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Author Topic: I am retired and have a question...  (Read 62567 times)

g0lden3agle

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Re: I am retired and have a question...
« Reply #100 on: March 28, 2015, 10:29:45 AM »
I'm trying to get him thinking, but now you're stealing his thunder. I'm glad to see you're at least thinking now.

The point is you MUST THINK and consider the specifics. And challenge that thinking.

Now... consider this (again, among the multitudes of considerations that may be relevant)...

The student interest deduction does not require you to itemize to take it. Taking a standard deduction instead of itemizing and taking a mortgage interest deduction may be the best route for your tax situation... in that case, you receive a "tax-savings (lol)" on the student interest... but you get no incremental benefit for the mortgage interest. Still want to pay off the student loan first?

Also remember... the considerations are not only about the current year and current situation.. you must also project into the future. Intelligent planning. So many angles to consider.


Serious question- do you realize how condescending you come across on here?

ZiggysFryBoy

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Re: I am retired and have a question...
« Reply #101 on: March 28, 2015, 12:26:47 PM »
Serious question- do you realize how condescending you come across on here?

Beejay is just a dick period.

Jay Bee

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Re: I am retired and have a question...
« Reply #102 on: March 28, 2015, 02:45:30 PM »
Serious question- do you realize how condescending you come across on here?

This is something you should talk to your psychiatrist about.


Thanks for ruining summer, Canada.

GGGG

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Re: I am retired and have a question...
« Reply #103 on: March 28, 2015, 02:48:40 PM »
I know people who make well over $100k/year who are paying upwards of 20% of their after-tax income towards student loans yet don't qualify for the interest deduction.  For those keeping score at home, that's a mortgage payment on a $350,000 home.

Student loans suck.


Would they have been able to go to college without student loans?

Would they have been able to make $100k annually without college?

Jay Bee

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Re: I am retired and have a question...
« Reply #104 on: March 28, 2015, 02:59:18 PM »

Would they have been able to go to college without student loans?

Would they have been able to make $100k annually without college?

Let's say the answer to both is 'no.'

Now, we get to the real issue.

Person A is in the exactly same situation as Person B.

They both go the same route through college. Same amount of college loans, financial situation, etc.

Person A isn't a great student, but things start off OK. They get a job, are paid $60k, which is more than they would be making had they not gone to college. They are not in a dire financial situation.

Person B is an incredible student who also interns/works during school. They quickly move up at their first company because they are good at what they do. They are paid $100k.

Why should our tax system treat these two differently?
Thanks for ruining summer, Canada.

GGGG

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Re: I am retired and have a question...
« Reply #105 on: March 28, 2015, 03:02:45 PM »
It shouldn't.  But our tax system isn't really about fairness.

I was just responding to his assertion that "student loans suck."  I think they *can* suck.  But oftentimes they are helpful.

Avenue Commons

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Re: I am retired and have a question...
« Reply #106 on: March 28, 2015, 03:53:17 PM »
Exactly.  That's why I don't have any medical insurance.  Thinking that I might get seriously ill a is an incredibly negative way to live my life. 

If you got catastrophically sick or injured, couldn't you just file bankruptcy and wipe out those bills?

Paying off student loans first just because they can't be discharged in bankruptcy is operating from a "worst case" scenario. So yes, that is a negative perspective.

Do what you want. I sincerely wish you the best of luck. Have a good day.
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ChicosBailBonds

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Re: I am retired and have a question...
« Reply #107 on: March 28, 2015, 04:48:44 PM »
It shouldn't.  But our tax system isn't really about fairness.


Understatement of the year

Chicos' Buzz Scandal Countdown

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Re: I am retired and have a question...
« Reply #108 on: March 28, 2015, 06:42:12 PM »
If you got catastrophically sick or injured, couldn't you just file bankruptcy and wipe out those bills?

Paying off student loans first just because they can't be discharged in bankruptcy is operating from a "worst case" scenario. So yes, that is a negative perspective.

Do what you want. I sincerely wish you the best of luck. Have a good day.
So bankruptcy is a negative perspective.... But you recommend it if you get catastrophically sick, and that's not negative?

Terminal illness, bankruptcy and no medical coverage is pretty sunny.
"Half a billion we used to do about every two months...or as my old boss would say, 'you're on the hook for $8 million a day come hell or high water-.    Never missed in 6 years." - Chico apropos of nothing

Chicos' Buzz Scandal Countdown

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Re: I am retired and have a question...
« Reply #109 on: March 28, 2015, 06:43:33 PM »
This is something you should talk to your psychiatrist about.



im assuming JayBee can lead us in how to think about this as well.

YOU MUST CONSIDER SO MANY THINGS!!!
"Half a billion we used to do about every two months...or as my old boss would say, 'you're on the hook for $8 million a day come hell or high water-.    Never missed in 6 years." - Chico apropos of nothing

Avenue Commons

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Re: I am retired and have a question...
« Reply #110 on: March 28, 2015, 07:26:47 PM »
So bankruptcy is a negative perspective.... But you recommend it if you get catastrophically sick, and that's not negative?

