wasn’t sure if there was a distinction between who was making the contribution or if it was for the pair of us. She works part time and has access to a 403(b), but I’m not sure she can roll her Traditional IRA into it.
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Jan 18, 2021 16:49
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Another back door Roth question: what’s current best practice for how long to leave it in the trad IRA before transferring? I know some people do it ASAP while others think one month or six months makes it look more like a legitimate two step transfer. But I vaguely remember that there was some recent ruling or tax bill that legitimized the backdoor Roth and might have changed this?
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Jan 18, 2021 17:05
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smackfu posted:Another back door Roth question: what’s current best practice for how long to leave it in the trad IRA before transferring? I know some people do it ASAP while others think one month or six months makes it look more like a legitimate two step transfer. But I vaguely remember that there was some recent ruling or tax bill that legitimized the backdoor Roth and might have changed this? Footnotes 268, 269, 276, and 277 of the 2018 tax bill explicitly condone the process so nobody's really worried about step-transition violations anymore.
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Jan 18, 2021 17:10
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smackfu posted:Another back door Roth question: what’s current best practice for how long to leave it in the trad IRA before transferring? I know some people do it ASAP while others think one month or six months makes it look more like a legitimate two step transfer. But I vaguely remember that there was some recent ruling or tax bill that legitimized the backdoor Roth and might have changed this? The IRS has said they don't care. My 401k does it instantly on deposit.
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Jan 18, 2021 17:10
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Perfect, that must have been what I saw.
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Jan 18, 2021 19:16
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smackfu posted:Another back door Roth question: what’s current best practice for how long to leave it in the trad IRA before transferring? I know some people do it ASAP while others think one month or six months makes it look more like a legitimate two step transfer. But I vaguely remember that there was some recent ruling or tax bill that legitimized the backdoor Roth and might have changed this? The backdoor Roth process is 100% legitimate. It started life as an unintended loophole, but every step is well-defined in the law, it has always been well-defined and legal since Roth IRAs and conversions were first written into law, and there is nothing you need to do to "make it look more legitimate." If you ever find yourself in a situation where you are trying to hide things from the IRS and messing with transaction dates to "make it look more legitimate," that is a huge red flag to stop what you're doing.
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Jan 18, 2021 19:29
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The concern was that it seemed like the IRS could apply the step transaction doctrine to it and consider them disallowed Roth contributions and penalize everyone at some later point:quote:"a series of transactions designed and executed as parts of a unitary plan to achieve an intended result ... will be viewed as a whole regardless of whether the effect of so doing is imposition of or relief from taxation." You can definitely find reputable articles from a few years ago that suggest that depositing to an IRA then immediately converting to Roth was a bad idea. quote:The caveat is that there’s no hard-and-fast rule about “how long” it takes to avoid the step transaction. A prudent rule of thumb in the context of the backdoor Roth contribution is to wait a year.
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Jan 18, 2021 19:50
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TraderStav posted:Question about backdoor Roths and our IRAs: I'm also wondering this
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Jan 18, 2021 19:57
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smackfu posted:The concern was that it seemed like the IRS could apply the step transaction doctrine to it and consider them disallowed Roth contributions and penalize everyone at some later point: This was me a decade ago and it's why my trad ira is a poo poo show. The IRS published a memo somewhere semi recently (on mobile good luck finding it) saying that it was OK. This has unlocked the door for the majors (fidelity for example) to make it literally automatic in 401k's. I wouldn't worry about it anymore. At worst if they reprocessed it all you would owe ordinary income on the appreciation of your roth ira balance. Your basis is tax paid.
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Jan 18, 2021 20:15
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TraderStav posted:Question about backdoor Roths and our IRAs: Her IRA doesn't affect your backdoor IRA. Only worry about hers if/when she is interested in doing backdoor's herself.
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Jan 18, 2021 20:15
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smackfu posted:The concern was that it seemed like the IRS could apply the step transaction doctrine to it and consider them disallowed Roth contributions and penalize everyone at some later point: I would suggest ignoring this random guy on the internet. especially with the 2017 tax law.
