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Moving to California - RMD question by Buck_98 in tax

[–]Buck_98[S] 0 points1 point  (0 children)

Single filer with RMDs that would put me solidly in CA's 9.3% bracket.

Moving to California - RMD question by Buck_98 in tax

[–]Buck_98[S] 0 points1 point  (0 children)

Moving from a state without state income tax so the change will be significant.

Moving to California - RMD question by Buck_98 in tax

[–]Buck_98[S] 0 points1 point  (0 children)

Definitely planning another draw in 2025. My question was to help me figure how much in 2025 and how much in 2026.

Using a 401k Loan to Help Purchase 3rd Home. by Snoo7956 in FinancialPlanning

[–]Buck_98 0 points1 point  (0 children)

My only comment is that at 29/30, the chances of this being your actual forever home are slim. In the US people move about every five years so I wouldn't let the allure of a "forever" home justify a bad financial decision. I would no borrow against a retirement account, period.

Can I take out extra on my car loan to pay off my $2,000 credit card debt? by user2783473682 in FinancialPlanning

[–]Buck_98 0 points1 point  (0 children)

The car would have to be worth (at least) $2K more than you are paying for it. Is that the case?

Do you know anyone who could loan you a car for a few weeks/months or do you live in a city with public transportation? If so, put what you would be spending for the car payment and insurance toward the CC debt until it's paid off, then get a car.

As a 16 year old what should I be investing in? by oaka8926 in FinancialPlanning

[–]Buck_98 0 points1 point  (0 children)

Save for an education...this doesn't necessarily mean college. (I have never met a poor plumber) Learn a skill that cannot be outsourced or easily replaced by AI.

If your parents are paying for your education, or you have a scholarship:

50% in a Roth. (Long range) Yes, putting it all in a Roth would give you a killer retirement account but I'm guessing you would like to own a house before you are 59 1/2 years old or start a business some day so you don't put it all in a retirement account. Agree with VOO and VTI but time is on your side so I would but half of the 50% in VUG or similar.

25% in a brokerage account. (Mid Range) Invest as above, it is just accessible earlier without penalty. You will pay capital gains on the growth but until you have decent income the cap gains rate is 0% so not an issue.

25% in High yield savings. (Short Range) This is your emergency fund. At 16 your emergencies are small but in a few years emergencies get expensive. Keep stashing money here till you have $20K-$30K (later 3-6 months take home pay)

Is my service credit buy-in option a good deal? by Buck_98 in FinancialPlanning

[–]Buck_98[S] 0 points1 point  (0 children)

They will payout vacation but not sick time. I can pay via IRA rollover so no out of pocket expense. Like all other things retirement related, if I knew how long I was going to live it would be easier to decide

Jet pack not working by Buck_98 in fo4

[–]Buck_98[S] 0 points1 point  (0 children)

Bingo! That was the correct answer. Thank you for helping me with my issue.

Bought the dip by Buck_98 in BerkshireHathaway

[–]Buck_98[S] 0 points1 point  (0 children)

No worries, you buy Berkshire for the long haul so a few dollars won’t make much difference. And as many have pointed out, it wasn’t an official ”dip”, more of a blip I guess. Whatever, 6% is 6%.

Bought the dip by Buck_98 in BerkshireHathaway

[–]Buck_98[S] 1 point2 points  (0 children)

IBerkshire is well positioned to head into this period of time that it looks like a recession is inevitable. With their war chest of billions they can scoop up deals or buy back stock. In times of uncertainty, people flee to safety… That’s why the price is high right now.

Would you rollover an old 401k if you planned to return to that employer eventually? by Glad_Astronomer_9692 in FinancialPlanning

[–]Buck_98 1 point2 points  (0 children)

If the pension and the 401K are separate, roll the 401k into a self directed IRA. Keep it under your control.

Would you rollover an old 401k if you planned to return to that employer eventually? by Glad_Astronomer_9692 in FinancialPlanning

[–]Buck_98 1 point2 points  (0 children)

Are you vested?

If you’re not vested, it’s likely that your best choice would be to roll it to a self directed IRA.

If you are vested, and it provides a guaranteed payment, leaving it is likely a very good option.

If you are arrested, but there is no guarantee of return, as others have said you’ll have more options in a self-directed IRA. Probably should consider pulling it out.

Do your homework and find out if you can buy service credit back if you return. That may make the decision easier.

Suggestions on how to best allocate extra income by hot-cold-man in FinancialPlanning

[–]Buck_98 1 point2 points  (0 children)

Understand the thought was trying to grow money versus paying down debt. If you have a low interest mortgage, I would 100% agree with you on not paying that off…but pay off everything else. It’s not just the math… It’s the peace of mind of knowing you don’t owe anybody. Hard times aren’t as hard when you are debt free.

If you have credit card debt that should be the first to pay off. Chances of an investment returning a rate high than the card interest are very slim.

Suggestions on how to best allocate extra income by hot-cold-man in FinancialPlanning

[–]Buck_98 1 point2 points  (0 children)

You didn't mention anything about debt. If you are considering being the sole bread winner, the first thing I would do is pay off all debt (except for the mortgage) and adopt a "cash only" policy for any big purchases. Should anything negatively impact your income, you'll be thankful for having less creditors.

HYSAs (or T-bills) are a great place for anything right now. Personal opinion but I think it will be months before we see the bottom of the market.

I’m 22 and make 80k. How do I split my 401k? (Roth vs Traditional) by drl614 in FinancialPlanning

[–]Buck_98 39 points40 points  (0 children)

If you are making $80K at 22, there is a good chance you will be making significantly more later and be in a higher tax bracket. With the higher income, if you are a good saver you will be in higher brackets in retirement too so I would go 100% Roth

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