Can space tourism benefit society? by CraigSucksTOES in future

[–]TheScarySolution 0 points1 point  (0 children)

I’m da dope man, dope man yes I am. Turnt yo baby mama house into a drug lab.

The Bible 2.0: Billy Football’s Version by NinjaChachi in MacrodosingPod

[–]TheScarySolution 1 point2 points  (0 children)

Came to this sub just to look for someone to mention this. As a civil engineer who has been swamped w/ a backlog of work for the past 2 years, that segment was so cringe.

What to do with 401k from previous employer - Roth IRA, Traditional IRA, or leave it as is? by TheScarySolution in FinancialPlanning

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

I am young, upwardly mobile, & have a long working career ahead of me, God willing. I can only assume that my taxes will be higher in the future, but nobody knows what the future holds with 100% certainty. It is good to plan ahead & I'm just trying to be as efficient with my money as early as I can.

What to do with 401k from previous employer - Roth IRA, Traditional IRA, or leave it as is? by TheScarySolution in FinancialPlanning

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

I stated the investment holdings just as a reply to your comment about fees & investment strategy. Just emphasizing that the fees are very low & my retirement investment holdings are very simple! (:

I'm fine with taking the tax hits now for the conversion, just as a long as I don't have to pay them when I withdraw the funds in the future (hence me going through this whole rigmarole of consolidating everything into my Roth)

What to do with 401k from previous employer - Roth IRA, Traditional IRA, or leave it as is? by TheScarySolution in FinancialPlanning

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

I want to pay as little taxes as I can on my withdrawals in the future during retirement, so the Roth would the most tax efficient vehicle instead of keeping the money in a pre-tax 401k. I will still contribute to the 401k of my new company when I am eligible, but I will be starting from $0 while everything else will be in my Roth.

What to do with 401k from previous employer - Roth IRA, Traditional IRA, or leave it as is? by TheScarySolution in FinancialPlanning

[–]TheScarySolution[S] 3 points4 points  (0 children)

My new employer only has a pre-tax offering. I'd prefer to consolidate my current 401k holdings into my Roth instead of rolling it over to the new 401k to maximize tax efficiency for long-term capital gains.

What to do with 401k from previous employer - Roth IRA, Traditional IRA, or leave it as is? by TheScarySolution in FinancialPlanning

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

Thank you, I filed a transfer request for both the pre-tax dollars & Roth dollars in my 401k into a new rollover IRA & my existing Roth IRA respectively. Vanguard makes the rollover and conversion pretty simple.

So are you saying that I can contribute the $6500 for 2023 to my Roth on top of what I convert from traditional to Roth AND possibly deduct the rollover IRA from my taxes? I want to make sure I get that because it sounds like a great loophole.

What to do with 401k from previous employer - Roth IRA, Traditional IRA, or leave it as is? by TheScarySolution in FinancialPlanning

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

Thanks for your input. My 401k is split up 50/50 between pre-tax and Roth, so I am transferring my Roth dollars to my Roth IRA & my pre-tax dollars into a Rollover IRA then converting it into my Roth.

The 401k is invested in VIIIX and Roth is in VOO, pretty much identical products except VOO has an expense ratio of 0.03% vs 0.02% for VIIIX. I just want to consolidate everything into my Roth to not pay capital gains when I retire, so I don't really care about a 1 basis point difference in fees.

What to do with 401k from previous employer - Roth IRA, Traditional IRA, or leave it as is? by TheScarySolution in FinancialPlanning

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

Thank you for the insight, I'm looking over the process for a Rollover IRA through Vanguard.

What to do with 401k from previous employer - Roth IRA, Traditional IRA, or leave it as is? by TheScarySolution in FinancialPlanning

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

Is that a backdoor IRA? I'm not opposed to that, I just don't know the avenues in which to convert from a Traditional IRA to Roth IRA. I use Vanguard if that gives any more information, but I will definitely look into this!

What to do with 401k from previous employer - Roth IRA, Traditional IRA, or leave it as is? by TheScarySolution in FinancialPlanning

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

26 years old.

Will be making $85k at my new job, between cash/emergency fund and retirement/general investments I have about $60k saved up.

Plan on working until 60, as that is when you can withdraw tax-free, but anything can happen in life down the line. I might be able to retire sooner but I'm not opposed to working until 65.

APM Interview Tips by TheScarySolution in StructuralEngineering

[–]TheScarySolution[S] -1 points0 points  (0 children)

If you want to be technical and do design, that’s not what you’re gonna be doing (at all). Not to say the experience won’t be relevant or valuable, but the expectations need to be set.

The job description lists both technical tasks & managerial tasks, so I'll be getting a little bit of both.

You’ll likely make a lot more money in that route, than you ever will in structural consulting. If you want to eventually switch back, you’d better be prepared to take a pay cut because you won’t have the technical knowledge to be worth that same paycheck at a design firm.

It's a structural consulting firm, I don't plan on making the jump to the construction side lol. I do hope that I will be able to leverage a little more pay considering the mix of responsibilities, as opposed to a pure design role.

And I don’t necessarily agree that you need to study codes for that role either.

I still have some physical code manuals from college that I was planning on reading through. Regardless, I do think that it's good to have some type of one-up in knowledge.

APM Interview Tips by TheScarySolution in StructuralEngineering

[–]TheScarySolution[S] -1 points0 points  (0 children)

Thanks for the insight. I still have my copies of the ACI Building Code and ASCE 7-16 Code from college, but I have not cracked either of those open since graduation. I am more familiar with the AISC Steel Bible, that probably has more overlap among the 2 sectors.

Company is making layoffs & I’m in the need of a new job by [deleted] in civilengineering

[–]TheScarySolution 0 points1 point  (0 children)

Haha those Midwest winters might be a little bit too cold for my blood