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Post by Deleted on Apr 13, 2022 17:47:27 GMT -5
I think the idea of limiting the size of your estate has some merit. <snip> I discovered that unless we found a way reduce the size of our tIRA’s, by the time we have to take RMD’s our RMD’s would be more than the $400K that Biden is proposing as the trigger point to be in the same federal income tax bracket tax Gates, Bezos, Buffett, and the like. More importantly, the growth in our net worth is likely to subject a good portion of our estate to 40% federal estate tax. This is one of the reasons I'm cautiously giving more away. The gubmint is notorious for NOT indexing brackets, cliffs, etc. for inflation if it means higher taxes apply to more people. They've indexed some such as the income tax brackets, but the thresholds for taxes on SS, for example, are stagnant. So was the AMT threshold for years. And it used to be that anyone who inherited an IRA could make RMDs over YOUR expected life span even if the original owner was an elderly parent. Now unless you're the spouse it's 10 years. ETA another thought: there's talk of eliminating the "step-up" basis for inherited securities. As an example, my after-tax account in Fidelity has $418,000. The cost basis is $296,000. If I were or leave this earth tomorrow, under current tax laws the cost basis for DS if he sold it would be $418,000. If the step=up basis were eliminated it would be $296,000 so he'd have an instant $122,000 capital gain. So, yeah, I'm giving $$ outright to DS and DDIL every year (under the threshold required for reporting) and stashing money away in 529s for my grandchildren.
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tskeeter
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Post by tskeeter on Apr 13, 2022 18:27:02 GMT -5
I think something like this is a fine balance to walk. We have talked about gifting money, but at this point we are doing our damnedest to see everything we want to see and do while we are still capable. When we slow down, then gifting will be come an option for us. Right now, I am choosing middle of the line accommodations for our trips but TD keeps talking about possibly bumping things up a level. My concern is that once you bump up, it is very difficult to go back! I don't want to experience the Explorer Suite, then have to go back to the cabin which I find more than satisfactory right now and find it wanting. Keep staying at the modestly priced local places. Staying at a four star place, or the Best Western doesn’t provide any material for travel stories and memories. You don’t get to tell about using an elevator the size of half a phone booth. You don’t get to tell about having to close the window to walk down the side of the bed. Or having to step out of the shower so you can pick up the dropped bar of soap. Or twin beds so close together that you shimmied sideways to get between them. Or getting a splash of the Celtic Tiger added to the syrup on your pancakes at breakfast. You can sleep at the chain places such as Ibis or the expensive places, they will meet your expectations. But they are entirely too “normal” to be any fun.
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TheOtherMe
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Post by TheOtherMe on Apr 13, 2022 19:20:13 GMT -5
Keep staying at the modestly priced local places. Staying at a four star place, or the Best Western doesn’t provide any material for travel stories and memories. You don’t get to tell about using an elevator the size of half a phone booth. You don’t get to tell about having to close the window to walk down the side of the bed. Or having to step out of the shower so you can pick up the dropped bar of soap. Or twin beds so close together that you shimmied sideways to get between them. Or getting a splash of the Celtic Tiger added to the syrup on your pancakes at breakfast. You can sleep at the chain places such as Ibis or the expensive places, they will meet your expectations. But they are entirely too “normal” to be any fun. You don't get to talk about getting out of the shower to pick up the bar of soap and there is some knocking on the door saying open up. I didn't open up until I put clothes on, but the water from my shower was leaking in to the room below me. I love London and all of the quirky hotels.
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countrygirl2
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Post by countrygirl2 on Apr 13, 2022 23:44:33 GMT -5
You can now gift something like $11 million each so we have no worries there. Ours is going down and is a tiny fraction of that.
We gave the kids about $140k to help them pay cash for their last house, $35k this year to help pay on their house. And I sold son my truck for $24k then gave him $2k back of it. I had enough to buy my program car with 15k miles and had a new car warranty. I hesitate to help pay on his current house, maybe later or as we sell houses, have to see.
