Running Bear's July 2023 Coffee Shop

ModelRailroadForums.com is a free Model Railroad Discussion Forum and photo gallery. We cover all scales and sizes of model railroads. Online since 2002, it's one of the oldest and largest model railroad forums on the web. Whether you're a master model railroader or just getting started, you'll find something of interest here.


Status
Not open for further replies.
Prewar Lionel
1690058999393.png
 
TLOC said:
Terry has been online since earlier today on my 401k. We can do a in-kind transfer to a IRA and that will eliminate taxes because of the roll over. Because an indirect transfer out of my 401k will take over 60 days (small print in the way to transfer from reading the online documentation) the IRS says we have to pay taxes, plus a penalty. That happens if it takes longer then 60 days. The “plan” says they WILL take longer than 60 days to sell the funds and stocks before they transfer the money direct to the holder (me).

Because a in-kind transfer does not involve selling the stocks or funds first, the 401k administrator cannot by law take more then 60 days, it should happen within a week of the request . That avoids taxes by of course there is a higher in-kind transfer fee the “plan” collects but it’s fine. She is going to look later for any other hidden fees within the “plan”.

Next is to find a place to put the money. It does look like at first few glances a self directed IRA maybe the best choice. With the amount being rolled over almost any IRA seller?? should be happy. Thanks for the information. It gave Terry an idea what to look for. When she started really reading the small print it pretty much said understand there will be taxes to be paid.
Click to expand...
If you don't already have a traditional IRA, you would have to open one. Lots of reputable companies out there, T. Rowe Price, Charles Schwab, Fidelity, Edward Jones, Empower and others. Most will assist you at no charge. I originally used Prudential, but they were sold to Empower a few years ago. When I rolled over my 401k from Fidelity, Prudential did all of the paperwork and made sure that everything was legitimate, and I paid no fees on either side. It also happened in less than a week.
One reason that the 401k guys want you to liquidate is so their buddies, the stock brokers, can make money selling the stocks. The "in kind transfers" obviously eliminate that step. It really sounds like your plan, is totally f****d up and exist for the benefit of the plan administrators solely.
I make no recommendations as to which firm to use. I had negative experiences with TD Ameritrade though, but that may be isolated. Ask around and see what associates think. I have moved funds from several retirement accounts and have now consolidated them all under one roof, Roth IRA accounts, Traditional IRA's, inherited Roth accounts and inherited traditional IRA accounts; in both of our names.
Just one further note if you don't already know. Other than a rollover, you cannot make any contributions to either a Roth or traditional IRA without having earned income. Social Security is unearned income and cannot be used, nor can cash sales of weathered rolling stock be used unless you actually declare that as earned income. And then you can only contribute up to that amount or the standard limit that the IRS has set forth.
Good luck and it seems like Terry is getting things under control.
 


Well, I printed out the tracking info for my stuff, and went to the office this morning to see what I could find out.
Mrs. Not My Job was off today, so one of the other people went and looked for my package. She found it in somebody else's box, where that person wrote "Not Me" on the box, and had put it back.
 
NYC_George said:
I had to cash out because this is what my lawyer told me to do. Put all the assets in my name only except for 30K which my wife can keep even if she is admitted into a nursing home. My lawyer says this is all legal because I'm a spouse not a relative. I cashed out only half because I was shocked at all the taxes I'd be paying and also they say the stock market is where all the crooked people keep their money.
Swal
Click to expand...
Unfortunately, the lawyer is correct. It's "criminal" that folks save all their lives so they have something when they get old or infirm, and need it, and every SOB out there wants a piece of your savings.

I guess I'm crooked, because I'm invested in the stock market. :eek: :eek: For the last 20 years, it's been the only place where you could get a decent return on your investments...I'll bet "they" keep their money in the market. :rolleyes:

What worries me, is that any one of us could end up dealing with the exact situation you're in, and none of us is better prepared to deal with it than you are.
 
TLOC said:
Willie, the fees are crazy. I wonder if they want us to pull it all? I was the first to retire from the company. Including my brother there are now 3 of us and he has no say any longer in the management of the 401k. We are not sure what to do. There is a good amount of money in there but no matter how we try to work it we pay the taxes. We are seriously thinking of biting the bullet and just pulling it all out.

I have a good friend who is a conspiracist and prepper. He says pull it all out and buy 50% gold and 50% silver and bury it in the back yard! Yep, really. We are not thinking of that…
Click to expand...
Your friend is right. The elites have figured out how to keep everyone in the class, or cast they were brought up in.
 
