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Re: IRA ? [Re: cmj] #6766360
02/11/20 01:23 PM
02/11/20 01:23 PM
Joined: Mar 2007
Posts: 35,129
McGrath, AK
W
white17 Offline

"General (Mr.Sunshine) Washington"
white17  Offline

"General (Mr.Sunshine) Washington"
W

Joined: Mar 2007
Posts: 35,129
McGrath, AK
Just don't invest in healthcare at this point in time


Mean As Nails
Re: IRA ? [Re: cmj] #6766377
02/11/20 01:44 PM
02/11/20 01:44 PM
Joined: Dec 2006
Posts: 3,489
Moved to Fbks, Ak.
M
martentrapper Offline
trapper
martentrapper  Offline
trapper
M

Joined: Dec 2006
Posts: 3,489
Moved to Fbks, Ak.
I think Jurassic isn't giving us the full picture!
I enrolled in an employers 401K in1991 at the age of 34. Left there 6 years later and on the advice of my father, rolled the 401 money in to an IRA at Fidelity. Invested in Mutual funds I think. Went to work for another employer in 97. Enrolled in their 401K. Changed employers late 2005 and rolled another chunk of. 401 money into my existing Fidelity IRA. Somewhere along the way I started a Roth also. Bought a duplex early 2006 and didn't make any investment contributions for several years. Sold the duplex in 2012 and pocketed a nice chunk of money from it. Rolled that into another property but also began contributing to an employers 401 around 2014. Since the crash in 2006 the IRA money has greatly increased........mostly without me making much changes to it,tho have made contributions yearly. One year ago I let Fidelity manage my IRA money. I was 2 years from retirement and have concerns of a noticeable drop in the market effecting my retirement money before I retire. Fidelity charges a fee to manage that money based on the amount you have with them. The more you have the less they charge. I think I'm paying 0.89%. So far I'm happy with this and I can talk to my manager whenever I want. We are considering putting some of the IRA money into a couple CDs pretty soon since I m so close to retirement.
I also am the trustee for my elderly moms money. That money was placed with Wells Fargo Advisors by my father and I have left it there since his passing. They have done a good job increasing that money and they currently charge 0.91% to manage it. I want to point out to the uneducated /inexperienced that both Fidelity and WFA make MORE money by growing my money and they LOSE money if they allow it to decrease. If you have money in Fidelity they will help you manage it even if you aren't paying them to do so.
If you don't have any kind of pension in your future, and even if you do, you should have retirement savings!
MT

Re: IRA ? [Re: cmj] #6766378
02/11/20 01:49 PM
02/11/20 01:49 PM
Joined: Dec 2006
Posts: 3,489
Moved to Fbks, Ak.
M
martentrapper Offline
trapper
martentrapper  Offline
trapper
M

Joined: Dec 2006
Posts: 3,489
Moved to Fbks, Ak.
Originally Posted by cmj
Originally Posted by bodycount
You all might want to consider the direction our country is headed if socialism gains a foothold in the future. We will be just fine if Trump gets back in. A socialist will seize your hard earned 401k savings and spread it to people that want free stuff. But if time is on your side you about have to take chance and save for your retirement.


This is exactly what im worried about.


I worry about that too. But it won't be just for the free stuff people. Liberals will take retirement savings to also make all the various govt. pension funds solvent.
Very important to own firearms!
mt

Re: IRA ? [Re: cmj] #6766381
02/11/20 01:51 PM
02/11/20 01:51 PM
Joined: Dec 2006
Posts: 11,294
East-Central Wisconsin
B
bblwi Offline
trapper
bblwi  Offline
trapper
B

Joined: Dec 2006
Posts: 11,294
East-Central Wisconsin
If one budgets and saves wisely then one basically lives from paycheck to paycheck or however your revenue stream comes to you. Having piles of cash laying around waiting to spend upon whim is not to me a good way to manage monies or life styles. As to socialist stealing ones 401 Ks that won't happen. A change in economic policy can and will change opportunities to save or not save and that may be good or bad depending upon how much change there will be. Also four more years of Trump won't stop a long term trend and if your life saving plans are based on 2-4 years blips out of your 80-90 year life span they may not be healthy economically for you either.

