Retirement questions... for those in the know?!

Off-topic? You mean on-topic!
User avatar
max225
Chief Master Sirloin of the Wasteful Steak
Chief Master Sirloin of the Wasteful Steak
Posts: 42430
Joined: Thu Nov 03, 2016 12:49 am
Drives: Taco+ Bavarian lemon

troyguitar wrote: Fri Jan 17, 2020 1:27 pm
I was thinking a townhouse half the size for half the price but yeah. This is a single man, right?
That would work also. He re-married. I don't think they are looking for more than 1500 sq feet. 2/3 beds are plenty in case I need to come by and visit. New cuntstruction preferred so they don't have to :dill: with broken house shit of course.
User avatar
max225
Chief Master Sirloin of the Wasteful Steak
Chief Master Sirloin of the Wasteful Steak
Posts: 42430
Joined: Thu Nov 03, 2016 12:49 am
Drives: Taco+ Bavarian lemon

Desertbreh wrote: Fri Jan 17, 2020 1:28 pm After 2 weeks of training your dad would be a better, faster, harder working barista than 3/4 of the nose-ringed hipster 23 year olds that tend to occupy those places. I may be making this up, but does the Bucks offer health insurance?
They do here for sure. But as you mentioned the people that work there for now are absolutely in a different demographic, I just don't see him doing that.
User avatar
Desertbreh
Chief Master Sirloin
Chief Master Sirloin
Posts: 16800
Joined: Thu Nov 03, 2016 11:31 am
Location: Beyond Thunderdome

max225 wrote: Fri Jan 17, 2020 1:32 pm
Desertbreh wrote: Fri Jan 17, 2020 1:28 pm After 2 weeks of training your dad would be a better, faster, harder working barista than 3/4 of the nose-ringed hipster 23 year olds that tend to occupy those places. I may be making this up, but does the Bucks offer health insurance?
They do here for sure. But as you mentioned the people that work there for now are absolutely in a different demographic, I just don't see him doing that.
In a pinch I like to think I'd be game for something like that to help keep me young vs. driving my spouse fucking crazy all day, hitting a white ball with a metal stick, or boozing myself to a premature death. BUT, that's because I don't really have any hobbies.
Detroit wrote:Buy 911s instead of diamonds.
Johnny_P wrote: Thu Feb 09, 2023 3:21 pm Earn it and burn it, Val.
max225 wrote: Mon May 01, 2023 5:35 pm Yes it's a cool car. But prepare the lube/sawdust.
User avatar
troyguitar
Command Chief Master Sirloin
Command Chief Master Sirloin
Posts: 20088
Joined: Wed Nov 02, 2016 11:15 pm
Drives: Trek Domane
Location: Swamp

max225 wrote:
troyguitar wrote: Fri Jan 17, 2020 1:27 pm I was thinking a townhouse half the size for half the price but yeah. This is a single man, right?
That would work also. He re-married. I don't think they are looking for more than 1500 sq feet. 2/3 beds are plenty in case I need to come by and visit. New cuntstruction preferred so they don't have to :dill: with broken house shit of course.
:word:

I was thinking townhouse/condo to avoid having to work on as much shit too. Lots of affordable new and new-ish construction in that area.

This is our rough plan anyway. We'll hopefully have the same issues - sheltering income to get affordable healthcare between retirement and Medicare eligibility.
User avatar
max225
Chief Master Sirloin of the Wasteful Steak
Chief Master Sirloin of the Wasteful Steak
Posts: 42430
Joined: Thu Nov 03, 2016 12:49 am
Drives: Taco+ Bavarian lemon

Desertbreh wrote: Fri Jan 17, 2020 1:36 pm
max225 wrote: Fri Jan 17, 2020 1:32 pm

They do here for sure. But as you mentioned the people that work there for now are absolutely in a different demographic, I just don't see him doing that.
In a pinch I like to think I'd be game for something like that to help keep me young vs. driving my spouse fucking crazy all day, hitting a white ball with a metal stick, or boozing myself to a premature death. BUT, that's because I don't really have any hobbies.
He unfortunately doesn't either ... his job was occupying 80% of his time.... this is a huge change for him. I am not sure how he will weather it... the move/firesale of life may take up a good portion now... I wish he looked at it in a positive light but he is all :eeyore:
User avatar
max225
Chief Master Sirloin of the Wasteful Steak
Chief Master Sirloin of the Wasteful Steak
Posts: 42430
Joined: Thu Nov 03, 2016 12:49 am
Drives: Taco+ Bavarian lemon

troyguitar wrote: Fri Jan 17, 2020 1:36 pm
max225 wrote:
That would work also. He re-married. I don't think they are looking for more than 1500 sq feet. 2/3 beds are plenty in case I need to come by and visit. New cuntstruction preferred so they don't have to :dill: with broken house shit of course.
:word:

I was thinking townhouse/condo to avoid having to work on as much shit too. Lots of affordable new and new-ish construction in that area.

