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Moderator of r/personalfinance, speaking officiallyScore hidden · 15 minutes ago · Stickied comment

Hello. This is a very common question. Please check out our side income wiki page for ideas and information.

3 points · 23 minutes ago · edited 15 minutes ago

Read the "How to handle $" article from the sidebar/wiki.

I am a 29F Librarian in NYC. I make 58k in change annually, and I have an NY State pension. I also have City Employee Healthcare ($0 per month). I get paid every two weeks, with my after-tax pay ~$1300 and ~$1421 a month after union dues and pre-tax transit pass etc.

The median personal income in the United States is about $31,000 a year. In NYC, it's about $34,000.

The median household income is somewhere between $55,000 and $70,000 in NYC too (the numbers vary depending on the source of the number and the method used to determine what a "household" is). You're making more than many households too.

And that's before counting the pension and other benefits.

You don't have to make a single decision between Roth or traditional and then stick with that decision for the rest of your life. You are making a marginal decision today, and it will be effective at your marginal rates, not your average rates, in retirement.

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You don't have to make a single decision between Roth or traditional and then stick with that decision for the rest of your life.

Agreed.

You are making a marginal decision today, and it will be effective at your marginal rates, not your average rates, in retirement.

That is really confusingly written so I have no idea what you are trying to say here.

Retirement dollars are withdrawn starting from the bottom bracket and working your way up towards higher brackets.

Let's say I am near the end of my career and have already saved a lot of money enough in traditional accounts (perhaps wisely, perhaps mistakenly, but it is history now). The income generated from those past savings will fill the bottom brackets in retirement. My current saving decision between Roth and traditional just before retirement will not be filling those bottom brackets in retirement, as they are already full. My current decision should be based on my current marginal rate, vs the expected retired marginal rate.

Let's say I am at the beginning of my career, and I expect that most of my future savings will be in traditional accounts because I will use traditional once I get some raises and am in a higher bracket. And those expected future savings will fill the lower brackets in retirement. That again leaves my current decision to be based on comparing my current marginal rate to my expected marginal rate in retirement. Because the lower brackets are "already" filled in a logical sense, if not a chronological one.

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1 point · 33 minutes ago · edited 27 minutes ago

For this scenario to make sense, it really needs to be someone who has saved multiple millions of dollars in pre-tax retirement accounts and their income has dropped significantly towards the end of their career.

I appreciate you explaining your logic further, but it seems like a bit of an unnecessary and confusing clarification to make for this submission.

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Moderator of r/personalfinance, speaking officiallyScore hidden · 47 minutes ago · Stickied comment

Your submission has been removed because relationship advice is off-topic here and better suited for /r/relationships (rule 9).

Whether the salary is adjusted is up to the company and your management.

For internal transfers to an equivalent position, most large companies will adjust your salary upwards or downwards based on some COL multiplier. It's sometimes possible to negotiate a better salary after the transfer.

Moderator of r/personalfinance, speaking officiallyScore hidden · 54 minutes ago · Stickied comment

AskReddit-style questions, surveys, and polls aren't allowed on this subreddit so this post has been removed (rule 1).

Please feel free to repost a question about your finances and be sure to include enough information about your situation or the specific questions you have so that you will get helpful answers.

Moderator of r/personalfinance, speaking officiallyScore hidden · 55 minutes ago · Stickied comment

Your submission has been removed because it is primarily a legal question or discussion which is off-topic for /r/personalfinance. Some other subreddits allow legal questions and discussions:

  • /r/legaladvice can help you determine if you need to contact a lawyer and you may get some basic advice.

  • /r/asklaw may be able to further help you with legal questions.

While those subreddits can sometimes offer basic advice, talking to a local attorney is the best way to answer any legal questions.

Moderator of r/personalfinance, speaking officially1 point · 1 hour ago

Your submission has been removed because it is primarily a legal question or discussion which is off-topic for /r/personalfinance. Some other subreddits allow legal questions and discussions:

  • /r/legaladvice can help you determine if you need to contact a lawyer and you may get some basic advice.

  • /r/asklaw may be able to further help you with legal questions.

While those subreddits can sometimes offer basic advice, talking to a local attorney is the best way to answer any legal questions.

Original Poster1 point · 1 hour ago

Funny because someone from legal advice suggested personal finance. But no worries, thanks anyway.

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Moderator of r/personalfinance, speaking officially1 point · 1 hour ago

They were suggesting you post about your finances, not your legal issue.

