patrick.net

Patrick says

Maga_Chaos_Monkey I've got a Roth and so does my wife. We should really max them out.

HSA if she can get one. You can take the money out anytime you want. It's tax free. You'll have medical bills at some point, just be meticulous about keeping the receipt from any procedure you pay for. Double check as my research is 4 years old or so. Given it's something you'll have to pay for at some point, build that up as a buffer you can grab from if needed. Or for the medical bills themselves.

We don't talk shop, but I've been begging my wife to see if her company will do an HSA. We're still young enough to invest 20-30 years worth and if a health issue comes up we're cover. I can't remember the limits anymore. Key is you can invest and gain interest like a 401k and take money out penalty free. Not accounting/finance advice, so double check. Another good avenue for compounding your saving and not tying them up in accounts you shouldn't touch. I believe safe from BK as well.

Asset protection is our biggest goal. We'll put enough away. I don't want to wish away 19 years, but I'll at least be in the Caribbean sitting on my ass on a beach.

Anyone can buy his own HSA; just go to Fidelity.com and buy it.
I found their setup extremely easy.
Put capital appreciation mutual funds in it; my HSA is Fidelity Contrafund.
They sent me a debit card which is what I can use to pay for dental, vision, medical, etc.

Dental work is expensive sometimes, even with Delta Dental insurance; I use my HSA sometimes to pay the dentist.

Patrick says

I've read that Peter Thiel invested his Roth money into Facebook early on somehow, so now it's worth more than $5B, tax free:

Now think about who inherits this. An inherited IRA, even a Roth IRA for some reason, must be withdrawn completely by the heir within 10 years.

Thiel is gay, so he's unlikely to have any natural heirs.

My bet is that he donates it all to some foundation he sets up.

Patrick says

I've got a Roth and so does my wife.

I don't know why I would have thought any differently other than too much eggnog last night haha..

stfu says

Also note a caveat on ROTH's; a ROTH IRA does not count in your RMD calculations, whereas a ROTH 401k does.

This IS interesting, I did not know... I do roll my roth-401k into my roth-ira every year though with no consequences. It pisses Fidelity off though and I save a lot on fees.

WookieMan says

HSA

Those are great too and I've maxed mine out for several years. There is a sharp limit to how much you can put in them though.

stfu says

RMD's are a sinister mechanism which means many of us will be paying a higher marginal tax rate at 76 than we did at 56.

Yep, and when the time comes that I have to take RMDs. I will one of those at the high marginal rate. I mostly did the traditional IRA and invested the tax savings because I thought I would have a lower income after retiring and be in a lower tax bracket.

WookieMan says

HSA if she can get one. You can take the money out anytime you want.

I'm got an HSA myself, but it's almost empty because I used the money on various medical things. Also, it's at my local credit union, which does not allow investing or trading in it.

clambo says

Anyone can buy his own HSA; just go to Fidelity.com and buy it.

I suppose my wife could do this, but I think you have to be on a high-deductible health plan (HDHP) in the years you donate to it, and she's not. She gets insurance through the school.

Patrick says

but I think you have to be on a high-deductible health plan (HDHP) in the years you donate to it,

correct