Unless you have millions be careful, insurance premiums and drugs I think are going to eat up any extra we have. They say estimate over $400k for those alone in retirement. Our SS is also 85% taxable because of our rentals and RMD distributions and they aren't big. I told son put it away tax paid, I tried to tell hubs this might happen, but he wouldn't listen.
If you make a lot of money in retirement they jack up part D, part B, and the supplement premiums and its age 65 before you can even get medicare anyway. If one party is way younger as son and wife are, that is a huge cost to buy the other insurance. Assisted living is reasonable here but not in high cost of living areas.
And everything is going up. If you do gift and get in a nursing home, look back is 5 years in our state and VA is now 7 years look back. If you gift, they should not spend it if you are eating up your assets as they will have to pay it back or you will not get medicaid till the amount of the gift is even. It will be private pay till then. You just never know what can happen and none of us knows for sure.
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countrygirl2
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Post by countrygirl2 on Apr 13, 2022 23:58:15 GMT -5
I am hearing about shortages because of war and covid in China and inflation. They were saying on Bloomberg tonight the supply chains are getting messed up again. So next trip to Sam's 3 items I'm stocking up are 25 pound bag of sugar, bag of salt, not sure if can get it in 20 pound bag, and a bag of 20 or 25 pounds of flour. Need to check my popcorn supply too and see how much I have left.
I was going to order another sealed 25 pound bucket of wheat from Lehman's and everything was sold out, all the wheat, a lot of the other types of grains and supplies also. I need to put back some uniodized salt for canning also. May not need it but none of it will spoil, the flour will be sealed and put in the freezer. Oils don't keep well, but may get a couple of gallons of canola oil. Hard to cook and fry without oil. Will try to find the most far out use by dates I can.
May seem silly, but at least we will eat. I may just can some meat this summer, it's not hard. I've done chicken and tuna before, really good.
My gut is kicking in again like last time and telling me to do this.
On that note going to bed shortly, this show isn't very good. And it started out in english and now is spanish so I don't really know what they are talking about. It switches back and forth some.
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azucena
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Post by azucena on Apr 14, 2022 2:56:19 GMT -5
Keep staying at the modestly priced local places. Staying at a four star place, or the Best Western doesn’t provide any material for travel stories and memories. You don’t get to tell about using an elevator the size of half a phone booth. You don’t get to tell about having to close the window to walk down the side of the bed. Or having to step out of the shower so you can pick up the dropped bar of soap. Or twin beds so close together that you shimmied sideways to get between them. Or getting a splash of the Celtic Tiger added to the syrup on your pancakes at breakfast. You can sleep at the chain places such as Ibis or the expensive places, they will meet your expectations. But they are entirely too “normal” to be any fun. You don't get to talk about getting out of the shower to pick up the bar of soap and there is some knocking on the door saying open up. I didn't open up until I put clothes on, but the water from my shower was leaking in to the room below me. I love London and all of the quirky hotels. Plus, don't forget all the hidden costs that come with upgraded travel. No free breakfasts, valet parking or other daily parking fees of $50-100/day, in/out parking fees, included gratuity on restaurants, resort fees, $25-30/day for wifi etc. This is something I've only learned in the last decade when I travel on the company dime - staying downtown in bigger cities and in way nicer places. Upscale places take advantage of knowing their market is business travelers like me and wealthy folks who don't bat an eye at $100+/day in added costs.
