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GoGoGadgetChris posted:Wow, people who panicked ("revised their risk tolerance" or whatever) and sold last week officially missed out on the largest single day gain in history? That's brutal.  DON'T TIME THE MARKETYeah I'm one of those people. I only sold part of the portfolio to try to hedge against the coronacalypse but the current price is already above the sale price and the color green is now giving me heart attacks. If Ididn't sell I would've been still in the red overall and I do think it's going to get worse but it's just not worth it. I now have to constantly think whether or when to buy back in and realize the losses or gamble on it dropping again later. Maybe I'll still come out ahead but my mental health is more important. Never sell only buy. my regular employee stock purchase is probably going through next week lol. Not a good time to be me. vvv mobby_6kl fucked around with this message at 14:21 on Mar 3, 2020 |
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Mar 3, 2020 13:58
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I got lucky! My regularly scheduled taxable brokerage money hit right at the end of the day on Friday, and was there to take advantage of the numbers going up. Thankfully I didn’t try to put it in early after the first drop.
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Mar 3, 2020 14:04
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With buying and holding, if prices go down, I just chalk it up to the market and take comfort in the fact that everyone else is experiencing the same thing. It might suck, but I don't feel like I'm at fault. If I tried to time the market, then I will have made a choice. If things went sideways, I would definitely feel at fault, which adds a mental burden. Choose an investing protocol and stick to it. Take any choice out of your own hands. That way, you can blame the market or even payroll timing rather than your own dumb decisions.
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Mar 3, 2020 14:15
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Context on the whole life insurance thing: my parents have taken out life insurance policies on my brother and sister’s names. They haven’t succeeded with me, since I have a history of depression and am uninsurable as a result (or so they say - I suspect the real reason I am uninsurable is because I’m trans). So they have me as a beneficiary somewhere or another, but they’re trying to figure out an alternative plan. Hence the “we buy you property, you play landlord and rent it out to people” plan. Which is dumb and I’m not going along with it. Kylaer posted:IT'S BAD.  AreWeDrunkYet posted:There are situations where whole life policies make sense for inheritance tax avoidance. But anything like that should be run by a financial planner and tax attorney before you even start talking to insurance brokers. 99.9% sure my parents have nothing of the sort. Leperflesh posted:This post of mine is linked in the OP but it'd be really easy to miss, so here it is again, it's been a few hundred pages so why not? So if I get this correctly, whole life insurance is just kind of a mediocre solution that was designed to benefit the insurance companies. Sounds about right for my parents. AreWeDrunkYet posted:I feel like a broken record here, but if your estate will deal with inheritance taxes there may be a role for whole life insurance in your portfolio. I have no idea. I’ll talk to them tonight. zaurg posted:*disregard my last post I have no idea what I'm talking about* gently caress off
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Mar 3, 2020 15:32
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The federal estate tax doesn't even come into play until more than $11 million is being inherited and from what you're saying I feel highly confident that your parents aren't throwing around anywhere near that kind of money. They can also just literally give you money. If they gift you more than $15,000 in a year they'll need to fill out a form for the IRS and that will be subtracted from the $11 million tax-free estate limit but there won't be any taxes owed on it.
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Mar 3, 2020 15:44
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If they offer any amount of money to me, I will not accept it in anything other than cash. I don’t trust them to invest it well.
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Mar 3, 2020 15:45
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Pollyanna posted:If they offer any amount of money to me, I will not accept it in anything other than cash. I don’t trust them to invest it well.  Sorry, you're getting a lot better, you're not a perpetual idiot like Zaurg. But yes, the best thing they can do is give you cash money, report it appropriately to the IRS, not pay any taxes because it's going to be way under the taxable limit and everybody gets bent out of shape about estate taxes without actually knowing anything about the law, and let you invest it in index funds.