This is our rough plan anyway. We'll hopefully have the same issues - sheltering income to get affordable healthcare between retirement and Medicare eligibility.
It has been sort of eye opening. As long as you have nothing... you're actually surprisingly ok. But the second you have anything above the california poverty level of say 29k annually (for 2)... You're completely inundated with taxes/fees/insurances that bring you to lower incomes than those that have nothing. Which is :fullretard:

So unless you have well over 7 figures to retire... you're kind of fucked. Take too little live in poverty take too much and 50% of it goes to taxes/insurance.
User avatar
Desertbreh
Chief Master Sirloin
Chief Master Sirloin
Posts: 16800
Joined: Thu Nov 03, 2016 11:31 am
Location: Beyond Thunderdome

max225 wrote: Fri Jan 17, 2020 1:40 pm
troyguitar wrote: Fri Jan 17, 2020 1:36 pm :word:

I was thinking townhouse/condo to avoid having to work on as much shit too. Lots of affordable new and new-ish construction in that area.

This is our rough plan anyway. We'll hopefully have the same issues - sheltering income to get affordable healthcare between retirement and Medicare eligibility.
It has been sort of eye opening. As long as you have nothing... you're actually surprisingly ok. But the second you have anything above the National poverty level of say 29k annually... You're completely inundated with taxes/fees/insurances that bring you to lower incomes than those that have nothing. Which is :fullretard:

So unless you have well over 7 figures to retire... you're kind of fucked. Take too little live in poverty take too much and 50% of it goes to taxes/insurance.
Sounds like applying to private universities.
Detroit wrote:Buy 911s instead of diamonds.
Johnny_P wrote: Thu Feb 09, 2023 3:21 pm Earn it and burn it, Val.
max225 wrote: Mon May 01, 2023 5:35 pm Yes it's a cool car. But prepare the lube/sawdust.
User avatar
4zilch
First Sirloin
First Sirloin
Posts: 6241
Joined: Thu Nov 03, 2016 8:42 am
Drives: Ford Party ST
Location: God’s Country

Desertbreh wrote: Fri Jan 17, 2020 1:01 pm Have you heard about our Lord and Savior Tennessee? :lol: In all seriousness, what kind of weather can this brother deal with? Heat ok or nah?
Sales tax is a bit of a rapage here. But otherwise :notbad:
As the only published author in a well-known motorcycle publication in the room...
User avatar
Desertbreh
Chief Master Sirloin
Chief Master Sirloin
Posts: 16800
Joined: Thu Nov 03, 2016 11:31 am
Location: Beyond Thunderdome

4zilch wrote: Fri Jan 17, 2020 2:11 pm
Desertbreh wrote: Fri Jan 17, 2020 1:01 pm Have you heard about our Lord and Savior Tennessee? :lol: In all seriousness, what kind of weather can this brother deal with? Heat ok or nah?
Sales tax is a bit of a rapage here. But otherwise :notbad:
What are you running brah?
Detroit wrote:Buy 911s instead of diamonds.
Johnny_P wrote: Thu Feb 09, 2023 3:21 pm Earn it and burn it, Val.
max225 wrote: Mon May 01, 2023 5:35 pm Yes it's a cool car. But prepare the lube/sawdust.
User avatar
troyguitar
Command Chief Master Sirloin
Command Chief Master Sirloin
Posts: 20088
Joined: Wed Nov 02, 2016 11:15 pm
Drives: Trek Domane
Location: Swamp

max225 wrote: Fri Jan 17, 2020 1:40 pm
troyguitar wrote: Fri Jan 17, 2020 1:36 pm :word:

I was thinking townhouse/condo to avoid having to work on as much shit too. Lots of affordable new and new-ish construction in that area.