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CCL
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Post by CCL on Apr 14, 2022 4:44:49 GMT -5
You can now gift something like $11 million each so we have no worries there. Ours is going down and is a tiny fraction of that. We gave the kids about $140k to help them pay cash for their last house, $35k this year to help pay on their house. And I sold son my truck for $24k then gave him $2k back of it. I had enough to buy my program car with 15k miles and had a new car warranty. I hesitate to help pay on his current house, maybe later or as we sell houses, have to see. Unless you have millions be careful, insurance premiums and drugs I think are going to eat up any extra we have. They say estimate over $400k for those alone in retirement. Our SS is also 85% taxable because of our rentals and RMD distributions and they aren't big. I told son put it away tax paid, I tried to tell hubs this might happen, but he wouldn't listen. If you make a lot of money in retirement they jack up part D, part B, and the supplement premiums and its age 65 before you can even get medicare anyway. If one party is way younger as son and wife are, that is a huge cost to buy the other insurance. Assisted living is reasonable here but not in high cost of living areas. And everything is going up. If you do gift and get in a nursing home, look back is 5 years in our state and VA is now 7 years look back. If you gift, they should not spend it if you are eating up your assets as they will have to pay it back or you will not get medicaid till the amount of the gift is even. It will be private pay till then. You just never know what can happen and none of us knows for sure. Where did you get that $400k number? I haven't seen anywhere that it will cost that much for premiums and drugs.
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gs11rmb
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Post by gs11rmb on Apr 14, 2022 7:26:49 GMT -5
tskeeter and @athena53, I may have misunderstood your points but are you both objecting to people who inherit retirement funds (apart from spouses) having to take distributions within 10 years? Or people who inherit taxable accounts being subject to the basis at the time of inheritance? If so then I don't agree. The preferential tax rules are designed to benefit the person who is saving not their heirs. In a hypothetical situation, my husband dies and I inherit all his retirement accounts, and then I get hit by a bus at 69 before I'm required to start taking RMD's. Our daughters would then inherit everything. Neither my DH nor I have paid any taxes on our 401k(s), why should that money be allowed to grow tax free any longer? Also, I'm in fundraising and am currently trying to wrap my head around a donation rule for IRA's. I THINK that if you are subject to RMD's but don't need the money (in other words would choose not to take a distribution if that was an option), you can donate that money to charity and not be subject to the tax. e.g. your required RMD is $15,000 and you'll then owe $5,000 in taxes, which leaves you a net of $10,000. If you don't actually need that $15,000 you can donate it straight from your IRA to the charity and they will get the full amount, no taxes deducted. @athena53, I know there are charities and church activities that you regularly support so (if I'm correct!) then you could start funding those organizations directly from your IRA RMD's rather than your regular cash flow.
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jerseygirl
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Post by jerseygirl on Apr 14, 2022 7:50:14 GMT -5
gs11rmb yes you’re correct if RMD is sent directly to charity from the fund the RMD is not considered income and no tax. I started doing this last year. Just let fund or your financial advisor know you want to do this. You’ll be sent a form that includes name address of charity. It must be a 501c3. Last year I didn’t act soon enough and was only able to donate the RMD for December. Potentially the charity will get more also. Since normally a check to charity is from after tax dollars, person giving the RMD directly may donate more. By not having the RMD considered income, it will decrease the adjusted gross income. AGI is basis for the extra Medicare charges (IRMAA) if making over $180000 (? ) joint income. From $170/month increases to $238/month (and up) for each. Also an increase for medication insurance I stopped taking monthly RMDs and will calculate how much to donate to keep our AGI below limit. I was going to give a big donation anyway this year to charity that I’m on Board.
