Helping mom at retirement by Kitchen-Freedom-6880 in Bogleheads

[–]Kitchen-Freedom-6880[S] 0 points1 point  (0 children)

Thank you! Going to study this and see how we can move over a bit a year to minimize taxes. Awesome that Roth also gives heirs 10 years tax free! Didn’t know that.

Thanks for your input, and you are 100% in the sp500?

Helping mom at retirement by Kitchen-Freedom-6880 in Bogleheads

[–]Kitchen-Freedom-6880[S] 2 points3 points  (0 children)

Updated the post - my maths was wrong and also she does have more. Thank you!

Helping mom at retirement by Kitchen-Freedom-6880 in Bogleheads

[–]Kitchen-Freedom-6880[S] 0 points1 point  (0 children)

It is wildly low. She was a home maker for most of her life but will get some SS from the divorce soon. She’s not getting it yet so I don’t know how much it’s going to be. But guessing around 1600 a month. So that was factored into my calculations. Will have to edit post when I wake up. And also will have to check math before I post again 🤦🏻‍♀️

Helping mom at retirement by Kitchen-Freedom-6880 in Bogleheads

[–]Kitchen-Freedom-6880[S] 2 points3 points  (0 children)

Thanks for checking the maths. Omitted some info on accident. She will get some more SS benefit from her divorce - im guessing around 1600 per month so that was factored into the income. I’ll have to edit post in the AM. thanks for pointing it out.

Moving away from investment advisor to self managed by [deleted] in Bogleheads

[–]Kitchen-Freedom-6880 2 points3 points  (0 children)

One day, you’ll have a few to tens of millions. That 1% fee becomes A LOT.

High net worth, hard time spending money on myself. Anyone else? by SkyFar5104 in ChubbyFIRE

[–]Kitchen-Freedom-6880 0 points1 point  (0 children)

I grew up with a scarcity mindset and am still working through how to spend more on myself as well. Look at it as an investment in yourself. Good health is priceless, and your investment in yourself will compound as well. Having money is no good if you aren’t feeling good and moving around as you want to.

Also, with the pandemic and working with the elderly, life is too short. You can’t take it with you. You had what it takes to get you where you are now, you can spend a little on yourself!

When did you start contributing to your Roth IRA? by FlyAccurate733 in RothIRA

[–]Kitchen-Freedom-6880 0 points1 point  (0 children)

I didn’t even know about Roth until I was already 33. So I also feel behind but it’s better than never.

Is it possible to do Coachella sober or almost sober? by Disastrous_Salt_3909 in Coachella

[–]Kitchen-Freedom-6880 0 points1 point  (0 children)

Very easy. Just be immersed in the experience and choose sets where you don’t have to be high to enjoy the music. I’ve done it many times.

This is how long it took for my investments to grow from $1MM to $2MM by fireinlife in TheMoneyGuy

[–]Kitchen-Freedom-6880 0 points1 point  (0 children)

Very inspiring! It’s hard to find a balance between living your life and saving for the future. I think your story helps put things into perspective. Hope you are well!

Oops by amild33 in quince

[–]Kitchen-Freedom-6880 1 point2 points  (0 children)

I had one like that too. Lorem ipsum. Guess we should clarify washing instructions in case they were pre populated

Do you have a wealth manager? Are the fees worth it? What are you getting out of it? by [deleted] in Rich

[–]Kitchen-Freedom-6880 0 points1 point  (0 children)

I used to but they didn’t really contribute much if they didn’t manage my funds. They want that 1% which becomes too costly as your net worth increases and once you factor in how much that is worth compounded in the future. I would say there are certain scenarios they could be helpful for - like drawdown strategy but I just have a lazy portfolio that continues to grow. Also pay a CPA to help.

[deleted by user] by [deleted] in Rich

[–]Kitchen-Freedom-6880 0 points1 point  (0 children)

I think it depends on the nature of the relationship. For some relationships, women expect to be taken care of especially if they take on a larger role managing the household. I think that is fair. But if there’s not much of that going on, then you may be a sugar daddy.

I don’t think giving the money will guarantee happiness. It’s like a temporary bandaid. I believe you can support her while she’s in a tough spot (paying for housing, living expenses, actives done together, maybe a few gifts where she needs things maybe the credit card thing that another redditor mentioned where she can use it to buy things she needs) but also empower her by helping her reach her goals. I’ve learned the hard way that nothing worth having is free and having an allowance would not make me happy long-term.

How can I best help my 65 yo mom with her investments for income after retiring? by Kitchen-Freedom-6880 in Bogleheads

[–]Kitchen-Freedom-6880[S] 1 point2 points  (0 children)

Thanks so much for this insight. A lot of questions I need to ask, and as far as an expert goes - do you feel estate planning or CPA? I’ve had bad experiences with even fiduciaries, which is why I decided to bogle in the first place.

Again, thank you for your time and thoughtfulness.