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Forum: FIRE and Money 05-02-2022, 06:25 AM
Replies: 30
Views: 2,144
Posted By armor99
Actually… there is a very cool thing you can do...

Actually… there is a very cool thing you can do if your company allows it. You will have to call to find out. You CAN do a reverse roll over from an IRA to your current companies 401k plan… and then...
Forum: FIRE and Money 04-24-2022, 07:55 PM
Replies: 114
Views: 6,328
Posted By armor99
I can easily do my taxes if I choose to. However,...

I can easily do my taxes if I choose to. However, I always elect to pay someone to do my taxes for me. I view it as insurance. If I am ever audited the person who filed it has to explain.
Forum: Other topics 04-21-2022, 08:42 AM
Replies: 46
Views: 2,542
Posted By armor99
When I was a little boy, I dreamed of being a...

When I was a little boy, I dreamed of being a magician. I was amazed with how the wave of a hand could cause something wondrous to occur. And now with the flip of a switch, an unseen force does my...
Forum: FIRE and Money 04-13-2022, 02:16 PM
Replies: 33
Views: 3,616
Posted By armor99
Provided you are over 59.5 probably no diff other...

Provided you are over 59.5 probably no diff other than more control over what to invest in.
However, if you are 55+ you can get the 401k money after you retire with no penalty. In IRA you need to...
Forum: Young Dreamers 04-04-2022, 08:56 AM
Replies: 78
Views: 4,909
Posted By armor99
I became a EE myself. I can tell you from my...

I became a EE myself. I can tell you from my experience, it is normal to suffer. There is no way to get around that. It is an extremely challenging major to study. Around 50% do not make it, and I am...
Forum: FIRE and Money 02-08-2022, 11:53 AM
Replies: 64
Views: 7,299
Posted By armor99
This is how I would figure this out. Do the...

This is how I would figure this out. Do the calculation if you took the lump sum today, and figure 7% average growth till you turn 65. Then see how many years would it take after 65 to equal that...
Forum: FIRE and Money 01-17-2022, 08:24 AM
Replies: 31
Views: 3,022
Posted By armor99
I would tend to agree here. If you are that close...

I would tend to agree here. If you are that close to retiring, does it really make a difference?
Forum: Young Dreamers 01-13-2022, 12:22 PM
Replies: 65
Views: 22,028
Posted By armor99
I truly admire what you have been able to...

I truly admire what you have been able to achieve. However, you have well more than 50% of your investments in a single stock. Tesla is working out for now. But you are just one bad day away from...
Forum: FIRE and Money 12-16-2021, 09:32 AM
Replies: 23
Views: 2,179
Posted By armor99
For whatever it might be worth, I had a Trust...

For whatever it might be worth, I had a Trust made recently, and the lawyer mentioned a few things that did not apply on my case, it might be valuable to some of you reading.

Remember that in...
Forum: FIRE and Money 11-02-2021, 10:25 PM
Replies: 41
Views: 3,120
Posted By armor99
I my opinions it is all about risk. May it never...

I my opinions it is all about risk. May it never happen to you, but if you lost your job, would you want more investments, or a paid off place to live? I finally became debt free last month.
It is...
Forum: FIRE and Money 10-22-2021, 03:42 PM
Replies: 21
Views: 4,279
Posted By armor99
Also remember that if your plan allows it, you...

Also remember that if your plan allows it, you can reverse rollover a traditional IRA, back into your current 401k plan. If you do that before you retire (@55) you can then use the rule of 55 to get...
Forum: Young Dreamers 10-20-2021, 07:16 AM
Replies: 50
Views: 4,242
Posted By armor99
The problem with utopian cities, is that it takes...

The problem with utopian cities, is that it takes completely 100% altruistic people to live and work there. And you will never find such people.
Forum: FIRE and Money 09-28-2021, 07:08 AM
Replies: 35
Views: 5,487
Posted By armor99
I will be 55 at that time. If I choose to retire,...