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susana1954
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Post by susana1954 on Apr 14, 2022 8:03:41 GMT -5
You can now gift something like $11 million each so we have no worries there. Ours is going down and is a tiny fraction of that. We gave the kids about $140k to help them pay cash for their last house, $35k this year to help pay on their house. And I sold son my truck for $24k then gave him $2k back of it. I had enough to buy my program car with 15k miles and had a new car warranty. I hesitate to help pay on his current house, maybe later or as we sell houses, have to see. Unless you have millions be careful, insurance premiums and drugs I think are going to eat up any extra we have. They say estimate over $400k for those alone in retirement. Our SS is also 85% taxable because of our rentals and RMD distributions and they aren't big. I told son put it away tax paid, I tried to tell hubs this might happen, but he wouldn't listen. If you make a lot of money in retirement they jack up part D, part B, and the supplement premiums and its age 65 before you can even get medicare anyway. If one party is way younger as son and wife are, that is a huge cost to buy the other insurance. Assisted living is reasonable here but not in high cost of living areas. And everything is going up. If you do gift and get in a nursing home, look back is 5 years in our state and VA is now 7 years look back. If you gift, they should not spend it if you are eating up your assets as they will have to pay it back or you will not get medicaid till the amount of the gift is even. It will be private pay till then. You just never know what can happen and none of us knows for sure. Where did you get that $400k number? I haven't seen anywhere that it will cost that much for premiums and drugs. I just looked it up. Fidelity and a score of other sources suggest you will need $300k for a couple's healthcare costs in retirement. Maybe IRMAA charges make up the rest. I suspect they are including LTC as part of that number. I don't think it is for premiums and drugs . . . or even copays. However, there is something called a "doughnut hole" where drug costs can be astronomical. I don't know much about it because there is no doughnut hole with my insurance . . . a perk of having state retiree insurance.
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wvugurl26
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Post by wvugurl26 on Apr 14, 2022 8:13:37 GMT -5
The old donut hole has been closed. Costs are still higher in this phase than others. I'm guessing if you assume 20+ years in retirement and include all premiums and drug costs you could get close to that $300k number and higher if there's IRMAA surcharges.
I'm trying to shop supplemental plans for my grandma. Perhaps we are just screwed but $325/month on a $2100 income per month is not working so well. That's just the supplement plan costs. Add in Part B and Part D premiums and drug costs and it all begins to add up.
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Post by Deleted on Apr 14, 2022 8:17:29 GMT -5
tskeeter and @athena53 , I may have misunderstood your points but are you both objecting to people who inherit retirement funds (apart from spouses) having to take distributions within 10 years? Or people who inherit taxable accounts being subject to the basis at the time of inheritance? If so then I don't agree. The preferential tax rules are designed to benefit the person who is saving not their heirs. In a hypothetical situation, my husband dies and I inherit all his retirement accounts, and then I get hit by a bus at 69 before I'm required to start taking RMD's. Our daughters would then inherit everything. Neither my DH nor I have paid any taxes on our 401k(s), why should that money be allowed to grow tax free any longer? <snip> @athena53 , I know there are charities and church activities that you regularly support so (if I'm correct!) then you could start funding those organizations directly from your IRA RMD's rather than your regular cash flow. I understand the reasoning. I'm just pointing out that the government is becoming more aggressive at coming after inheritances so it makes sense to give away what you can now. The proposed regs for the IRA we inherited from Dad (shared equally with 4 siblings) would require RMDs based on MY life expectancy because I'm the oldest- so, faster liquidation. Current law just requires that you withdraw it all within 10 years. Timing is up to you. (My brother the tax accountant has looked into this thoroughly and these proposals are just out for comment now.) I'm 69 so not old enough to take RMDs. Next year I can do QCDs at 70.5 and will definitely take advantage of that. I'm trying to shop supplemental plans for my grandma. Perhaps we are just screwed but $325/month on a $2100 income per month is not working so well. That's just the supplement plan costs. Add in Part B and Part D premiums and drug costs and it all begins to add up. Is she eligible for the Extra Help program?
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Tiny
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Post by Tiny on Apr 14, 2022 9:36:52 GMT -5
Is this in line with “ your last check written should bounce”? Meaning spend YOUR hard earned money while you’re alive. Not quite to that extreme, it advocates having enough to last you your entire life, but no more. It's more about not dying with millions than dying broke. Gifting and enjoying your money while you're alive. I haven't read the book. I will not have 50 times or more my yearly expenses in investments/savings by the time I retire. meaning I am NOT going into retirement with the idea that my heirs will be getting a lot of money. I feel like I'm kind of doing the "die broke" thing.... if I run thru my savings/investments by the time I'm 90 - I will still have a No Cola Pension and SS which I hope will put me a bit above the poverty level in 32 years (if I live to 90.) I'm probably NOT the target audience for the book since I don't think I will be able to accumulate much more money and I really don't want to have to work a job that covers all my expenses until I'm 65 or beyond (to help the money I have accumulated grow enough to leave behind a big "inheritance"). From what I'm seeing happen to the retirees who are now in the 80's in my Real Life - they are slowly scaling back their life styles because their nest egg has scaled back (due to RMDs or just from having less $$ available). They are living more on their SS and any pension income they have (and help from family - as in family is helping them maintain their home - coming around to clean, cut the lawn, do small DIY projects, replacing appliances as they fail, helping with contractors to repair/replace bigger systems, etc....) I'm guessing it will the sale of the house that will provide the inheritance amount - if the elder doesn't go to assisted care or need a long stay in a nursing home. I'm imagining that will be the same path my old age will take.
