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Old 01-11-2010, 08:52 AM   #61
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At the weekend I converted my after tax tIRA to a Roth. After researching my 401(k) a little more using this website
Rubicon Inc. 401k Rating by BrightScope

I decided to hold off rolling over my 401(k) to an IRA until next year ('cos then I could convert my tIRA in total with minmum tax bite.)

In future years I'll continue to do more conversions.

Retired in Jan, 2010 at 55, moved to England in May 2016
Now it's adventure before dementia
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Grandkids as Roth beneficiary
Old 01-11-2010, 09:38 AM   #62
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Grandkids as Roth beneficiary

What do people think about creating Roth accounts with grandkids as beneficiaries? If/when they inherit the account they'd have maybe 40 years or more before they'd need it for their retirement. Is this feasible? Or maybe they'd just spend it as soon as they got it.

"There are two kinds of people who lose money: those who know nothing and those who know everything." -- Henry Kaufman
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Old 01-11-2010, 09:56 AM   #63
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Re: Paying Federal Taxes

Like any on-line service, you need to register to use it. Unlike most other on-line banks (because your transfer of taxes to the Feds is a bank transaction), you must wait for your password to arrive in the mail.

After that, setting up the transaction is very easy (including setting up a recurring transaction).

Paperwork? Not needed until you file your taxes.

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Old 01-11-2010, 01:15 PM   #64
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GD - Registering online o.k.
Enrolling and waiting for mailed password ~ DUMB... Somehow mail sitting in an unlocked box at the end of my driveway is more secure than an online transaction w/ 128 bit encryption. And when it comes to making estimated tax payments I'd be glad to give my password to anyone who wishes to make a payment for me.

When you efile you don't have to wait for a mailed password, so this is just dumb. OH well, I guess I'll just keep their money until I file -- no penalty -- no harm -- no foul. I doubt it will seriously impact the national debt.
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Old 01-11-2010, 05:43 PM   #65
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Originally Posted by misanman View Post
What do people think about creating Roth accounts with grandkids as beneficiaries? If/when they inherit the account they'd have maybe 40 years or more before they'd need it for their retirement. Is this feasible? Or maybe they'd just spend it as soon as they got it.
Well, you'd be dead so you wouldn't have to see how they handled the situation.

As other long-term members on this board have pointed out, I'm perhaps overly concerned about the debilitating effects of affluenza. That concern is probably particularly acute when you achieved your own ER without benefit of being a beneficiary. In our case we tell our kid that not even her grandkids would inherit from us in time to make a difference to their lives, and anyway we'd probably spend it all before anyone had to worry about inheritances.

It's whatever is important to you. It'd certainly give them a rainy-day fund in case of health problems or other disasters. OTOH you may feel strongly about making a charity a beneficiary in order for someone else to get the help when they need it most and have the most motivation...


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