This is our rough plan anyway. We'll hopefully have the same issues - sheltering income to get affordable healthcare between retirement and Medicare eligibility.
It has been sort of eye opening. As long as you have nothing... you're actually surprisingly ok. But the second you have anything above the california poverty level of say 29k annually (for 2)... You're completely inundated with taxes/fees/insurances that bring you to lower incomes than those that have nothing. Which is :fullretard:

So unless you have well over 7 figures to retire... you're kind of fucked. Take too little live in poverty take too much and 50% of it goes to taxes/insurance.
First thing that came to my mind, might or might not be useful or legal for that matter:

If you have cash can you pre-load your expenses so that your "income" doesn't need to be high? i.e. pay cash for a :haus: and buy a bunch of airline miles, pre-paid credit cards, or just plain pull out a bundle of cash in year 0 from which to pay expenses without having any "income" beyond that first month
User avatar
4zilch
First Sirloin
First Sirloin
Posts: 6241
Joined: Thu Nov 03, 2016 8:42 am
Drives: Ford Party ST
Location: God’s Country

Desertbreh wrote: Fri Jan 17, 2020 2:13 pm
4zilch wrote: Fri Jan 17, 2020 2:11 pm

Sales tax is a bit of a rapage here. But otherwise :notbad:
What are you running brah?
State is 7% + city/county tax on top . Another 2.75 in our case. Supposedly cars are only taxed at the state (7%) level, but haven't bought one here to verify.

No income tax, property tax is reasonable. Lots of reasonably priced places to live in E. TN depending on how far you want to live outside of the city.

edit: they also tax groceries which is a bit of a :wtf:
As the only published author in a well-known motorcycle publication in the room...
User avatar
Desertbreh
Chief Master Sirloin
Chief Master Sirloin
Posts: 16800
Joined: Thu Nov 03, 2016 11:31 am
Location: Beyond Thunderdome

4zilch wrote: Fri Jan 17, 2020 2:19 pm
Desertbreh wrote: Fri Jan 17, 2020 2:13 pm

What are you running brah?
State is 7% + city/county tax on top . Another 2.75 in our case. Supposedly cars are only taxed at the state (7%) level, but haven't bought one here to verify.

No income tax, property tax is reasonable. Lots of reasonably priced places to live in E. TN depending on how far you want to live outside of the city.

edit: they also tax groceries which is a bit of a :wtf:
I see your sales tax and will raise you heavy income tax.
Detroit wrote:Buy 911s instead of diamonds.
Johnny_P wrote: Thu Feb 09, 2023 3:21 pm Earn it and burn it, Val.
max225 wrote: Mon May 01, 2023 5:35 pm Yes it's a cool car. But prepare the lube/sawdust.
User avatar
max225
Chief Master Sirloin of the Wasteful Steak
Chief Master Sirloin of the Wasteful Steak
Posts: 42430
Joined: Thu Nov 03, 2016 12:49 am
Drives: Taco+ Bavarian lemon

4zilch wrote: Fri Jan 17, 2020 2:19 pm
Desertbreh wrote: Fri Jan 17, 2020 2:13 pm

What are you running brah?
State is 7% + city/county tax on top . Another 2.75 in our case. Supposedly cars are only taxed at the state (7%) level, but haven't bought one here to verify.

No income tax, property tax is reasonable. Lots of reasonably priced places to live in E. TN depending on how far you want to live outside of the city.

edit: they also tax groceries which is a bit of a :wtf:
That’s how much it is here ...
User avatar
max225
Chief Master Sirloin of the Wasteful Steak
Chief Master Sirloin of the Wasteful Steak
Posts: 42430
Joined: Thu Nov 03, 2016 12:49 am
Drives: Taco+ Bavarian lemon

troyguitar wrote: Fri Jan 17, 2020 2:15 pm
max225 wrote: Fri Jan 17, 2020 1:40 pm

It has been sort of eye opening. As long as you have nothing... you're actually surprisingly ok. But the second you have anything above the california poverty level of say 29k annually (for 2)... You're completely inundated with taxes/fees/insurances that bring you to lower incomes than those that have nothing. Which is :fullretard:

So unless you have well over 7 figures to retire... you're kind of fucked. Take too little live in poverty take too much and 50% of it goes to taxes/insurance.
First thing that came to my mind, might or might not be useful or legal for that matter:

If you have cash can you pre-load your expenses so that your "income" doesn't need to be high? i.e. pay cash for a :haus: and buy a bunch of airline miles, pre-paid credit cards, or just plain pull out a bundle of cash in year 0 from which to pay expenses without having any "income" beyond that first month
I don’t think your 401 can be directly used for that. First it comes through as a distribution ... which is taxed. So I am not sure how this helps. He isn’t exactly sitting on a ton of cash and all of his cash will be reported through the employer or 401k company
User avatar
4zilch
First Sirloin
First Sirloin
Posts: 6241
Joined: Thu Nov 03, 2016 8:42 am
Drives: Ford Party ST
Location: God’s Country

Desertbreh wrote: Fri Jan 17, 2020 2:22 pm
4zilch wrote: Fri Jan 17, 2020 2:19 pm

State is 7% + city/county tax on top . Another 2.75 in our case. Supposedly cars are only taxed at the state (7%) level, but haven't bought one here to verify.

No income tax, property tax is reasonable. Lots of reasonably priced places to live in E. TN depending on how far you want to live outside of the city.

edit: they also tax groceries which is a bit of a :wtf:
I see your sales tax and will raise you heavy income tax.
:dat: :nope:
As the only published author in a well-known motorcycle publication in the room...
User avatar
troyguitar
Command Chief Master Sirloin
Command Chief Master Sirloin
Posts: 20088
Joined: Wed Nov 02, 2016 11:15 pm
Drives: Trek Domane
Location: Swamp

max225 wrote:
troyguitar wrote: Fri Jan 17, 2020 2:15 pm

First thing that came to my mind, might or might not be useful or legal for that matter:

If you have cash can you pre-load your expenses so that your "income" doesn't need to be high? i.e. pay cash for a :haus: and buy a bunch of airline miles, pre-paid credit cards, or just plain pull out a bundle of cash in year 0 from which to pay expenses without having any "income" beyond that first month
I don’t think your 401 can be directly used for that. First it comes through as a distribution ... which is taxed. So I am not sure how this helps. He isn’t exactly sitting on a ton of cash and all of his cash will be reported through the employer or 401k company
What about :haus: sale cash? Capital gains tax is tiny compared to "ordinary" income. Loans might be worth it too since medicare kicks in relatively soon.

Depending on their health it might also be worth self-insuring. Just pay cash a la carte for medical stuff.
User avatar
max225
Chief Master Sirloin of the Wasteful Steak
Chief Master Sirloin of the Wasteful Steak
Posts: 42430
Joined: Thu Nov 03, 2016 12:49 am
Drives: Taco+ Bavarian lemon

troyguitar wrote: Fri Jan 17, 2020 2:44 pm
max225 wrote:
I don’t think your 401 can be directly used for that. First it comes through as a distribution ... which is taxed. So I am not sure how this helps. He isn’t exactly sitting on a ton of cash and all of his cash will be reported through the employer or 401k company
What about :haus: sale cash? Capital gains tax is tiny compared to "ordinary" income. Loans might be worth it too since medicare kicks in relatively soon.

Depending on their health it might also be worth self-insuring. Just pay cash a la carte for medical stuff.
House sale ... how would you go about selling it for cash without plan of record. It’ll get taxed. That’s said it’s a very complicated transaction I’m helping them work through. They may want to do a in state transfer. As it may avoid cap gains. If they repurchase in state. The amount of options is making my head spin a bit
User avatar
Apex
Chief Master Sirloin of the Wasteful Steak
Chief Master Sirloin of the Wasteful Steak
Posts: 29815
Joined: Wed Nov 02, 2016 10:36 pm
Drives: Abominable
Location: NJ

max225 wrote: Fri Jan 17, 2020 3:00 pm
troyguitar wrote: Fri Jan 17, 2020 2:44 pm What about :haus: sale cash? Capital gains tax is tiny compared to "ordinary" income. Loans might be worth it too since medicare kicks in relatively soon.