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wvugurl26
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Post by wvugurl26 on Apr 14, 2022 10:01:46 GMT -5
@athena53 thanks for the suggestion. I checked out the extra help table and she fails on income and assets. She does own her home and has some stock holdings. The income limit is $1,719 per month.
The stock does provide some dividend income but it's never guaranteed and AT&T just slashed theirs in half.
I'm just trying to examine all the angles since my uncle blew her savings getting mixed up with the damn scammer.
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jerseygirl
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Post by jerseygirl on Apr 14, 2022 10:07:49 GMT -5
@athena53 thanks for the suggestion. I checked out the extra help table and she fails on income and assets. She does own her home and has some stock holdings. The income limit is $1,719 per month. The stock does provide some dividend income but it's never guaranteed and AT&T just slashed theirs in half. I'm just trying to examine all the angles since my uncle blew her savings getting mixed up with the damn scammer. Some income levels allow Medicare fees to be paid by government. So no deductions for Medicare Can she get Medicaid? Need $2000 or less in assets. Home doesn’t count
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wvugurl26
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Post by wvugurl26 on Apr 14, 2022 10:19:05 GMT -5
I think the stock disqualifies her. The SSA site states that your residence doesn't count. I might apply for her anyway. I will be truthful and if it kicks her out, at least I can say I tried. The Medicaid income limit in her state is very low. I'm not sure she would qualify for the waiver level as I don't think she needs nursing home level of care.
Its always worked out until my uncle sucked up all of the cushion and then some. This mess is his damn fault.
ETA: the screening on SSA website had some different questions. I'll apply for her this weekend. If they say, no they say no. I had not thought about that possibility.
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countrygirl2
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Post by countrygirl2 on Apr 14, 2022 10:35:52 GMT -5
This was in 2012 and its went up a lot.
PRACTICE MANAGEMENT Health Care May Cost Nearly $400K for a Retired Couple
By Donald Jay Korn
November 13, 2012, 8:18 p.m. EST
1 Min Read
Medicare covers only 59% of the cost of health care for seniorsand retirees can expect to pay an even larger share in the future. In fact, a couple age 65 might need $387,000 saved in order to be confident of covering their health care costs in retirement, not including outlays for long-term care.
Those are findings from a new report from the Employee Benefit Research Institute (EBRI). Based on the latest data available, from 2009, Medicare paid 59% of health care services for beneficiaries 65 and older. Individuals enrolled in Medicare paid 13% out-of-pocket, private insurance covered 14%, and the balance came from other sources such as Medicaid and VA benefits.
Going forward, EBRI predicted that individuals can expect to pay a greater share of their costs out of pocket because of the combination of the underfunded financial condition of the Medicare program and cutbacks to employment-based retiree health programs. To put numbers on how much seniors will need, EBRI used a Monte Carlo simulation model; it came up with estimates based on enrollment in original Medicare supplemented with a Plan F Medigap policy and a Medicare Part D plan for prescription drug coverage.