Maybe http://goedhartvoordieren.nl/?page=r/personalfinance/wiki/collections would be helpful, but there's no much to do if you don't have any money.

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Moderator of r/personalfinance, speaking officiallyScore hidden · 1 hour ago · Stickied comment

What about suggesting that she help people with finance advice, teach young people how to budget when they move out, or even help family members get better?

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Moderator of r/personalfinance, speaking officiallyScore hidden · 2 hours ago · Stickied comment

AskReddit-style questions, surveys, and polls aren't allowed on this subreddit so this post has been removed (rule 1).

Please feel free to repost a question about your finances and be sure to include enough information about your situation or the specific questions you have so that you will get helpful answers.

Moderator of r/personalfinance, speaking officiallyScore hidden · 1 day ago · Stickied comment

Congratulations on your success, but success stories need to be posted in the Weekend Discussion thread. Here is the most recent Weekend Discussion thread (or you can wait until next week's thread).

Please feel free to repost any questions about your finances without any prominent mention of the success (especially in the title or beginning of your post). Be sure to include enough information about your situation or the specific questions you have so that you will get helpful answers.

This is discussed more in our submission guidelines (rule 1).

You may also find our wiki helpful:

I think I would avoid the American market for the next few years

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Don't try to time the market.

https://www.youtube.com/watch?v=unFn-ddtqiM&t=4

Being diversified by owning stocks in both the US and internationally is a good idea. Being diversified by owning mostly stocks and some bonds is good.

Trying to guess when any one particular market will drop is a bad idea.

Moderator of r/personalfinance, speaking officiallyScore hidden · 1 day ago · Stickied comment

Hello /u/BrushUrNutsKid. I respect your situation and I apologize for the inconvenience, but asking for donations in /r/personalfinance is not allowed (rule 4). Even mentioning crowdfunding will immediately result in your post being removed.

You are welcome to try any of the following subreddits for assistance, but please check their sidebar and rules before posting:

  • /r/care (account must be verified, 6 months old, and have +100 karma)

  • /r/assistance (account must be registered and have +300 karma)

  • /r/borrow (account must be 90 days old with at least +1000 karma)

You may also find some of these subreddits helpful:

  • /r/almosthomeless if you are homeless or in immediate danger of becoming homeless and need advice or assistance.

  • /r/homeless for homelessness-related articles and resources.

  • /r/food_pantry is a place where you can request a meal or hygienic necessity.

  • /r/randomkindness is for when a small act of kindness can go a long way.

  • /r/frugal for tips on maximizing resource allocations.

  • /r/beermoney for discussing ways to make some extra cash online.

  • /r/slavelabour for odd jobs listings.

  • /r/depression is a supportive place for those struggling with depression.

I hope you find the help you are seeking. If you have a question about how to improve your finances down the line, you can feel free to post here for help on handling money, but we still cannot approve of these kinds of posts.

Moderator of r/personalfinance, speaking officiallyScore hidden · 1 day ago · Stickied comment

This submission has been removed because it does not meet the subreddit submission guidelines (rule 1).

Posts must be a question or discussion about personal finance with a descriptive title and may not be:

  • Non-English
  • Generic or hypothetical questions
  • AskReddit-style questions, surveys, and polls
  • Success stories (use the weekend thread)
  • Meta posts
  • IAMA/AMA requests or posts
  • News or information without a discussion, quote, or summary

If you have a question about moderation, please send a message to the moderation team.

You’re wrong, Walmart does not allow free parking overnight. Your car can be towed if it’s parked overnight at a Walmart, but they generally won’t do anything unless it’s there for a few days.

Walmart does not, and never will allow free parking overnight. That doesn’t mean you won’t be able to, but don’t give advice that isn’t true.

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12 points · 1 day ago

Most Walmarts allow overnight parking for free, about 1/4 of them don't.

This is common knowledge.

Sources:

Moderator of r/personalfinance, speaking officiallyScore hidden · 1 day ago · Stickied comment

Your submission has been removed because it is primarily a legal question or discussion which is off-topic for /r/personalfinance. Some other subreddits allow legal questions and discussions:

  • /r/legaladvice can help you determine if you need to contact a lawyer and you may get some basic advice.

  • /r/asklaw may be able to further help you with legal questions.

While those subreddits can sometimes offer basic advice, talking to a local attorney is the best way to answer any legal questions.

Read the "How to handle $" article from the sidebar/wiki.

Original Poster1 point · 1 day ago

Would it make sense for me to use a Roth IRA because I don’t get taxed much right now?

