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Forum: FIRE and Money 01-19-2021, 06:15 PM
Replies: 32
Views: 2,186
Posted By TheWizard
I think that was the MAID, not the wife. The...

I think that was the MAID, not the wife.
The wife was out playing GOLF during that timeframe...
Forum: FIRE and Money 01-19-2021, 01:53 PM
Replies: 32
Views: 2,186
Posted By TheWizard
I'm another one who doesn't care for Motley Fool...

I'm another one who doesn't care for Motley Fool articles.
Having said that, I'm also one who has had higher AGI and higher Income taxes for seven years of retirement thus far than I ever had when...
Forum: FIRE and Money 01-18-2021, 08:22 AM
Replies: 14
Views: 981
Posted By TheWizard
Part of the answer depends on where your...

Part of the answer depends on where your retirement incomes comes from. If you have plenty of income from pension + annuities + SS, you may not need funds from investments for routine expenses.

In...
Forum: FIRE and Money 01-16-2021, 07:47 PM
Replies: 174
Views: 7,918
Posted By TheWizard
I've always bought new vehicles, beginning back...

I've always bought new vehicles, beginning back in 1975.
I buy new shoes as well, not used ones.

Back in the old days, I wasn't rich enough to pay cash, so I financed the car for a few years.
...
Forum: FIRE and Money 01-02-2021, 12:19 PM
Replies: 28
Views: 3,246
Posted By TheWizard
We should distinguish between Basic Expenses and...

We should distinguish between Basic Expenses and Discretionary ones.
My basic expenses are about one-third of my retirement income which gives me a lot of flexibility in doing stuff, except for the...
Forum: FIRE and Money 01-01-2021, 09:31 AM
Replies: 8
Views: 631
Posted By TheWizard
Good that you got it done in 2020, I suppose. A...

Good that you got it done in 2020, I suppose.
A few comments:

I would not hold bond funds in a Roth IRA, only stock funds. Increase bonds in your tIRA to maintain desired AA.

Former advisor...
Forum: FIRE and Money 12-30-2020, 04:33 PM
Replies: 9
Views: 790
Posted By TheWizard
Levelize your AGI, folks, with an eye to the next...

Levelize your AGI, folks, with an eye to the next higher IRMAA tier threshold.
Don't pay excess income taxes before you need to.
If married, train the surviving spouse to make Qualified Charitable...
Forum: FIRE and Money 12-29-2020, 11:41 AM
Replies: 204
Views: 14,034
Posted By TheWizard
Interesting thread. I started my eighth year of...

Interesting thread.
I started my eighth year of retirement this year and continue to have no specific numbers on how much I spend, especially by category.
I live north of Boston, have been single...
Forum: FIRE and Money 12-27-2020, 04:54 PM
Replies: 56
Views: 6,072
Posted By TheWizard
No, I'm not a bucketeer and don't keep...

No, I'm not a bucketeer and don't keep investments in cash, beyond about $10k in checking.
I retired in 2013 and will continue with this concept indefinitely.
Excess retirement income from SS +...
Forum: FIRE and Money 12-27-2020, 04:42 PM
Replies: 30
Views: 1,959
Posted By TheWizard
I would not recommend a bucket strategy. Just...

I would not recommend a bucket strategy.
Just focus on an Asset Allocation glide path of some sort and do pro rata withdrawals.
Simpler and you'll be fine...
Forum: FIRE and Money 12-25-2020, 08:46 AM
Replies: 57
Views: 3,637
Posted By TheWizard
I read both the MarketWatch summary article and...

I read both the MarketWatch summary article and the BC PDF article.
The BC PDF is more comprehensive and discusses how employer plans (401(k) and 403(b)) make a difference.
MarketWatch ignores...
Forum: FIRE and Money 12-25-2020, 08:27 AM
Replies: 57
Views: 3,637
Posted By TheWizard
Tax rates, at least marginal Federal tax brackets...

Tax rates, at least marginal Federal tax brackets are not the whole story.
I was in the 28% marginal bracket for first few years after retiring in 2013.
I'm now in the 24% marginal bracket after...
Forum: FIRE and Money 12-25-2020, 07:31 AM
Replies: 54
Views: 3,411
Posted By TheWizard
This is sort of what I'm doing now also. I have...

