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Long time, no see--Are you guys and gals still financial whizzes?
2020 Apr 14, 1:29pm 1,834 views 15 comments
by CL follow (1)
Comments 1 - 4 of 15 Next » Last » Search these comments
1
Shaman
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2020 Apr 14, 1:45pm
Shaman
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2020 Apr 14, 1:45pm
Invest in America.
We’ll be back.
Can you imagine how great you’d have done if you put everything into Amazon stock when stocks were at their nadir? That stock is now at record highs.
We’ll be back.
Can you imagine how great you’d have done if you put everything into Amazon stock when stocks were at their nadir? That stock is now at record highs.
2
CL
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2020 Apr 14, 2:00pm
CL
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2020 Apr 14, 2:00pm
Shaman says
Of course, I'm just trying to maximize opportunities, like tax advantages!
Invest in America.
We’ll be back.
Can you imagine how great you’d have done if you put everything into Amazon stock when stocks were at their nadir? That stock is now at record highs.
Of course, I'm just trying to maximize opportunities, like tax advantages!
3
EBGuy
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2020 Apr 14, 2:10pm
CL says
Probably a better question for the recently returned @ellliemae, but here's my hot take. For your parents to become eligible for medicaid, they'll have to spend down most of their assets (including that Roth money you gifted them). Don't do it.
BTW, just did a spit take as a certain house in the Oakland hills just sold for a million bucks. Sorry to bring back bad memories. Yikes, that place may be cursed.
1) Questions: Is that a crazy-ass idea? Would it harm future medicaid eligibility, if needed?
Probably a better question for the recently returned @ellliemae, but here's my hot take. For your parents to become eligible for medicaid, they'll have to spend down most of their assets (including that Roth money you gifted them). Don't do it.
BTW, just did a spit take as a certain house in the Oakland hills just sold for a million bucks. Sorry to bring back bad memories. Yikes, that place may be cursed.
4
FortWayneAsNancyPelosiHaircut
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2020 Apr 14, 2:38pm
FortWayneAsNancyPelosiHaircut
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2020 Apr 14, 2:38pm
I dont know if Roth is better than traditional IRA depending on the age. However, whenever stocks are down, its not complicated to buy and wait a few month to get 20-30% gains, after that reinvest into long term. That's what I'm doing now. I'm just straight up buying stocks, its not Roth account, simple stock trader account online.
Been buying stocks for my kids too, so far those stocks have grown over years, its the best savings account you can have for them.
Hope all this helps in some way, I know its pretty simple
Been buying stocks for my kids too, so far those stocks have grown over years, its the best savings account you can have for them.
Hope all this helps in some way, I know its pretty simple
Comments 1 - 4 of 15 Next » Last » Search these comments
1) My parents were working last year (at a homeless shelter), and my mom, who was a Professor prior to this, found it too physically taxing and has since "retired" (although may return to teaching). Dad is still working there, and plans to until death, although the Covid-risk is high among that population, so ya never now.
1) Idea: take their stimulus check(s) plus some canceled "vacation to the west coast" cash and put it in a Roth. Given their employment situation, I can figure they could drop 7K each in for 2019, and 7K for my dad in 2020 for a total of 21k. I could gift them the difference.
1) Questions: Is that a crazy-ass idea? Would it harm future medicaid eligibility, if needed? Would I introduce taxes to myself if the money comes back to me, either as we withdrew, or through inherited IRA fine print? Would I get "double taxed" somehow?
2) Given the mods in the CARES act, can one get access to their 401k/IRAs penalty-free and put that money to use, only to repay it later (like in the 3+ years they allow). Especially pertinent to question 1, because there might be an opportunity for the folks to use their own IRA, fund the Roth, pay it back through the growth.
3) Given the drop in the market, is it a good time for some/all to do Roth conversion? I already do the backdoor Roths for me, but my wife has a former employer 401k I wouldn't mind improving upon. It would seem so with the drop in value and historically low taxes that are bound to go up.
Any other smart idears?