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countrygirl2
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Post by countrygirl2 on Apr 14, 2022 10:47:59 GMT -5
I think for medicaid you can have a home only valued for so much and a car too. $2000 on assets sure isn't much. But in MIL's case it's enough. And like DD with no assets of her own she gets hospital and almost all drugs paid for. However, minimal money for glasses, we save some of her SS to pay for those, hers are almost a $1,000 a pair now, complicated scrip. She now gets half of her dads. We also pay for her dental cleanings and work. If they live in a household a 1/3 of hers could go to us toward expenses but we have never done that. I think they are also eligible for food stamps, but a group home tried it and the paperwork was so bad they gave up. I take her to Ulta so her haircuts are more than they could be but for the last 2 years about the only place open for some time. She wears X wide shoes so those are expensive and have to be ordered. I make sure she has everything she needs and wants, good mattresses, good clothing, anything she needs. Believe me it really really helps us in retirement to have SS for her and medicaid. Now this is her living at home. When she goes to a facility they will take all but $50 a month then we will have to put money with it to cover her personal needs.
Now if someone is poor enough, they can get medicare, not pay part B, and have medicaid for a supplement. But again, hearing aids, glasses, and dental care are not paid or minimal. And they are allowed $50 if in a facility for all their other needs. The facility goes to yard sales unless family pitches in.
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countrygirl2
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Post by countrygirl2 on Apr 14, 2022 10:52:56 GMT -5
Already at 76 my whole SS check is eaten up by our health care premiums and then it digs into hubs pretty good as we add in drug costs. We planned on $1000 a month in retirement but not this soon. I'm not complaining, just stating facts. Thank goodness we have help with MIL and DD or we would be in bad shape. My mom lived up her home and savings as did MIL.
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CCL
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Post by CCL on Apr 14, 2022 11:58:42 GMT -5
Where did you get that $400k number? I haven't seen anywhere that it will cost that much for premiums and drugs. I just looked it up. Fidelity and a score of other sources suggest you will need $300k for a couple's healthcare costs in retirement. Maybe IRMAA charges make up the rest. I suspect they are including LTC as part of that number. I don't think it is for premiums and drugs . . . or even copays. However, there is something called a "doughnut hole" where drug costs can be astronomical. I don't know much about it because there is no doughnut hole with my insurance . . . a perk of having state retiree insurance. That's pretty much what I came up with, too.
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nidena
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Post by nidena on Apr 14, 2022 12:08:09 GMT -5
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CCL
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Post by CCL on Apr 14, 2022 12:26:16 GMT -5
We've also found some better drug pricing thru GoodRX.
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susana1954
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Post by susana1954 on Apr 14, 2022 12:33:34 GMT -5
Already at 76 my whole SS check is eaten up by our health care premiums and then it digs into hubs pretty good as we add in drug costs. We planned on $1000 a month in retirement but not this soon. I'm not complaining, just stating facts. Thank goodness we have help with MIL and DD or we would be in bad shape. My mom lived up her home and savings as did MIL. Yes, but you and your husband have Cadillac supplements according to your descriptions. And with IRMAA, you and your husband pay well above what is usual for just Medicare alone. Most people aren't paying for the things you are paying for. Medicare Advantage plans can drive the ordinary person's healthcare costs way down in retirement. It may not be a preferred choice (I like mine, but it is a state plan), but it is cheap. Some are even $0 monthly premium It has to be talking about something else Like I said, probably LTC costs.
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wvugurl26
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Post by wvugurl26 on Apr 14, 2022 14:50:54 GMT -5
My aunt retired from the state. Her monthly premium for the Medicare Advantage plan for 2 was $300. They complained constantly that the premium and drug costs ate up her pension.
I don't know what the answer is but I do believe the costs could easily be several hundred thousand over your retirement life. I looked up the table for IRMAA for this year. My DH and I make more than that. Will our retirement income really go down below that? I'm not so sure.
Also if you have sources of income that don't have a COLA, your purchasing power shrinks. I'm sure when my grandma signed up for supplement plan in 2009 2010ish it seemed entirely reasonable. Now in 2022, it's eating up 15% of her guaranteed monthly income.
Is it $400k for medical costs? Maybe not. Each situation will be different but I do think it is likely to be a big chunk of money for many retirees.