This is sort of what I'm doing now also.
I have excess income nowadays, especially after starting age 70 SS this year.

But this year, since March, is an anomaly since I've spent very little on...
Forum: FIRE and Money 12-25-2020, 07:25 AM
Replies: 54
Views: 3,411
Posted By TheWizard
I've purchased only new vehicles since 1975,...

I've purchased only new vehicles since 1975, often factory ordered to get the options I want.
Retired since 2013, I presently have a 2008 Mustang and a 2016 F-150. I bought the F-150 with mostly...
Forum: FIRE and Money 12-24-2020, 06:03 PM
Replies: 51
Views: 3,799
Posted By TheWizard
If you're going to be unreasonable then yes,...

If you're going to be unreasonable then yes, there's nothing we can do about it.
Forum: FIRE and Money 12-24-2020, 12:13 PM
Replies: 66
Views: 5,031
Posted By TheWizard
Not crazy, no, just ordinary, perhaps. Lots...

Not crazy, no, just ordinary, perhaps.

Lots of regular folks just take it as it comes, rolling with the punches. These folks often pay someone to do their taxes, not because they're incredibly...
Forum: FIRE and Money 12-24-2020, 11:49 AM
Replies: 51
Views: 3,799
Posted By TheWizard
Well, I never tried estimating income taxes due...

Well, I never tried estimating income taxes due in my spreadsheet, only approximate AGI year to year.
I've done my income taxes for the past few years with freetaxUSA and things change very little...
Forum: FIRE and Money 12-23-2020, 12:51 PM
Replies: 66
Views: 5,031
Posted By TheWizard
Roth converting to the top of the XX% bracket was...

Roth converting to the top of the XX% bracket was never an optimal concept.
Depending on your starting point, your additional Roth conversion amount to top of current bracket could be a small amount...
Forum: FIRE and Money 12-21-2020, 12:24 PM
Replies: 19
Views: 1,531
Posted By TheWizard
I bridged a seven year gap from age 63 to age 70...

I bridged a seven year gap from age 63 to age 70 (this year).
I devised a pension/annuity to cover the bulk of my expenses at age 63 and then withdrew an additional $3000/month from tax-deferred...
Forum: FIRE and Money 12-10-2020, 06:21 PM
Replies: 9
Views: 571
Posted By TheWizard
Don't go overboard with Roth conversions. Just...

Don't go overboard with Roth conversions.
Just levelize your AGI, roughly, for each year from now through age 73.
You'll need a personalized spreadsheet to do the projections, updated annually...
Forum: FIRE and Money 12-09-2020, 11:57 AM
Replies: 76
Views: 7,214
Posted By TheWizard
My most recent "winning of the game" would be...

My most recent "winning of the game" would be this year, when I claimed SS at age 70.
Together with my pension/annuities, I seem to have enough income that I have an excess to invest every month.
...
Forum: FIRE and Money 12-09-2020, 09:29 AM
Replies: 28
Views: 1,135
Posted By TheWizard
I've been doing something similar: I levelize my...

I've been doing something similar: I levelize my AGI from year to year from age 63 start of retirement to around age 75.

Effectively, this means doing Roth conversions to get AGI up close to what...
Forum: FIRE and Money 12-05-2020, 01:33 PM
Replies: 118
Views: 16,456
Posted By TheWizard
I'm in a very similar boat and always will be. ...

I'm in a very similar boat and always will be.
That $163k amount indexed upward to $165k for 2021 IRMAA based on 2019 MAGI.

And for what little it matters, top of 24% bracket is based on Taxable...
Forum: FIRE and Money 12-05-2020, 01:23 PM
Replies: 118
Views: 16,456
Posted By TheWizard
You can try, but voluntary withdrawals from...

You can try, but voluntary withdrawals from tax-deferred for whatever reason are not one of the seven life-changing events on SSA-44...
Forum: FIRE and Money 02-28-2020, 10:37 AM
Replies: 48
Views: 2,590
Posted By TheWizard
Generically, these are called CONTACTLESS credit...

Generically, these are called CONTACTLESS credit card payments.
My Cap One Visa card has contactless built-in but my MasterCard does not, so I link my MasterCard to Google Pay on my smartphone and...
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