Bryce

Re: IRA ? [Re: cmj] #6766394
02/11/20 02:01 PM
02/11/20 02:01 PM
Joined: Jan 2009
Posts: 4,517
Nebraska
Trapset Offline
trapper
Trapset  Offline
trapper

Joined: Jan 2009
Posts: 4,517
Nebraska
.

Re: IRA ? [Re: cmj] #6766397
02/11/20 02:04 PM
02/11/20 02:04 PM
Joined: Aug 2012
Posts: 3,972
South Dakota
R
Rat Masterson Offline
trapper
Rat Masterson  Offline
trapper
R

Joined: Aug 2012
Posts: 3,972
South Dakota
Bryce, I also thought the Gov. could not make you buy something but they did by dressing it up as a tax, so never say never.

Re: IRA ? [Re: cmj] #6766481
02/11/20 02:19 PM
02/11/20 02:19 PM
Joined: Jul 2016
Posts: 1,482
Ne pa
J
Jerry Jr. Offline
trapper
Jerry Jr.  Offline
trapper
J

Joined: Jul 2016
Posts: 1,482
Ne pa
Dang. After crunching the numbers and looking at things I have several years worth in 'savings'. Guess I need to look into investing. Make the money work for you. Right? Guess I need to talk to someone.


Time is more precious than gold if you know how to spend it
.... but what do I know, I'm just a dumb farmer.~My Dad
NRA LIFE MEMBER, Endowment Member
Re: IRA ? [Re: cmj] #6766545
02/11/20 03:29 PM
02/11/20 03:29 PM
Joined: Sep 2007
Posts: 91
Southeast, Indiana
S
Sliprig Offline
trapper
Sliprig  Offline
trapper
S

Joined: Sep 2007
Posts: 91
Southeast, Indiana
First of all anybody that goes to a trapping forum for advise...……..Invest in yourself, learn all you can about finances. Time in the market is more important than timing the market. Pick 3-5 etf's and let it ride. As you accumulate more capital and start withdraws taxes become more important. I my case when I start SS (God willing) I will be in a higher tax braket. I'm planning with that in mind (converted to Roth long ago) Of course the SOB's changed the rules mid game. Now if you leave some to heirs they now have only 10 years to draw down to zero instead of their life time tables. They realized most don't have near enough saved and will depend on a declining SS fund even more. They want those tax $$ sooner. I made a few mistakes but am still fine $$ wise.

Slip

Re: IRA ? [Re: cmj] #6766549
02/11/20 03:31 PM
02/11/20 03:31 PM
Joined: Sep 2007
Posts: 91
Southeast, Indiana
S
Sliprig Offline
trapper
Sliprig  Offline
trapper
S

Joined: Sep 2007
Posts: 91
Southeast, Indiana
If you do "hire" someone use a fee base advisor and not commissioned.

Re: IRA ? [Re: bblwi] #6766555
02/11/20 03:42 PM
02/11/20 03:42 PM
Joined: Sep 2007
Posts: 91
Southeast, Indiana
S
Sliprig Offline
trapper
Sliprig  Offline
trapper
S

Joined: Sep 2007
Posts: 91
Southeast, Indiana
Originally Posted by bblwi
If one budgets and saves wisely then one basically lives from paycheck to paycheck or however your revenue stream comes to you. Having piles of cash laying around waiting to spend upon whim is not to me a good way to manage monies or life styles. As to socialist stealing ones 401 Ks that won't happen. A change in economic policy can and will change opportunities to save or not save and that may be good or bad depending upon how much change there will be. Also four more years of Trump won't stop a long term trend and if your life saving plans are based on 2-4 years blips out of your 80-90 year life span they may not be healthy economically for you either.