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tskeeter
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Post by tskeeter on Apr 14, 2022 15:51:20 GMT -5
tskeeter and @athena53 , I may have misunderstood your points but are you both objecting to people who inherit retirement funds (apart from spouses) having to take distributions within 10 years? Or people who inherit taxable accounts being subject to the basis at the time of inheritance? If so then I don't agree. The preferential tax rules are designed to benefit the person who is saving not their heirs. In a hypothetical situation, my husband dies and I inherit all his retirement accounts, and then I get hit by a bus at 69 before I'm required to start taking RMD's. Our daughters would then inherit everything. Neither my DH nor I have paid any taxes on our 401k(s), why should that money be allowed to grow tax free any longer? Also, I'm in fundraising and am currently trying to wrap my head around a donation rule for IRA's. I THINK that if you are subject to RMD's but don't need the money (in other words would choose not to take a distribution if that was an option), you can donate that money to charity and not be subject to the tax. e.g. your required RMD is $15,000 and you'll then owe $5,000 in taxes, which leaves you a net of $10,000. If you don't actually need that $15,000 you can donate it straight from your IRA to the charity and they will get the full amount, no taxes deducted. @athena53 , I know there are charities and church activities that you regularly support so (if I'm correct!) then you could start funding those organizations directly from your IRA RMD's rather than your regular cash flow. Yes, you did misinterpret my comments. I don’t have any problem with non-spousal recipients of inherited IRA’s having to take distributions over 10 years. In fact, I didn’t even make any reference to inherited IRA’s. My point was that even if you don’t have massive IRA balances, or a massive net worth, it is possible that during your lifetime those assets can grow to a size that they have significant income or estate tax implications. And, that if you plan far enough ahead, you have an opportunity to manage some of the tax implications.
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jerseygirl
Senior Member
Joined: May 13, 2018 7:43:08 GMT -5
Posts: 4,769
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Post by jerseygirl on Apr 14, 2022 18:37:39 GMT -5
I think the stock disqualifies her. The SSA site states that your residence doesn't count. I might apply for her anyway. I will be truthful and if it kicks her out, at least I can say I tried. The Medicaid income limit in her state is very low. I'm not sure she would qualify for the waiver level as I don't think she needs nursing home level of care. Its always worked out until my uncle sucked up all of the cushion and then some. This mess is his damn fault. ETA: the screening on SSA website had some different questions. I'll apply for her this weekend. If they say, no they say no. I had not thought about that possibility. The stock can be sold . The funds from the sale would disqualify her for time but not forever. Medicaid can tell you how long the stock sale will disqualify her- might be only a few months Medicaid will in most states also pay for in home caregiver. Depending on her need ( needs help dressing, bathing etc) they will determine how many hours to pay for care Also look into getting her Medicare monthly costs paid
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Post by The Walk of the Penguin Mich on Apr 15, 2022 12:30:49 GMT -5
I think something like this is a fine balance to walk. We have talked about gifting money, but at this point we are doing our damnedest to see everything we want to see and do while we are still capable. When we slow down, then gifting will be come an option for us. Right now, I am choosing middle of the line accommodations for our trips but TD keeps talking about possibly bumping things up a level. My concern is that once you bump up, it is very difficult to go back! I don't want to experience the Explorer Suite, then have to go back to the cabin which I find more than satisfactory right now and find it wanting. Keep staying at the modestly priced local places. Staying at a four star place, or the Best Western doesn’t provide any material for travel stories and memories. You don’t get to tell about using an elevator the size of half a phone booth. You don’t get to tell about having to close the window to walk down the side of the bed. Or having to step out of the shower so you can pick up the dropped bar of soap. Or twin beds so close together that you shimmied sideways to get between them. Or getting a splash of the Celtic Tiger added to the syrup on your pancakes at breakfast. You can sleep at the chain places such as Ibis or the expensive places, they will meet your expectations. But they are entirely too “normal” to be any fun. In our earlier