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Mar 3, 2020 16:01
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As someone that went through the big debate of putting money towards my home mortgage or investing in the market in a taxable account earlier in this thread.... I think this whole past week has taught me that I would have had a heart attack if I put the money in the market. Like, I just couldn't take it. I think I'll just continue maxing out our Roths and 529 each year ($32K total), dump it into this Vanguard target retirement fund, and that's it... my wife will get a really nice teacher pension when we retire, that should be enough. I'd have more money if I was more risky, but I think the panic attacks would take years off my life. And this is with about 200K in all these investment accounts... I can't imagine just seeing years of savings wiped out in a day when the accounts have grown much bigger and I'm close to retirement Astro7x fucked around with this message at 18:03 on Mar 3, 2020 |
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Mar 3, 2020 17:55
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Future future pie in the sky planning question. I have access to a Roth 401k through my employer and already have 9-10k in both Roth and Traditional accounts through Vanguard. I'm a job hop away (or a generous raise) from being ineligible for Roth contributions. Should I leave the Roth 401k unopened and hope for a Roth 401k option from any future employer or should I go ahead on open a Roth 401k account now? I'm currently contributing 10% to my unmatched 401k, which has about 6k now and another 3% post-tax to my Roth. Reminder I'm in NYC so doing 10% pre-tax is a better tax situation for me. cheese eats mouse fucked around with this message at 18:10 on Mar 3, 2020 |
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Mar 3, 2020 18:03
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Astro7x posted:As someone that went through the big debate of putting money towards my home mortgage or investing in the market in a taxable account earlier in this thread.... I think this whole past week has taught me that I would have had a heart attack if I put the money in the market. Like, I just couldn't take it. Meh.. I "lost" half a year's take home last week. I pointed it out to my wife for shock value. She asked me "what are you going to do?" And I said "absolutely nothing, it will grow."
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Mar 3, 2020 18:18
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Jows posted:Meh.. I "lost" half a year's take home last week. I pointed it out to my wife for shock value. She asked me "what are you going to do?" And I said "absolutely nothing, it will grow." Price of your house went down because of market crash! Oh no now you have a $400,000 house instead of a $500,000 house! Whatever shall you do? Oh wait you still own the house and don't plan on selling for a long time so it doesn't matter.
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Mar 3, 2020 18:22
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cheese eats mouse posted:Future future pie in the sky planning question. I have access to a Roth 401k through my employer and already have 9-10k in both Roth and Traditional accounts through Vanguard. I'm a job hop away (or a generous raise) from being ineligible for Roth contributions. Should I leave the Roth 401k unopened and hope for a Roth 401k option from any future employer or should I go ahead on open a Roth 401k account now? I'm currently contributing 10% to my unmatched 401k, which has about 6k now and another 3% post-tax to my Roth.
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Mar 3, 2020 18:33
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Hoodwinker posted:The income limits on Roth IRAs do not apply to Roth 401ks I believe. correct
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Mar 3, 2020 19:18
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Vanguard lets you see the theoretical growth/multiplier on your accounts, right? So I could take a look at what I currently have and consider whether it will put me in a good place by the time in 40, 50, etc.? Or do I have to do that math myself? EDIT: From all I can see, the answer is no - there's no hypothetical growth chart on vanguard. Hm. Pollyanna fucked around with this message at 00:24 on Mar 4, 2020 |
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Mar 3, 2020 23:37
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There are countless retirement calculators online including some from Vanguard. They involve a lot of assumptions and you can use them to get a sense but really you won’t know until you get closer to retirement and the band of uncertainty gets smaller. This is very frustrating.
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Mar 4, 2020 00:45
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doingitwrong posted:There are countless retirement calculators online including some from Vanguard. They involve a lot of assumptions and you can use them to get a sense but really you won’t know until you get closer to retirement and the band of uncertainty gets smaller. This is very frustrating. Which is why we should overthrow capitalism. 
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Mar 4, 2020 00:47
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Does anyone know of a Social Security calculator that lets me figure out my benefits if I quit working at 60 but do not collect until I am 67?
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Mar 4, 2020 01:08
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Ropes4u posted:Does anyone know of a Social Security calculator that lets me figure out my benefits if I quit working at 60 but do not collect until I am 67?
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Mar 4, 2020 01:20
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moana posted:The one on the Social Security site is probably the best, you'll need your earnings history: https://www.ssa.gov/planners/retire/AnypiaApplet.html You can get a personalized one here and look up your earnings history as well: https://www.ssa.gov/myaccount/
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Mar 4, 2020 03:31
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moana posted:The one on the Social Security site is probably the best, you'll need your earnings history: https://www.ssa.gov/planners/retire/AnypiaApplet.html nelson posted:You can get a personalized one here and look up your earnings history as well: https://www.ssa.gov/myaccount/ Thank you both! Edit: SS is going to be a nice adder to my retirement.
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Mar 4, 2020 04:44
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Lol if you think SS is still going to exist in >10 years.
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Mar 4, 2020 04:45
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withak posted:Lol if you think SS is still going to exist in >10 years. Coronavirus nuking Boomers might help it out some.
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Mar 4, 2020 04:54
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tumblr hype man posted:Coronavirus nuking Boomers might help it out some. Yeah, sharpening up the tip of the pyramid can't hurt.