Terminal illness, bankruptcy and no medical coverage is pretty sunny.

I was being glib.

Neither extreme outcomes are ones I would wish on anyone and hope that they are a distant thought for everyone. But I am reminded that bankruptcy for some people is a very real, actual concern. I'm fortunate in that I don't even think about bankruptcy. No more than I stay inside for fear of being hit by a train or a stray bullet.

But I realize that I am very fortunate that I take that for granted based on my own financial situation. I shouldn't have passed judgment and I'm sorry for that. I'm sure some hedge fund manager would look sideways at me.

 We are all trying to navigate this big orb the best we can while we are here.
We Are Marquette

rocket surgeon

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Re: I am retired and have a question...
« Reply #111 on: March 28, 2015, 11:06:07 PM »
Mid 40's, solo worker...wife takes care of the kids.  Looking to retire in the next few years.  Will definitely be moving out of California, but might keep the house to rent out...we'll see.

Max out on 401K, drive a used pickup truck 2006 with about 80K miles on it.  We don't buy super nice cars, our home is nice, but not insane.  I cut my own grass, carpool into work, have solar panels, give my son his buzz cuts.  Can't wait to get out of the giant money suck that is California.


You Californians should be nominated for philanthropists of the  decade...or so-you of course realize how many families you support out there

I was told at an early stage in my career to invest in what you know-invested in my business and building. Bought for low to mid 6 figures. 25 years later, worth low 7 figures plus the building. Stocks are legalized gambling unless you know and trust someone well and/or get lucky.  Put away max into Ed jones advisory mutuals-safe.  Also bought a house in az. During the real estate low. That is where I vacation. Property taxes are low. House is low maintenance except for the pool(a must down here).    No grass to cut- just a little round up once in a while

Post on scoop in and around business for escape. I'm my own boss and he says as long as you get your chores done...and when I'm down here in az. When not on the Golf course or on the lake(havasu) chasing the spring breakers just to keep the blood pressure up
don't...don't don't don't don't

Skatastrophy

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Re: I am retired and have a question...
« Reply #112 on: March 29, 2015, 07:47:28 AM »
There is a lot of really bad investment advice in this thread.

If you're so desperate that you're coming to MUScoop for investment advice, I'd suggest contacting a fee-only financial advisor instead.

rocket surgeon

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Re: I am retired and have a question...
« Reply #113 on: March 29, 2015, 10:36:41 AM »
I think it is a really interesting thread-getting to know a little more about some of the sluggos that post here, what has worked and not worked in some of our situations, where/ what some of us do, etc.  anyone who takes and uses any of the info discussed here, imho, I would hope, does so at their own risk-yes?  Or do we need a disclaimer-I would hope not as there has been a lot of crazy advice written about on the scoop-hey heyna? Haven't seen any lawsuits....yet 8-)  And I would also hope none ever need to evolve from this, if that is possible, but a lawyer I am not as I'm sure ya'all have figured out
don't...don't don't don't don't

Chicago_inferiority_complexes

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Re: I am retired and have a question...
« Reply #114 on: March 29, 2015, 03:51:14 PM »
There is a lot of really bad investment advice in this thread.

If you're so desperate that you're coming to MUScoop for investment advice, I'd suggest contacting a fee-only financial advisor instead.

Such as?

brandx

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Re: I am retired and have a question...
« Reply #115 on: March 29, 2015, 04:40:42 PM »
There is a lot of really bad investment advice in this thread.

If you're so desperate that you're coming to MUScoop for investment advice, I'd suggest contacting a fee-only financial advisor instead.

+1

Everyone should have a financial advisor. I didn't for about the first 10-12 years and it cost me a lot of money.

mu03eng

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Re: I am retired and have a question...
« Reply #116 on: March 29, 2015, 05:12:38 PM »
+1

Everyone should have a financial advisor. I didn't for about the first 10-12 years and it cost me a lot of money.

+1
"A Plan? Oh man, I hate plans. That means were gonna have to do stuff. Can't we just have a strategy......or a mission statement."

Chicago_inferiority_complexes

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Re: I am retired and have a question...
« Reply #117 on: March 29, 2015, 06:10:37 PM »
+1

Everyone should have a financial advisor. I didn't for about the first 10-12 years and it cost me a lot of money.

Honest question. What advice did your financial advisor give you that you couldn't figure out on you own? It's good to max out your 401k contributions?

brandx

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Re: I am retired and have a question...
« Reply #118 on: March 29, 2015, 06:26:19 PM »
Honest question. What advice did your financial advisor give you that you couldn't figure out on you own? It's good to max out your 401k contributions?

Of course I knew to max out the 401K.

But unless you make your living in the financial sector, you don't have any clue what the best place to put your money is.