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Jan 18, 2021 20:17
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Michael Kitces is not some random guy on the internet, he has one of the best teams at interpreting new tax laws and I wouldn't dismiss him out of hand. This article is 6 years old now though so yeah, the advice has become unnecessary under current IRS guidance. Edit: here's a 2018 article where he expresses surprise that the loophole hadn't been closed as it had been in the Treasury book for potential alteration for a while. I don't think his caution was misplaced back then: https://www.morningstar.com/articles/844017/backdoor-roth-strategy-still-an-option moana fucked around with this message at 20:31 on Jan 18, 2021 |
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Jan 18, 2021 20:28
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moana posted:Michael Kitces is not some random guy on the internet, he has one of the best teams at interpreting new tax laws and I wouldn't dismiss him out of hand. This article is 6 years old now though so yeah, the advice has become unnecessary under current IRS guidance. OK fair enough on "random" guy. It was a super old article and I would like to see where the IRS has ever done anything about it (I haven't seen it). Fidelity and others have auto rollovers now, etc. Even the 2018 article says he expects it to close in a few years (3 years later now). If it gets closed the IRS will not do a lookback (I guess they could but....seems very unlikely) and try to "get" people (especially with the lobbying power of the companies like fidelity, I can only imagine the paperwork nightmare). Say the new congress closes it at the end of 2021 then in 2022 people who backdoor will just not be able to going forward. I guess I am saying that a lot of people do this I didn't lose any sleep over my Trad contribution on Jan 1 and rollover to Roth January 8th. Of course I could be wrong. Just my feelings around it from what I have read.
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Jan 18, 2021 21:59
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Yeah, no, I wouldn't be worried about it at all at this point.
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Jan 18, 2021 23:14
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80k posted:Her IRA doesn't affect your backdoor IRA. Only worry about hers if/when she is interested in doing backdoor's herself. Thanks for clarifying. I still have headroom in our budget to increase her 403(b) so may still continue down that path, but I'd like to have options at the end of the year. Since she's part time (actually on leave right now due to not willing to work in the schools during the pandemic) she's not contributing anything.
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Jan 19, 2021 03:41
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I had a recent windfall when I got married Jan 11 this year, so I have a few months emergency fund. I have been automatically saving 1/4 of my (after tax) weekly pay for a few years, but I blew some on a pre-covid trip to Hawaii. I've consulted the flow charts and seeing as how I am a bargaining employee (union) at a government site there is no match on IRA, but they do fund my pension and annuity. My game plan is to Vanguard simple self fund IRA (mutual maybe 60/40 domestic foreign) and maybe Roth as well. All other options seem to be off the table. Some of the old timers draw more in pension than they made working, but they have cut the amount you can earn going forward. Assuming I can at least draw double Social Security when I retire, (SS+pension) would that make maxing Roth more appealing? I ought to be able to draw at least 2k or more a month assuming I work till I'm 50-60. My wife is contributing 6% but they only really match maybe 2.5% of that. Also if we file jointly, do I have to do anything for the 11 days this year we weren't married? We earn similar amounts so it doesn't seem to matter if we file joint or individual. Quaint Quail Quilt fucked around with this message at 14:06 on Jan 19, 2021 |
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Jan 19, 2021 14:02
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If both you and your partner will have nice sized pensions then you can’t really go wrong with a Roth. If it’s only you with the pension then you should probably do a mix of both traditional and Roth. Both have their strengths but since we can’t predict the future I think it’s best to do a bit of both.
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Jan 19, 2021 14:14
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I plan on doing both, I'm not sure if I can max both until my house is paid off though, is 24k+ a year not counting IRA distributions or her SS mean I should prioritise roth for now? I need to get her above 6% as well, but she's not money smart and is one of those I could die tomorrow enjoy life today types. I'm a money Horder, because I've been truly hungry and destitute twice in my 20's, also grew up poor. Quaint Quail Quilt fucked around with this message at 14:24 on Jan 19, 2021 |
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Jan 19, 2021 14:21
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Quaint Quail Quilt posted:I plan on doing both, I'm not sure if I can max both until my house is paid off though, is 24k+ a year not counting IRA distributions or her SS mean I should prioritise roth for now? Gotta prepare for the absolute worst case scenario of having a very long life. It's truly a terrible thing to consider.
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Jan 19, 2021 14:28
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Quaint Quail Quilt posted:I plan on doing both, I'm not sure if I can max both until my house is paid off though I could easily be misreading this, but you can’t “max both.” The IRA contribution limit is for traditional and Roth combined.