Good evening. Since i was already in the City of brotherly love, i decided to drive over down to Wilmington Amtrak electric facility.
20230722_180929_HDR.jpg

Weekends are slow here so less chance of getting asked to leave (AKA thrown out).
20230722_180752.jpg

With four HHP8 "Armadillos" parked on the wye took my chances. Maybe last time to see them in numbers.
20230722_180349.jpg
20230722_180159.jpg
 


Sirfoldalot said:
Ugly looking things!
Click to expand...
Local railfans called them "Turds" when they came out in 2000. Amtrak engineers (at least guys who frequented Philadelphia enginehouse) called them "Armadillos". I like them a lot better than Sprinters ACS64. They packed 8000 hp but the electronics was their downfall. Since GG1s these were the first trully streamlined electric locomotives on former Pennsy. Here's "coming at you" shot:

20230722_180118.jpg
 
Boris said:
I guess I'm crooked, because I'm invested in the stock market. :eek: :eek: For the last 20 years, it's been the only place where you could get a decent return on your investments...I'll bet "they" keep their money in the market. :rolleyes:
Click to expand...
I'm right there with you. In 3 of the 8 years of retirement, with my self-managed retirement funds, I made more than I was paid in salary. 2 years were a bust, but at least I barely came out ahead, the other 3 years I did OK at around 50% of my pre-retirement salary. It is the only place to get a decent return. I'm sticking to my strategy for now, although I am shifting from consumer goods to more defense funds right now. I always shied away from NASDAQ. Too much volatility for my wife!
 
santafewillie said:
If you don't already have a traditional IRA, you would have to open one. Lots of reputable companies out there, T. Rowe Price, Charles Schwab, Fidelity, Edward Jones, Empower and others. Most will assist you at no charge. I originally used Prudential, but they were sold to Empower a few years ago. When I rolled over my 401k from Fidelity, Prudential did all of the paperwork and made sure that everything was legitimate, and I paid no fees on either side. It also happened in less than a week.
One reason that the 401k guys want you to liquidate is so their buddies, the stock brokers, can make money selling the stocks. The "in kind transfers" obviously eliminate that step. It really sounds like your plan, is totally f****d up and exist for the benefit of the plan administrators solely.
I make no recommendations as to which firm to use. I had negative experiences with TD Ameritrade though, but that may be isolated. Ask around and see what associates think. I have moved funds from several retirement accounts and have now consolidated them all under one roof, Roth IRA accounts, Traditional IRA's, inherited Roth accounts and inherited traditional IRA accounts; in both of our names.
Just one further note if you don't already know. Other than a rollover, you cannot make any contributions to either a Roth or traditional IRA without having earned income. Social Security is unearned income and cannot be used, nor can cash sales of weathered rolling stock be used unless you actually declare that as earned income. And then you can only contribute up to that amount or the standard limit that the IRS has set forth.
Good luck and it seems like Terry is getting things under control.
Click to expand...
Thanks Willie. It really was a great fund and earned good money. But the last couple years the fees have gone nuts. We had looked around in January for a local financial adviser and disappointed in most of them. The ones we had interest in is who we will re-visit this up-coming week. I know I need to open an IRA and a few of the firms are no fees. So that should be ok but we want something Terry pretty much can handle without fees or needless help.

We have no “real” earned income. We collect monthly payments from the managers we financed to buy the complexes they were managing for us. There is a very low interest and we claim that as income and get taxed only on that. The principle of the loans is not taxable. I won’t be adding funds to a IRA and that is one of the questions. Are we better off closing out the 401k into cash and just pay the taxes?

Thankfully it’s a nice issue to have to solve
 
santafewillie said:
I'm right there with you. In 3 of the 8 years of retirement, with my self-managed retirement funds, I made more than I was paid in salary. 2 years were a bust, but at least I barely came out ahead, the other 3 years I did OK at around 50% of my pre-retirement salary. It is the only place to get a decent return. I'm sticking to my strategy for now, although I am shifting from consumer goods to more defense funds right now. I always shied away from NASDAQ. Too much volatility for my wife!
Click to expand...
Terry plays the market but has a few untouchables. Anything that pays a dividend and Berkshire Hathaway. We love Uncle Warren. Been with him since 1980 and even have met him and Charlie Munger.

I’d have to check the year but in the last few years except for the above mentioned and a greatly reduced Tesla holding, she moved everything to cash. I think the end of the previous regime until last year from she jumped back in with both feet. She enjoys that and I detest it. She does agree with you about defense stocks, she’s a buyer.

She generally keeps 60% of the investments in long term stuff. 10-20% in cash/money market funds and the remaining 20-30% is still on hash risk high reward stuff.
 
Sirfoldalot said:
Pretty good game top of the 9th, Louis ...
Sure felt bad for the Japanese pitcher
He just didn't have it today.
Click to expand...
Shintaro Fujinami is in his first MLB season after a 10-year professional career in his native Japan. He provides a versatile arm for the Orioles. He can start and pitch in relief. He is only 29 years old. He could turn out to be a good pickup for the Orioles. Either way he provides some depth to the pitching staff.

The Orioles are reportedly sending Triple-A pitcher Easton Lucas back to Oakland in return for Fujinami. Lucas was only a 14th round pick, but he has a good left-handed arm.

Fujinami struggled early in the year. He had been pitching better in June 3.97ERA and even better in July, 2.25 ERA. Tampa Bay has a good lineup of hitters. They punish most mistakes.

www.mlb.com

'Weird' but 'special': Resilient O's regain AL East lead

ST. PETERSBURG -- Brandon Hyde walked out of the visiting clubhouse at Tropicana Field on Saturday evening and toward the group of reporters awaiting his latest postgame debriefing. “Another easy one, right guys?” the Orioles’ manager quipped. It was, of course, not an easy win for Baltimore...
www.mlb.com www.mlb.com
 
Last edited:


Status
Not open for further replies.




Affiliate Disclosure: We may receive a commision from some of the links and ads shown on this website (Learn More Here)

Back
Top