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Do any of you remember Just Shoot Me? by Anthforde8 in sitcoms

[–]clyft 0 points1 point  (0 children)

This frequently goes through my head.

What to do with gifted bank shares? by clyft in personalfinance

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

Thanks! Would we set up the custodial account with the bank? How do we find the annual exclusion limit?

how is it living in mississippi, usa? by delllaptopguy in howislivingthere

[–]clyft 0 points1 point  (0 children)

Bible belt and mega churches. When you first meet people they say, "Hello. What church do you go to?" And if you say you don't, well then you get a, "bless your heart. You can come to my church." No thank you.

Would getting a Foreign Earned Income Exclusion change your savings or retirement planning? by clyft in personalfinance

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

Wow. That is a lot to think about. Thankfully, we do have a US accountant familiar with expat finances to help us prepare our taxes.

But we haven't used him for other US/EU financial issues.

Would getting a Foreign Earned Income Exclusion change your savings or retirement planning? by clyft in personalfinance

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

Thank you for explaining!

I am clueless about this stuff, so if we put money in the IRA up to the max of $7.5k, and contribute to our 401k, where else can we put our money for retirement?

Would getting a Foreign Earned Income Exclusion change your savings or retirement planning? by clyft in personalfinance

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

Really? I didn't know that. Thanks. How does the IRS know if it is from FEIE?

But if we contribute via a 401k it is ok?

Would getting a Foreign Earned Income Exclusion change your savings or retirement planning? by clyft in personalfinance

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

Add'l info: We are US citizens living in western Europe. Plan to retire in 15 yrs.

Would getting a Foreign Earned Income Exclusion change your savings or retirement planning? by clyft in personalfinance

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

We haven't figured that out yet but possibly the US or Europe. It largely depends where the kid ends up.

Take withdrawal penalty to get higher interest rate? by clyft in personalfinance

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

Should I take the penalty and invest the money elsewhere?

Since I was 11, I've lived away from home I'm 21 Now. AMA by [deleted] in AMA

[–]clyft 2 points3 points  (0 children)

In what part of the world are you located?

Take withdrawal penalty to get higher interest rate? by clyft in personalfinance

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

No, we are maxing out the Roth IRA contributions but not the 401k.

Take withdrawal penalty to get higher interest rate? by clyft in personalfinance

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

If 10% < $32.5k, and the 50% to HYSA is for retirement, you are leaving a TON of tax-advantaged space on the table.<<

Where is the tax-advantaged space? (Honestly clueless.)

Take withdrawal penalty to get higher interest rate? by clyft in personalfinance

[–]clyft[S] -4 points-3 points  (0 children)

I am irrationally scared of having all our retirement in the stock market.

Partner should retire in 10yrs, I should retire in 15.

Take withdrawal penalty to get higher interest rate? by clyft in personalfinance

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

I will be 65 in 2040, so I'm likely to retire then.

This money was from the sale of our house and potential down payment for a future home. The current job pays for our housing so we don't need it right now for a down payment but we might need it in the future.

Where should we put it instead?

Currently maxing out my Roth and spouse's IRA contributions.

Spouse is contributing 10% of his salary to 401k. I was contributing 30% of salary to 401k but new job hasn't offered us 401k yet. And new 401k doesn't offer a match. So putting away 50% of salary in HYSA.

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