Depending on their health it might also be worth self-insuring. Just pay cash a la carte for medical stuff.
House sale ... how would you go about selling it for cash without plan of record. It’ll get taxed. That’s said it’s a very complicated transaction I’m helping them work through. They may want to do a in state transfer. As it may avoid cap gains. If they repurchase in state. The amount of options is making my head spin a bit
Ahh, the ol’ 1031 exchange. :like:

Edit: I would highly suggest speaking with an attorney familiar with 1031 exchanges.
Last edited by Apex on Fri Jan 17, 2020 3:16 pm, edited 1 time in total.
User avatar
max225
Chief Master Sirloin of the Wasteful Steak
Chief Master Sirloin of the Wasteful Steak
Posts: 42430
Joined: Thu Nov 03, 2016 12:49 am
Drives: Taco+ Bavarian lemon

Apex wrote: Fri Jan 17, 2020 3:15 pm
max225 wrote: Fri Jan 17, 2020 3:00 pm

House sale ... how would you go about selling it for cash without plan of record. It’ll get taxed. That’s said it’s a very complicated transaction I’m helping them work through. They may want to do a in state transfer. As it may avoid cap gains. If they repurchase in state. The amount of options is making my head spin a bit
Ahh, the ol’ 1031 exchange. :like:
Yep... got to way that piece
User avatar
CaleDeRoo
Senior Master Sirloin
Senior Master Sirloin
Posts: 8010
Joined: Tue Nov 13, 2018 8:46 pm
Drives: C5
Location: CLT NC

In4 learning. Sorry I don't have anything of value to add.
User avatar
max225
Chief Master Sirloin of the Wasteful Steak
Chief Master Sirloin of the Wasteful Steak
Posts: 42430
Joined: Thu Nov 03, 2016 12:49 am
Drives: Taco+ Bavarian lemon

[user not found] wrote: Sat Jan 18, 2020 10:58 am
max225 wrote: Fri Jan 17, 2020 2:32 pm

I don’t think your 401 can be directly used for that. First it comes through as a distribution ... which is taxed. So I am not sure how this helps. He isn’t exactly sitting on a ton of cash and all of his cash will be reported through the employer or 401k company
Excuse me if this has been mentioned... After 59.5 you no longer pay the 401k penalty.
Correct, we’re talking about regular income taxes
User avatar
razr390
Command Chief Master Sirloin
Command Chief Master Sirloin
Posts: 19644
Joined: Thu Nov 03, 2016 12:08 am
Drives: MK7.5 on 87

Max,

What “industry” was your dad in before he got laid off?

Target has decent jobs that don’t require a lot of fluent English to speak (stocking, back area) that in some areas pay $10-13/hour starting depending on COL.
:doughnut: :narc: :doughnut:
Desertbreh wrote: Thu Oct 17, 2019 3:05 pm DFD. The forum where everybody makes the same choices and then tells anybody trying to join the club that they are the stupidest motherfucker to ever walk the earth.
User avatar
max225
Chief Master Sirloin of the Wasteful Steak
Chief Master Sirloin of the Wasteful Steak
Posts: 42430
Joined: Thu Nov 03, 2016 12:49 am
Drives: Taco+ Bavarian lemon

razr390 wrote: Sat Jan 18, 2020 3:32 pm Max,

What “industry” was your dad in before he got laid off?

Target has decent jobs that don’t require a lot of fluent English to speak (stocking, back area) that in some areas pay $10-13/hour starting depending on COL.
He was a QA engineer for a telecom company
User avatar
Desertbreh
Chief Master Sirloin
Chief Master Sirloin
Posts: 16800
Joined: Thu Nov 03, 2016 11:31 am
Location: Beyond Thunderdome

[user not found] wrote: Sat Jan 18, 2020 4:25 pm
max225 wrote: Sat Jan 18, 2020 4:16 pm
He was a QA engineer for a telecom company
Most of the contractors we get for short term QA testing are your dad's age. Seems like going with an IT contracting firm my suit the need.

Edit - clients like us need someone experienced that can get the job done fast and we (nor the contracting firm) needs to worry about someone retiring in a few years.
Great ProTip here.
Detroit wrote:Buy 911s instead of diamonds.
Johnny_P wrote: Thu Feb 09, 2023 3:21 pm Earn it and burn it, Val.
max225 wrote: Mon May 01, 2023 5:35 pm Yes it's a cool car. But prepare the lube/sawdust.
User avatar
razr390
Command Chief Master Sirloin
Command Chief Master Sirloin
Posts: 19644
Joined: Thu Nov 03, 2016 12:08 am
Drives: MK7.5 on 87

Check out Cognizant, HCL, Hyvnia, The Judge Group, TCS for possible IT consulting stuff.
:doughnut: :narc: :doughnut:
Desertbreh wrote: Thu Oct 17, 2019 3:05 pm DFD. The forum where everybody makes the same choices and then tells anybody trying to join the club that they are the stupidest motherfucker to ever walk the earth.
Post Reply