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Yes, assuming you have earned income (stipends, scholarships, grants, etc. don't count in most cases).

Read http://goedhartvoordieren.nl/?page=r/personalfinance/wiki/rothortraditional for more on Roth vs. Traditional.

Is there a wiki or similar for those of us in the UK? A lot of the terminology in the guidance seems to be USA specific.

I'm soon to finish my degree and head into my dream job, but want to make sure I'm putting the paychecks to rights from the first one.

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10 points · 1 day ago

VICTORY

I invested for the first time this week. I put $20,000 into a Vanguard ETF Index fund and it's like a weight has lifted off my chest.

No more worrying about if I made a right decision or stressing about opening new accounts. I just have to keep putting money into the same account and watch it grow!

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2 points · 1 day ago

Congratulations! Just be prepared for the next downturn, whenever it happens, it will still feel like a rollcoaster! :-)

Comment deleted1 day ago
0 points · 1 day ago

The S&P 500 has had a very good decade, but it's better to be more diversified by adding international stocks, small-cap stocks, and a bit of bonds too. It's less risk to be more diversified. You can't just look at return which is what you are doing.

Income for IRA purposes must be earned income, right?

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2 points · 1 day ago

Yes. Non-working or low-income spouses can also contribute based on their spouse's income.

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Moderator of r/personalfinance, speaking officiallyScore hidden · 1 day ago · Stickied comment

This submission has been removed because OP is missing (rule 10: disappearing after posting a discussion, posting for another with inadequate information).

AutoModerator specifically reminds everybody of this rule via PM after they create a post:

"Don't abandon the discussion. For at least a few hours, please try your best to answer questions and add relevant details to your submission."

-1 points · 2 days ago
  1. Read the "How to handle $" article from the sidebar/wiki.

  2. Get a CPA and make sure you're paying taxes properly.

  3. Read about investing, save, and don't let someone run away with your money. https://www.bogleheads.org/wiki/Video:Bogleheads%C2%AE_investment_philosophy

Original Poster20 points · 2 days ago

Will keep that in mind

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12 points · 1 day ago

Help your parents create accounts at https://www.ssa.gov/ to look up their expected social security retirement benefits at various retirement ages.

Do you know how much is left in their retirement accounts and exactly how it is invested?

8 points · 2 days ago · edited 2 days ago

5.5% is a little too high of a safe withdrawal rate over the long-term, but your respective social security benefits may make up for that sufficiently.

Some questions:

  1. Can you create accounts on https://www.ssa.gov/ to look up your earnings records? Copy the table and paste it into the form at https://socialsecurity.tools/ to see what your benefits would be at normal retirement age (the social security website assumes you will continue working until 65, the socialsecurity.tools website will let you see how much your benefit would be later if you retired now).

    What is the estimated amount per year?

  2. Do the same for your wife. What is the estimated amount per year?

  3. What are all of your investments including the ones in your 401(k)? List them all please.

  4. How old is your wife? She turns 65 in September?

Original Poster2 points · 2 days ago

I am including SS. The only question is start early and get something or start at full retirement age and get the full amount. I'm 11 years away from full SS.

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7 points · 2 days ago

There were four questions... and you just answered none of them.

Anyhow, you need to talk to a fee-only CFP. I might have recommended that anyway, but you're not giving us enough information nor are you looking at this with enough rigor so I think it's required.

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Moderator of r/personalfinance, speaking officiallyScore hidden · 2 days ago · Stickied comment

Your submission has been removed because it is primarily a business question or discussion. Other subreddits are better equipped to address these topics:

  • /r/smallbusiness is good for questions about starting, owning, and growing a small business.

  • /r/entrepreneur is excellent for business questions, especially about startups offering an innovative product, process, or service.

  • /r/business is appropriate for general business questions and tips (also see their sidebar for a list of business-related subreddits).

  • /r/legaladvice can help you determine if you need to contact a lawyer and you may get some basic advice.

Moderator of r/personalfinance, speaking officiallyScore hidden · 2 days ago · Stickied comment

Your submission has been removed because it is primarily a legal question or discussion which is off-topic for /r/personalfinance. Some other subreddits allow legal questions and discussions:

  • /r/legaladvice can help you determine if you need to contact a lawyer and you may get some basic advice.

  • /r/asklaw may be able to further help you with legal questions.

While those subreddits can sometimes offer basic advice, talking to a local attorney is the best way to answer any legal questions.

P.S. Don't indent your paragraphs. It formats badly here.

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