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Mar 4, 2020 05:06
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withak posted:Lol if you think SS is still going to exist in >10 years. Edit: my teachers were wailing about the end of social security two decades ago. Literally zero has changed and people are still wringing their hands. The only way social security ends is by being replaced with a commensurate UBI imo moana fucked around with this message at 05:30 on Mar 4, 2020 |
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Mar 4, 2020 05:27
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withak posted:Lol if you think SS is still going to exist in >10 years. Welfare programs are always safe and SS is all some people have. Fortunately for me it will simply be an adder too my retirement.
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Mar 4, 2020 05:31
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Also fat people die earlier and life expectancy is on the decline.
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Mar 4, 2020 05:34
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Ropes4u posted:Welfare programs are always safe and SS is all some people have. Fortunately for me it will simply be an adder too my retirement. It is 100% on the chopping block with either a Biden or Trump second term
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Mar 4, 2020 05:41
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Nitrousoxide posted:It is 100% on the chopping block with either a Biden or Trump second term That would be too obvious and fair-minded. They'll "honor their commitments to the hardworking seniors who planned their retirements around Social Security" (i.e. "the Boomers") by writing in an age-based phase-out of benefits and gradually winding down the social security payroll taxes as the program withers (i.e. making GenX and beyond pay for the Boomers' benefits, receiving little to nothing in return).
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Mar 4, 2020 06:42
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Yond Cassius posted:That would be too obvious and fair-minded. They'll "honor their commitments to the hardworking seniors who planned their retirements around Social Security" (i.e. "the Boomers") by writing in an age-based phase-out of benefits and gradually winding down the social security payroll taxes as the program withers (i.e. making GenX and beyond pay for the Boomers' benefits, receiving little to nothing in return). This is absolutely what will happen. Since raising social security taxes or eliminating the absurd phaseout thing so rich people can fund it, they’ll instead simply take more money from young people to help the boomers who didn’t get enough their entire loving lives. In other words, plan for a bleak fuckin’ retirement y’all. Bleaker than you’d think.
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Mar 4, 2020 06:48
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some boomer 40 years ago posted:Lol if you think SS is still going to exist in >10 years.
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Mar 4, 2020 13:52
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moana posted:Also fat people die earlier and life expectancy is on the decline. Yeah, this is why I’m so worried about improving my health. I have to outlive my parents. Also, I’ll be hosed if I trust the government to give me my dues. At least my parents are dumb enough and willing to pass on whatever inheritance they have left.
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Mar 4, 2020 14:00
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SS will absolutely exist, but it will obviously not pay out as much as today. I'd be happy if we end up getting the equivalent of 75% of today's benefits, but my retirement plan will not rely on getting anything.
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Mar 4, 2020 14:01
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drainpipe posted:SS will absolutely exist, but it will obviously not pay out as much as today. I'd be happy if we end up getting the equivalent of 75% of today's benefits, but my retirement plan will not rely on getting anything. Yeah my retirement plan is "have enough money on my own for my retirement". Anything extra can be donated or pay for extra gifts for grandchildren or whatever.
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Mar 4, 2020 14:09
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In any case, I think this cements me putting that money from my company stocks towards retirement. Guess I’m not buying a house anytime soon v v
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Mar 4, 2020 14:16
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drainpipe posted:I'd be happy if we end up getting the equivalent of 75% of today's benefits ...
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Mar 4, 2020 14:18
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Sucks for boomers I guess.
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Mar 4, 2020 14:19
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Lol if you don't think the cutback will be phased in only after the boomers die.
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Mar 4, 2020 14:24
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Pollyanna posted:In any case, I think this cements me putting that money from my company stocks towards retirement. Guess I’m not buying a house anytime soon v You're changing your short/long-term goals based on Bernie having a single bad night in the primary race?
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Mar 4, 2020 14:29
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drainpipe posted:SS will absolutely exist, but it will obviously not pay out as much as today. I'd be happy if we end up getting the equivalent of 75% of today's benefits, but my retirement plan will not rely on getting anything. Exactly. I have planned for have nothing but the additional 4k a month will be nice to have, and if they chopped it to 3k a month that would be okay too. But more importantly I believe the government and the 1% will always give the poors just enough to keep them from taking up arms and upsetting the slow of consumption, taxes, and money.
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Mar 4, 2020 14:34
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The Big Jesus posted:You're changing your short/long-term goals based on Bernie having a single bad night in the primary race? What? No, the social security discussion.
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Mar 4, 2020 15:45
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