Bryce


The SECURE Act went into effect Jan 1, 2020 and it changed the rules on the inherited Roth IRA RMD's

Re: IRA ? [Re: Jerry Jr.] #6766558
02/11/20 03:44 PM
02/11/20 03:44 PM
Joined: Jan 2009
Posts: 6,683
PA
G
gryhkl Offline
trapper
gryhkl  Offline
trapper
G

Joined: Jan 2009
Posts: 6,683
PA
Originally Posted by Jerry Jr.
Dang. After crunching the numbers and looking at things I have several years worth in 'savings'. Guess I need to look into investing. Make the money work for you. Right? Guess I need to talk to someone.


That is exactly what happened to me.
I had a few years worth of income sitting in cds and saving accounts. Somebody told me I was letting money slip away so I asked Edward Jones co. to buy my fist few thousand dollars worth of stock with the intent to have them invest more for me. They charged 2.5% going in and another 2.5% on the profits it made.

About a month later a friend told me about Scottrade-at the time $7 per trade-so I switched over to them and have been very happy since.

Re: IRA ? [Re: cmj] #6766587
02/11/20 04:45 PM
02/11/20 04:45 PM
Joined: Jan 2007
Posts: 2,136
B61-12 vicinity, MO
T
TreedaBlackdog Offline
trapper
TreedaBlackdog  Offline
trapper
T

Joined: Jan 2007
Posts: 2,136
B61-12 vicinity, MO
I have utilized Schwab accounts for years and never been charged to trade Schwab funds.

Re: IRA ? [Re: cmj] #6766611
02/11/20 05:11 PM
02/11/20 05:11 PM
Joined: Dec 2006
Posts: 3,489
Moved to Fbks, Ak.
M
martentrapper Offline
trapper
martentrapper  Offline
trapper
M

Joined: Dec 2006
Posts: 3,489
Moved to Fbks, Ak.
If/when enough libs/socialists get into govt. they won't take IRA money all at once. But will take it a little at a time. Libs will make a deal with big firms to manage govt money and get their support to take individual money. Voting dem assures the possibility of living your retirement with noticeably less than you put aside!
mt

Re: IRA ? [Re: cmj] #6766624
02/11/20 05:26 PM
02/11/20 05:26 PM
Joined: Aug 2016
Posts: 434
PA
Squaretimber Offline
trapper
Squaretimber  Offline
trapper

Joined: Aug 2016
Posts: 434
PA
The SECURE Act went into effect Jan 1, 2020

^ This makes me feel INSECURE for some reason

Find an investment man that is recommended in your town and ask him about a roth

Re: IRA ? [Re: cmj] #6766631
02/11/20 05:42 PM
02/11/20 05:42 PM
Joined: Mar 2019
Posts: 1,497
Southern NJ
maintenanceguy Offline
trapper
maintenanceguy  Offline
trapper

Joined: Mar 2019
Posts: 1,497
Southern NJ
Originally Posted by Jurassic Park

Lol. Maybe you live your life pay check to pay check, but my pay checks come in multiple times each week and if my truck broke down today, I would go buy a new one tomorrow like I did in September 2018.
New brakes? New tires? Lol no problem!

Saving money is for poor people hoping to have a lot of money one day.

I went to bed last night without having to set my alarm clock. Woke up about half hour ago, now sitting on the couch with my coffee reading Tman!
What should I do today? Sit on the couch all day? Go set some traps? Make another cup of coffee? Think I’ll go with the latter.
My life is good! And it’s Tuesday! Think I’m going trapping tomorrow and fishing on Friday!

Don’t take my advice, fine! Have fun clocking into work bright and early!


So, what was your business? I'm always looking for an additional stream of income and always interested in what others did to become financially independent.


-Ryan
Re: IRA ? [Re: cmj] #6766634
02/11/20 05:43 PM
02/11/20 05:43 PM
Joined: Sep 2012
Posts: 1,252
mi. u.p
grapestomper Offline
trapper
grapestomper  Offline
trapper

Joined: Sep 2012
Posts: 1,252
mi. u.p
Invest and invest again. Interest expense is easy to beat with your investments.
Had a 401k that made 31% this year.
No excuse not to be investing.
Unless you don't want to retire.

