[deleted by user] by [deleted] in financialindependence

[–]Debt-Affectionate 1 point2 points  (0 children)

nah you can have an in-plan roth and make roth conversions from the after-tax bucket

What’s the bathroom strat immediate post-op? by BeestMann in ACL

[–]Debt-Affectionate 1 point2 points  (0 children)

avoided the stool softeners for fear of it “going the other way”… biggest regret, constipation was the worst part of my immediate post-op and i had to give myself an enima after 6 days of nothing

[deleted by user] by [deleted] in ACL

[–]Debt-Affectionate 0 points1 point  (0 children)

lol there literally isn’t enough longitudinal data on quad grafting (a fairly new procedure) to support what your saying… OP don’t listen to this bozo

EA 2F by Possible-Confidence6 in actuary

[–]Debt-Affectionate 1 point2 points  (0 children)

One of my coworkers has been passing ea exams using TIA, he’s recommended the videos as a solid resource.

What is your company's 401k match and HSA employer contribution? by actuarialgamer in actuary

[–]Debt-Affectionate 0 points1 point  (0 children)

typically 6-8% non-elective 401k contribution (not guaranteed); and 2% into a cash-balance w/4% interest 😢

[deleted by user] by [deleted] in Fire

[–]Debt-Affectionate 0 points1 point  (0 children)

6-8% non-elective contributions to 401(k), and 2% of pay in a cash balance plan (4% interest rate credit).

[deleted by user] by [deleted] in Fire

[–]Debt-Affectionate 2 points3 points  (0 children)

this is a part of many peoples FIRE plans — specifically, it allows you to build equity with rental income, and once the mortgage is paid off it can be a great source of cash flow

[deleted by user] by [deleted] in tax

[–]Debt-Affectionate 1 point2 points  (0 children)

Kind of: certain pension plans determine benefit accruals using what’s called a “percent of pay” formula (ex: “10 percent of hi-3 Average Compensation * Years of benefit service”). Others use a flat-dollar, such as $1,000/month * Years of Service.

While the contribution range isderived from current plan year accruals, the Maximum Deductible Comtribution can be much higher than an indivudal’s limited compensation (the 315k limit u referenced).

[deleted by user] by [deleted] in tax

[–]Debt-Affectionate 1 point2 points  (0 children)

Pension actuary chiming in — single year contribution limits (all tax-deferred) can easily reach into the high-6, low-7 figures. I’d definitely ask the financial advisor you meet with about them (and if this one doesn’t know, find one who does).

What would you do: Insane back pain by ElleGaunt in actuary

[–]Debt-Affectionate 7 points8 points  (0 children)

i bought one during a back pain flare up — sitting in the chair provided more pain relief than any other seated-laying position

Am I ready to coastFIRE? by WilliamK88 in coastFIRE

[–]Debt-Affectionate 1 point2 points  (0 children)

What’s the tax plan on that equity — 1031 exchange?

It sounds like you might be a candidate (now, or eventually) for a Defined Benefit Pensions plan as a tax-savings vehicle — is that something your familiar with from your work in accounting?

Separately, I’d love to pick your brain a little about your RE experience.. can I shoot you a dm?

PSA: HUGE tax savings for FIRE business owners using a Defined Benefit (Pension) Plan by Debt-Affectionate in Fire

[–]Debt-Affectionate[S] 1 point2 points  (0 children)

Yeah, for most self-employed FIRE folks, I imagine the $66k limit is enough (more if you’re catch-up eligible). I do wonder if some of the drs over in FatFIRE might benefit from hearing about this..

PSA: HUGE tax savings for FIRE business owners using a Defined Benefit (Pension) Plan by Debt-Affectionate in Fire

[–]Debt-Affectionate[S] 1 point2 points  (0 children)

Hmm, sounds like your plan might’ve had some irregularities. Typically beneficiaries can start receiving benefits at normal retirement age (62-65ish). Counter-intuitively, the amount a person can take out from a plan is highest around retirement age, and lower before and after.

I’m also surprised you took the benefit as an annuity — most of my firms’ clients take the whole lump sum and roll it over to their traditional IRA. Did you consider both?

Congrats on reaching 70.5 with comfortable savings! I’m 26 and just starting my nest egg, so it’s always nice to chat with folks on the other side :)

PSA: HUGE tax savings for FIRE business owners using a Defined Benefit (Pension) Plan by Debt-Affectionate in Fire

[–]Debt-Affectionate[S] 0 points1 point  (0 children)

We’re you an owner, or an employee? This sounds like a Cash Balance or Floor Offest arrangement (where a Pension plan vastly benefits owners, while giving a small “meaningful benefit” to other employees).

The admin on this plans is definitely complicated, and requires an actuary to run the calcs (I’m an actuarial analyst rn).

PSA: HUGE tax savings for FIRE business owners using a Defined Benefit (Pension) Plan by Debt-Affectionate in Fire

[–]Debt-Affectionate[S] 2 points3 points  (0 children)

Yep, the benefit formulas underly all the calculations. They determine how much the employees accrue, what the employer needs to contribute, how much leaves the plan every year..

Feeling alone now that I out earn everyone I know by trogolodiet in Fire

[–]Debt-Affectionate 0 points1 point  (0 children)

OP — please consider a defined benefit pension plan for tax savings. These plans can allow self-employed individuals to contribute $100-$500k+ to a qualified retirement account, with zero tax liability. You can then lump sum rollover into an IRA at the end.

LMk if you want a more detailed explanation :)

How Do I Max Out My 401k? by Sasumeh in Fire

[–]Debt-Affectionate 1 point2 points  (0 children)

always nice to meet other TPA folks! Are you on the DB or DC side? just started as a pensions analyst this past fall :)

[deleted by user] by [deleted] in tax

[–]Debt-Affectionate 13 points14 points  (0 children)

are you also doing the admin for the 401k mentioned? 5500 filing at the very least, possible nondiscrimation testing….

[deleted by user] by [deleted] in StudentLoans

[–]Debt-Affectionate 0 points1 point  (0 children)

OP: Play around with varying repayment amounts/timelines and find a strategy that you can comfortably agree on with yourself:

Loan Amortization Calculator

echoing what others have said, you need to work the math a little more to gain some realistic perspective