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Old 07-16-2014, 03:02 PM   #41
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You'll be doing a great service for us SS and Medicare recipients, but our gratitude will pale in comparison to that of the Colorado squirrel community.
SS and Medicare will be the lion's share of taxes I would be paying, as actual income taxes I can mostly wiggle out of.

Remember, full time pay for PART TIME work. The squirrel, rabbit, dove, pheasant, duck and anything else vaguely edible populations will still be very much in my sights.
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Old 07-16-2014, 03:38 PM   #42
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Planned for U or V, but what the L if it occurs, got a paid off house, will batten down here, petition to get property taxes reduced as my house value plummets, and enjoy sitting outside watching the humming birds in the summer, walking deserted beaches in the winter, and being better off than the worst.
Paid-for homes may still require beaucoup money for maintenance and repair (see photo found on Web). That money may be better spent on gas for the RV, so that travel activity can continue. Getting wife to agree to it may be the problem.

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Old 07-16-2014, 03:46 PM   #43
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Eh, I am going to talk to a megabank about a consulting opportunity late this month. I have some heartburn about this, to say the least. If I do it, it will be full time pay for part time work with minimal travel and a hard end date. I will also structure it to be highly tax efficient. If it does not happen, I will be somewhat relieved.
I hear you. I was considering going back to work, but tax calculators showed that I would be wasting my time working for a W-2 income. So it's either I find a highly tax efficient way of making money or I am just going to stay home.
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Old 07-16-2014, 03:57 PM   #44
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I hear you. I was considering going back to work, but tax calculators showed that I would be wasting my time working for a W-2 income. So it's either I find a highly tax efficient way of making money or I am just going to stay home.
If they cannot make me a 1099 contractor, the price will be a lot higher.
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Old 07-16-2014, 04:08 PM   #45
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Recently went over my son's college funds, he has enough to finish (just enough) by also working a little for gas and spending money. He said it would really be easier if he didn't have to work while studying. I didn't take the bait.

If he really had an emergency I would of course help him out, but this is just normal planning, spending control, and time management. His learning now will help him out much better for his future than if I just handed him some extra cash. I had to work part time through college too, and believe it is part of the reason I am now better off than friends who had it much easier than me.

Hey, you gotta give him "credit" for giving it the "ol college try". Nothing wrong with one of those "if you like it, take it, if you don't send it right back" comments.


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Old 07-16-2014, 04:25 PM   #46
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My children worked part-time and during summers for textbook expenses and for spending money. I paid for tuition, gave each a good running car, and paid for their car and health insurance.
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Old 07-16-2014, 04:27 PM   #47
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Hey, you gotta give him "credit" for giving it the "ol college try". Nothing wrong with one of those "if you like it, take it, if you don't send it right back" comments.


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Good point! Thanks. I do, he is a smart kid!
So far he is managing his money pretty well, getting decent grades and staying focused on being employable. No complaints really.
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Old 07-16-2014, 04:28 PM   #48
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I for one am happy all you suckers OMYers are continuing to pay my Obamacare subsidies service the national debt. I don't think you can ever have enough money or margin of safety in retirement...
Ouch!
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Old 07-16-2014, 04:29 PM   #49
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Paid-for homes may still require beaucoup money for maintenance and repair (see photo found on Web). That money may be better spent on gas for the RV, so that travel activity can continue. Getting wife to agree to it may be the problem.

If I can afford to keep up my Costco membership, they have some pretty cheap tarps, and maybe I can scrounge some used plywood.
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Old 07-16-2014, 04:33 PM   #50
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Look at blue tarps from Harbor Freight. Why, recently they even gave out coupons for a free one, and perhaps I should go claim one to save for rainy days (literally!).

However, that size may not be enough even for the tiny homes we talk about on another thread. Oh well, it would still be good for my RV when that starts leaking too.
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Old 07-16-2014, 06:18 PM   #51
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There are always dueling articles on the bull case versus the bear case. It's generally just noise and nobody has shown a good record of actually calling the market tops and bottoms.

If you go by the Fed, the stock market should me much, much higher at current interest rates. People know that the low interest rates will eventually go up but the question is "when?" With this concern, there is enough concern to not run stock prices up too far above where people think interest rates may go.

The secret to retirement survivability is to be able to adjust. Have enough fixed income to let you weather any rational storm in equities. Don't have maturities so far in the future that you can't take advantage of rising rates. Finally, have a plan to reduce expenses.

I'm a chronic OMY-er. This is my last year. Yeah! I really, really mean it this time.
+1

Exactly. With long term view you should ignore both bull and bear market predictions and stick with your AA.
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Old 07-16-2014, 06:27 PM   #52
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I feel the same way, NW.

Just curious, is there a "special" way to fund a child's Roth or a grandchild's 529 directly yourself? IOW, can you open either account yourself in their names? Or are you just planning on taking withdrawals from your stash and giving the $$$ to your children with instructions to add to their Roth, for example?

Thanks!
My dad funded 529's for my boys. $10k each. He owned the accounts, but they were listed as the recipients. I was listed as the benificiary from an inheritance POV. So when he died, I inherited them and started funding them aggressively. But it was a nice kick start to my son's college funds.

He needed their social security numbers, and mine (as benificiary) to set it up.

Not sure about the Roth's. (He was generous - but missed that opportunity. LOL!)
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Old 07-16-2014, 06:31 PM   #53
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My dad funded 529's for my boys. $10k each. He owned the accounts, but they were listed as the recipients...

Not sure about the Roth's. (He was generous - but missed that opportunity. LOL!)
529 accounts and the Coverdell accounts (formerly called Educational IRA) that I have for my children are that way.

Roth accounts are in the name of the (future) retiree. However, the account applicant can always allow someone else to also have access to it via a Power of Attorney form.
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Old 07-17-2014, 07:56 PM   #54
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529 accounts and the Coverdell accounts (formerly called Educational IRA) that I have for my children are that way.

Roth accounts are in the name of the (future) retiree. However, the account applicant can always allow someone else to also have access to it via a Power of Attorney form.
Thanks, rodi and NW-Bound! I'll look into the 529's for my grandson (and granddaughter on the way!). I had one for my son.
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