Re: IRA ? [Re: cmj] #6766671
02/11/20 05:54 PM
02/11/20 05:54 PM
Joined: Dec 2013
Posts: 586
central IA
B
bodycount Offline
trapper
bodycount  Offline
trapper
B

Joined: Dec 2013
Posts: 586
central IA
Government workers in the thrift savings plan might want to be very vigilant of their accounts if we start going socialist. Elected officials may try and get their fingers on this money as the government matches part of the workers contributions. As you say a little bit at a time.

Re: IRA ? [Re: bodycount] #6766730
02/11/20 07:08 PM
02/11/20 07:08 PM
Joined: Dec 2006
Posts: 11,294
East-Central Wisconsin
B
bblwi Offline
trapper
bblwi  Offline
trapper
B

Joined: Dec 2006
Posts: 11,294
East-Central Wisconsin
Talk to your children and really know where they are financially and in what tax bracket etc. etc. One can convert deferred savings if your bracket is or will be lower than your heirs. Also the RMDs can and do change and if they only have 10 years it is still better than a lump sum. This should give you an idea of what funds to spend while alive and what ones to pass on. Also if you are in lower brackets, sell and invest in other growth options. The changes for the RMDs may be a pimple compared to what may take place when the sunset clause sets on all the individual tax rates in a bout 5-6 years. We are at this time taking advantage of the lowered rates to convert investments for the next several years. Our tax rates will be the same as our son's but much lower than our daughters so we are converting and paying now and we can leave other funds that will get a stepped up basis upon our deaths. Just because someone throws you a lemon does not mean you can't make some lemonade.


Bryce

Re: IRA ? [Re: cmj] #6766803
02/11/20 08:18 PM
02/11/20 08:18 PM
Joined: Mar 2018
Posts: 3,122
Pa.
B
Bigbrownie Offline
trapper
Bigbrownie  Offline
trapper
B

Joined: Mar 2018
Posts: 3,122
Pa.
I rolled my 401K into an IRA when I retired in 2013. I have been using Stifel, Nicolaus, and Company to invest monthly since 1992, so I went with them with my IRA money. We settled on using Washington Crossing Advisors, which manages high portfolio accounts within Stifel. They actively buy and sell equities, usually holding about stock in about 22 companies at any given time. It also maintains a higher than normal cash balance, to buy quickly when it warrants. My account value is now twice its amount of 8/3/13, in addition to me withdrawing $105,000 from the account.

Although doubling an account in 6.5 years isn’t difficult in the bull market we’ve enjoyed, what attracted me most to WCA was their performance during the Great Recession of 2007-2009. While the markets fell over 50% during that collapse, WCA lost only 18% of their balances. Preserving capital in a down turn is just as critical as making money in an upswing. And make no mistake about it, we will see more downturns in the future.

WCA charges 1% annually of the account’s balance. No one likes to pay sales loads or fees, but good money managers don’t work for free.

Re: IRA ? [Re: cmj] #6766885
02/11/20 09:37 PM
02/11/20 09:37 PM
Joined: Dec 2015
Posts: 6,325
se South Dakota
NonPCfed Offline
trapper
NonPCfed  Offline
trapper

Joined: Dec 2015
Posts: 6,325
se South Dakota
And remember Jurassic does eat Krill or Quill or Smag or whatever the Canuk version of Spam is, that's only for poor people! Jurassic's big break came when he sold the screen play of his life to become the movie Magic Mike, as well as advising the Bachelor show. He's a Hollywood insider that only poses a guy living in the MB bush laugh grin

Ok, JP, just giving you a load of crap because you're so entertaining.By the way, why don't you tell us what you actually do to have all these multiple checks rolling in a week? It should be fun to find out!!


"And God said, Let us make man in our image �and let them have dominion �and all the creatures that move along the ground".
Genesis 1:26
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