I will be 55 at that time. If I choose to retire, I will roll my Roth 401k into a Roth IRA and have access immediately to all of my contributions (yes Roth IRA has been around for over a decade)....
Forum: FIRE and Money 09-27-2021, 03:29 PM
Replies: 35
Views: 5,487
Posted By armor99
Lots of really great advice here. Thanks so much....

Lots of really great advice here. Thanks so much. Still a while out.. like 7 years. Lots to consider as I get closer though.
Forum: FIRE and Money 09-27-2021, 08:42 AM
Replies: 35
Views: 5,487
Posted By armor99
Investments after Retiring

Hello everyone,
So I am around 7 years out I am thinking. At present, I have 1.4mil in retirement accounts. Goal is to hit 3mil by then. Should be 50/50 Roth and Traditional 401k. A bit...
Forum: FIRE and Money 09-23-2021, 09:55 AM
Replies: 56
Views: 6,878
Posted By armor99
Thanks for bringing up the topic of “stepped up...

Thanks for bringing up the topic of “stepped up basis”. This could be really significant considering the mom is 108, and how long she has owned the property? Just so people are aware.

If you...
Forum: FIRE and Money 09-22-2021, 09:11 AM
Replies: 78
Views: 9,068
Posted By armor99
This is exactly correct. I guess I have never...

This is exactly correct. I guess I have never understood the thinking of some, that it is imperative to stop people from becoming “too wealthy” (and that bar continues to drop). I celebrate others...
Forum: Young Dreamers 09-14-2021, 11:13 AM
Replies: 34
Views: 1,822
Posted By armor99
I believe that is correct. They do not care where...

I believe that is correct. They do not care where the money comes from to fund a ROTH. Could be you, your son, or me for that matter. But you have to prove (via w2) that your son had income, of which...
Forum: Young Dreamers 09-13-2021, 04:41 PM
Replies: 14
Views: 2,383
Posted By armor99
I must admit, been feeling the same at the...

I must admit, been feeling the same at the moment. I just become 100% debt free. Have a net worth of almost 2mil, retirement assets of 1.4mil.
Just got back from a vacation, and thought today… so...
Forum: Young Dreamers 09-13-2021, 04:35 PM
Replies: 34
Views: 1,822
Posted By armor99
Sounds like a great idea… time is such a blessing...

Sounds like a great idea… time is such a blessing in this case. Decades to grow!!! Just remember that I do not believe you can contribute more to a ROTH Ira, than is made in a single year. So for...
Forum: FIRE and Money 08-30-2021, 08:39 AM
Replies: 62
Views: 8,778
Posted By armor99
Just a few things… I understand others may...

Just a few things…

I understand others may feel differently, but I would worry about long term renting. It puts way too much control and uncertainty into the hands of others. There is no guarantee...
Forum: FIRE and Money 08-11-2021, 03:48 PM
Replies: 84
Views: 10,263
Posted By armor99
Just something to consider. I have a cousin...

Just something to consider. I have a cousin living in NYC that is now 50. He never left home. And his parents just did not love him enough to push him out when he was younger.
He has no life, or...
Forum: Young Dreamers 08-11-2021, 03:28 PM
Replies: 16
Views: 2,406
Posted By armor99
I believe that is correct. However, the ROTH IRA...

I believe that is correct. However, the ROTH IRA itself must have been in existence for 5 years for that to work. If you just open a ROTH IRA (never had one before), I think you have to wait five...
Forum: FIRE and Money 08-09-2021, 08:27 AM
Replies: 56
Views: 6,571
Posted By armor99
I have shown to many of the younger engineers...

I have shown to many of the younger engineers over my career, just how little it actually takes, provided you start early enough to build a million dollar portfolio. I pulled out a compound interest...
Forum: FIRE and Money 08-08-2021, 11:24 AM
Replies: 11
Views: 1,536
Posted By armor99
Apologies this might not be relevant, but I would...

Apologies this might not be relevant, but I would advise not to become a long term renter. In my option, when you do that you are giving way too much control of your life over to someone else.
In...
Showing results 1 to 25 of 533

 
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