travels, we did our share of staying at those modestly priced places.....like the place we stayed in Turkey, where we could only open one (carry on sized) suitcase at a time and one of us had to crawl over the other to go to the bathroom in the middle of the night and when we had to turn in tandem to fit onto the bed (I think the bed was a large twin!). While the stories are good, sleep is not and we have advanced past that as my mobility doesn't make it easy for me now. We don't stay in places like this anymore. Normal is good and a lousy night sleep wastes precious day time. I avoid US chains like the plague and spend a lot of time looking for places to stay which while are not always 'modestly' priced, have gotten good reviews. We stayed here as a jump off point when we were touring Normandy. This was not long after the Paris bombings, and I took advantage of the reduced price, which was even lower because it was also off season. Fabulous breakfasts and rooms, we only had one dinner here but it was obnoxiously expensive so we wound up eating elsewhere after that one night, even though the food was very good. The hotel was like a scene out of an old movie. It was right before Christmas, so it was gorgeously decorated. www.grand-hotel-cabourg.com/
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tskeeter
Junior Associate
Joined: Mar 20, 2011 19:37:45 GMT -5
Posts: 6,831
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Post by tskeeter on Apr 15, 2022 17:11:53 GMT -5
Keep staying at the modestly priced local places. Staying at a four star place, or the Best Western doesn’t provide any material for travel stories and memories. You don’t get to tell about using an elevator the size of half a phone booth. You don’t get to tell about having to close the window to walk down the side of the bed. Or having to step out of the shower so you can pick up the dropped bar of soap. Or twin beds so close together that you shimmied sideways to get between them. Or getting a splash of the Celtic Tiger added to the syrup on your pancakes at breakfast. You can sleep at the chain places such as Ibis or the expensive places, they will meet your expectations. But they are entirely too “normal” to be any fun. In our earlier travels, we did our share of staying at those modestly priced places.....like the place we stayed in Turkey, where we could only open one (carry on sized) suitcase at a time and one of us had to crawl over the other to go to the bathroom in the middle of the night and when we had to turn in tandem to fit onto the bed (I think the bed was a large twin!). While the stories are good, sleep is not and we have advanced past that as my mobility doesn't make it easy for me now. We don't stay in places like this anymore. Normal is good and a lousy night sleep wastes precious day time. I avoid US chains like the plague and spend a lot of time looking for places to stay which while are not always 'modestly' priced, have gotten good reviews. We stayed here as a jump off point when we were touring Normandy. This was not long after the Paris bombings, and I took advantage of the reduced price, which was even lower because it was also off season. Fabulous breakfasts and rooms, we only had one dinner here but it was obnoxiously expensive so we wound up eating elsewhere after that one night, even though the food was very good. The hotel was like a scene out of an old movie. It was right before Christmas, so it was gorgeously decorated. www.grand-hotel-cabourg.com/You make good points. There is amusingly quirky. And there is never again.
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TheOtherMe
Distinguished Associate
Joined: Dec 24, 2010 14:40:52 GMT -5
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Post by TheOtherMe on Apr 15, 2022 17:30:53 GMT -5
The first time I went to the UK, I was shocked at how tiny the rooms and lifts were and there was no a/c anywhere. Now that sounds to me like something an ugly American would say.
Some of the places I have stayed in overseas, I would no longer stay. The quirks were too much. As I get older, I am not staying in those places if I can help it.
Back when I first went to the UK, there was no internet, so we relied on brochures the travel agent had. The hotel looked nothing like the brochure. My friends and I were not prepared for that. The first place was so awful that we did change hotels to something more to our standards. Still no a/c, but it felt clean and that was most important.
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scgal
Well-Known Member
Joined: Sept 18, 2020 16:56:48 GMT -5
Posts: 1,300
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Post by scgal on Apr 21, 2022 7:08:37 GMT -5
I really don't care about leaving my kids a shit ton of money. I've raised them to be independent hard working adults. If i die with $10 in the bank or 10 million it won't matter to me as long as i enjoyed my life.
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