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Jan 19, 2021 15:47
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Quaint Quail Quilt posted:I plan on doing both, I'm not sure if I can max both until my house is paid off though, is 24k+ a year not counting IRA distributions or her SS mean I should prioritise roth for now? Find a balance between enjoy life today and money hoarder if you haven't already. I too grew up poor (like food stamps, section 8, free lunch poor), but realize tomorrow isn't promised. I plan for retirement, mostly because my wife's family lives to be in their 90's and I want to make sure she's taken care of when I'm gone, but I take time to enjoy life today. My dad died at 52, I can't count on making it to 65. Rather spend time and money with my wife and kids now. That being said if you expect significant income in retirement, like 2 people earning SS and 1 or 2 pensions, I would lean towards Roth options now. I'm also of the opinion that you'd be better off maxing your savings right now and not worry about paying the house off when interest rates are this stupid low. That's just me though, I know you probably abhor any kind of debt.
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Jan 19, 2021 17:00
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My wife is getting a promotion and a raise, and it puts us to the point where we have reduced Roth IRA contribution limits. Good problem to have  I went ahead and allocated any possible Roth contributions to our 401ks and will evaluate what that looks like after a few months. Still trying to reason with survivor's guilt over being in this kind of situation but that's another thread. Seeing our total charitable contributions with the company match really helped. Big thanks to everyone who put forth a lot of effort and advice last month to help me out of the goon well of "hey I really should sell brokerage funds and use my bonus to pay off my mortgage way early". The flee-your-debt mindset is a tough one to shake but after really sleeping on it and talking with my wife, who normally doesn't have any interest in managing our finances, I finally settled in to at least accept cheap fixed rate debt as part of the whole package. It helped that she mentioned she'd finally like to do a Japan trip once it's safe, so having something to set the bonus aside for helped seal the deal. It prevents me from spending it frivolously, which was a very big driver of "yeet our debt so you aren't tempted raaaargh". So yeah, thanks moana, kyoon, and all the goons whose names I can't recall off the top of my head, your input was valuable and wise.
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Jan 19, 2021 21:02
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raminasi posted:I could easily be misreading this, but you can’t “max both.” The IRA contribution limit is for traditional and Roth combined. skipdogg posted:I'm also of the opinion that you'd be better off maxing your savings right now and not worry about paying the house off when interest rates are this stupid low. That's just me though, I know you probably abhor any kind of debt. I went from 5.12% 30yr to 2.625% 15yr on my mortgage and no longer want to make extra payments anymore, interest is too low and I'll have a paid house before I'm 50. I can get better returns with an index fund and if it crashes I still have 30 years for it to bounce back. I've read a lot of these finance threads and books over the years.
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Jan 19, 2021 21:31
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MJP posted:My wife is getting a promotion and a raise, and it puts us to the point where we have reduced Roth IRA contribution limits. Good problem to have If you're at a high-earning point in your life, you MIGHT be better off with some of all that going towards traditional pre-tax 401k contributions. If you're maxing that and if you don't have a lot of money in traditional IRAs, start taking advantage of the backdoor IRA on top of that.
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Jan 19, 2021 23:01
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why aren’t more people believers in the gospel of leverage
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Jan 20, 2021 13:36
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Small White Dragon posted:If you're at a high-earning point in your life, you MIGHT be better off with some of all that going towards traditional pre-tax 401k contributions. If you're maxing that and if you don't have a lot of money in traditional IRAs, start taking advantage of the backdoor IRA on top of that. We have yet to both hit the $19,500 per person 401k contribution limit. Should we both be maxed before looking into backdoor Rothing?
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Jan 20, 2021 14:26
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MJP posted:We have yet to both hit the $19,500 per person 401k contribution limit. Should we both be maxed before looking into backdoor Rothing? Assuming you're hitting the max of any available match, it's really a personal preference.
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Jan 20, 2021 15:36
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fart simpson posted:why aren’t more people believers in the gospel of leverage There is significant financial risk. Many people don't understand how it works.
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Jan 20, 2021 16:18
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What's this thread's thoughts on 529 plans? I've got an infant and need to start saving for her college now.
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Jan 20, 2021 16:20
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LiterallyATomato posted:What's this thread's thoughts on 529 plans? I've got an infant and need to start saving for her college now. 529 plans are for the wealthy. Prioritize retirement. You can cash flow or take loans out when it’s tuition time. Not to say you shouldn’t start one. I stash gifts from family in the 529. If you’re maxing retirement accounts and your state gives a tax break for contributions then you can consider contributing up to the tax break max.
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Jan 20, 2021 16:36
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