And I'm not calling you out here. I thought the same thing when I was young. Why should I pay someone to manage my money? Until I did - and saw the difference in the returns I was getting every year. And I never interfered with what he did except once.

chapman

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Re: I am retired and have a question...
« Reply #119 on: March 29, 2015, 06:43:07 PM »
But unless you make your living in the financial sector, you don't have any clue what the best place to put your money is.

Even there, we have plenty who can handle their jobs but are incompetent in managing their own funds.  Kind of like how so many hairdressers look like they have a dead animal on their head.

Chicago_inferiority_complexes

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Re: I am retired and have a question...
« Reply #120 on: March 29, 2015, 06:44:24 PM »
Of course I knew to max out the 401K.

But unless you make your living in the financial sector, you don't have any clue what the best place to put your money is.

And I'm not calling you out here. I thought the same thing when I was young. Why should I pay someone to manage my money? Until I did - and saw the difference in the returns I was getting every year. And I never interfered with what he did except once.

Hmm, thanks. Good to know. How do you find a good one? So many just come across as squirmy.

mu03eng

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Re: I am retired and have a question...
« Reply #121 on: March 30, 2015, 08:20:24 AM »
Hmm, thanks. Good to know. How do you find a good one? So many just come across as squirmy.

Word of mouth is still the best in my opinion, or something like Angie's list I suppose could have good value as well.
"A Plan? Oh man, I hate plans. That means were gonna have to do stuff. Can't we just have a strategy......or a mission statement."

Skatastrophy

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Re: I am retired and have a question...
« Reply #122 on: March 30, 2015, 09:30:07 AM »
Hmm, thanks. Good to know. How do you find a good one? So many just come across as squirmy.

Take a look at http://napfa.org/

The ones who really are Fee-Only are a pretty small fraction of the total.

Also, check out any broker you're thinking about choosing on http://brokercheck.finra.org/Search/Search

If someone is trying to take a percentage of your portfolio, run. If someone is pushing their company's products, run. If someone is saying they're a financial advisor but they are pushing insurance products, run away as fast as you can.

Most fee-only advisors will only touch portfolios with more than $500k in assets. Also, if you have a 401k with crapty options you need to come to terms with the fact that there may not be anyone that could give you great advice until you roll that money over into an IRA when you leave your job.

Edit: Again, taking advice from someone on the internet isn't a great idea. For all you know, I'm talking out of my ass. I, personally, am a lazy portfolio guy and I do all of my own investing since it's on autopilot... so even *I* don't take my own advice. Ha!
« Last Edit: March 30, 2015, 09:42:33 AM by Skatastrophy »

g0lden3agle

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Re: I am retired and have a question...
« Reply #123 on: March 30, 2015, 10:03:48 AM »
Take a look at http://napfa.org/

The ones who really are Fee-Only are a pretty small fraction of the total.

Also, check out any broker you're thinking about choosing on http://brokercheck.finra.org/Search/Search

If someone is trying to take a percentage of your portfolio, run. If someone is pushing their company's products, run. If someone is saying they're a financial advisor but they are pushing insurance products, run away as fast as you can.

Most fee-only advisors will only touch portfolios with more than $500k in assets. Also, if you have a 401k with crapty options you need to come to terms with the fact that there may not be anyone that could give you great advice until you roll that money over into an IRA when you leave your job.

Edit: Again, taking advice from someone on the internet isn't a great idea. For all you know, I'm talking out of my ass. I, personally, am a lazy portfolio guy and I do all of my own investing since it's on autopilot... so even *I* don't take my own advice. Ha!

Why would you suggest someone find a financial adviser instead of opting for a "lazy portfolio" like what you linked to?

Skatastrophy

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Re: I am retired and have a question...
« Reply #124 on: March 30, 2015, 11:52:52 AM »
Why would you suggest someone find a financial adviser instead of opting for a "lazy portfolio" like what you linked to?

If people are on MUScoop looking for investment advice then they probably don't know enough to make up their own minds about their investment choices. Controlling your spend, increasing your income and managing the risk/reward potential of your investments are all things that are very important. Not everyone wants to put the time and effort into becoming an expert in these things, at which point you pay an expert a fee.

Edit: To come completely clean, I'm attempting to retire within 10 years (projected at 8 years from now) on a comfortable salary due to being a very aggressive saver. I'm in my mid 30s and my wife is in her early 30s, and we're on pace to save 50% of our take-home this year.

Because of this my saving habits, my investment goals and the amount of risk I'm willing to take on is different than someone that's looking for traditional retirement 30 years from now or 5 years from now.

I wouldn't want to get preachy about how I think people should invest or how they should live their life. Investing for retirement (or even for your heirs) is a deeply personal thing. If you aren't an expert in it and you don't want to spend the time to research it besides reading MUScoop, then paying a professional is probably the best option, as long as they aren't unnatural carnal knowledgeing you by taking a percentage of your portfolio, or selling you on their company's products that they make a commission on. Hope that makes sense!
« Last Edit: March 30, 2015, 12:05:13 PM by Skatastrophy »