August MM Randoms

[ohgillian]

What's new?

[ohgillian]

- I just took over being Treasurer for my Girl Scout troop from someone who hates banking and isn't money minded. Given that, she really did a fine job and I'm grateful she did it for 3 years, but OMG the state of the books and the randomness of her spreadsheets.

- I have an HSA at Health Equity, where investment options are limited to a set list of funds. I'm wondering about moving my $ out to something like HSABank where I can invest in whatever, but it's an active HSA so I would have to move the contributions out on a regular basis or at least a few times a year and I don't know if it's worth the hassle. Right now I have everything thrown into a Vanguard 2055 Target Retirement Fund.

- Anyone else here in a defined benefit pension plan? I know they're rare and I'm lucky to have one, but sometimes I get stressed out by all the "you have to max out your 401k" talk. Our pensions will pay out about 55% of our final income, and we've saved a ton for retirement on top of that, but we aren't maxing and sometimes I feel bad.

[chpmnk1015]

We spent a ton in july...had to put a large dp down for a trip in Feb that we will be reimbursed for but will have to take money out of savings.

Mega millions is tonight..i dont need a billion, but a million dollar ticket after taxes could pay the mortgage and leave us a nice dp for a lake house...

Aug will be spendy too so looking for a pt job or something

[lessel]

June and July were mostly us moving to a new house and hemorrhaging money in every direction (garage door, water heater, squirrels in the attic, tree removal... fun times). August is all about getting our sh*t back on budget... hopefully. We do have one home project pending--a retaining wall in our front yard is rotted out. So far have one $3k quote and another company ghosted me on a quote.

Oh and we have an orthodontic consults for DS1 this week. 💸

Since we moved to the new house we did break up with our biweekly cleaning service, so August will be my first month doing house cleaning stuff myself for the first time in about a decade or more. (I'm weirdly excited about it, but I'm sure that will wear off quickly.)

ohgillian , I do have a part of my retirement that's pension (I'm a fed, so FERS). Tbh I don't fully understand it, but the charts my financial advisor gives me based on our current/projected savings make me think I'm in good shape.

[Susie]

Aug 1, 2023 8:46:09 GMT -5 ohgillian said:

- Anyone else here in a defined benefit pension plan? I know they're rare and I'm lucky to have one, but sometimes I get stressed out by all the "you have to max out your 401k" talk. Our pensions will pay out about 55% of our final income, and we've saved a ton for retirement on top of that, but we aren't maxing and sometimes I feel bad.

MH is.  I can assure that he does not get stressed out, but I sometimes do as the family financial manager!  He maxes his 457b (same limits as 401k) now but that's a fairly recent development that mostly had to do with my income going up, freeing up more of his.

He will hit 30 years of service, which is basically when he maxes out retirement benefits, when DS is about 19 and likely in college.  I can't see him retiring before then, so we're planning for him to hit the 30 year mark.  That will mean 60% of the average of his highest 3 years.  I still have lots of questions that he is not great at answering/pushing HR for answers, re: access to health insurance in retirement, what his options are for spousal benefit election, etc.  The system (NYS retirement system) seems labyrinthine. 

[quesyrah]

We embarked on a mini kitchen remodel. New counters, sink, lower cabinets all DIY install from IKEA. We also painted and had plans for new floors and a range hood (currently don’t have one).

We saved up $4,500 and that has all been spent (I way underestimated how many runs to the hardware store for random stuff). For various reasons, we’ve decided that putting the floors and range hood off until probably Feb or March is for the best. We have a “home needs” sinking fund and we’re going to let it build up.

I’m pretty proud of us because we have worked damn hard to get financially stable and comfortable and making this decision Vs taking from our efund (this is not an emergency) or putting it on a CC shows how much we’ve grown. The rest of the work is going to cost a little more than we anticipated so it’s not something we can really cash flow form our monthly budget.

The work we’ve done is a HUGE improvement on our 1952 kitchen that had never been remodeled. So I’m okay pausing where we’re at.

[quesyrah]

Aug 1, 2023 8:46:09 GMT -5 ohgillian said:

- I just took over being Treasurer for my Girl Scout troop from someone who hates banking and isn't money minded. Given that, she really did a fine job and I'm grateful she did it for 3 years, but OMG the state of the books and the randomness of her spreadsheets.

- I have an HSA at Health Equity, where investment options are limited to a set list of funds. I'm wondering about moving my $ out to something like HSABank where I can invest in whatever, but it's an active HSA so I would have to move the contributions out on a regular basis or at least a few times a year and I don't know if it's worth the hassle. Right now I have everything thrown into a Vanguard 2055 Target Retirement Fund.

- Anyone else here in a defined benefit pension plan? I know they're rare and I'm lucky to have one, but sometimes I get stressed out by all the "you have to max out your 401k" talk. Our pensions will pay out about 55% of our final income, and we've saved a ton for retirement on top of that, but we aren't maxing and sometimes I feel bad.

I was PTA treasurer (and then president) before we left to homeschool. Omg it was SO MUCH work all the time. Similar situation here, the books were a giant mess and I spent months sorting it all out. I will always maintain that treasure is the hardest job on PTA. You have all my sympathy!

[simpsongal]

ohgillian, I feel ya - I'm a fed, so I'll get like 30-33% of my high 3 salary + COLAs. There's so little retirement advice out there that takes pension into account. Personally, I think we've over saved for retirement. And I know social security isn't fully funded but people plan as if it's zero. Even if it's 80% of what it is now it's a pretty valuable benefit. I guess if you can afford to 'not count on' things like ss, then fine. But still....we're a conservative bunch on MM.

My August random - I'm planning to take a TSP loan for our next reno. I'll still have plenty in the TSP after a $50K loan, the low interest rate is worth it to me (we're also probably past itemizing, so no mortgage/HELOC interest deduction for us anyway). We're meeting w/our contractor later in the month to talk #s. DH and I are are $25K apart what we think is doable. I think DH is being too conservative (I have numbers and costs from the last 3 yrs to prove it). I'm hoping to order at least 2 windows for the tax credit in 2023, then the rest in 2024.

[laterz]

2023 is my Summer of Spendy Fun. I'm making up for the last 3 summers of not doing anything terribly exciting.

[quesyrah]

Aug 1, 2023 15:06:08 GMT -5 laterz said:

2023 is my Summer of Spendy Fun. I'm making up for the last 3 summers of not doing anything terribly exciting.

Ooh that sounds exciting! What have you bought/done so far if you want to share?

[laterz]

Aug 1, 2023 17:17:17 GMT -5 quesyrah said:

Aug 1, 2023 15:06:08 GMT -5 laterz said:

2023 is my Summer of Spendy Fun. I'm making up for the last 3 summers of not doing anything terribly exciting.

Ooh that sounds exciting! What have you bought/done so far if you want to share?

Took up running as a hobby - they lie when they say it's a cheap sport.  
Went to Colorado for a week to see a friend and run a half-marathon.
Went to Door County WI for a week
I've been trying to go to my gym's outdoor pool more often (thankfully that one is part of my membership fee!)
Going to Virginia for a weekend this month
Going to see Pink this month
Going to see Aerosmith next month
Just signed up for Bike the Drive (they close Lake Shore Drive on a Sunday morning so you can bike on it)
Going to Charlotte for a few days in October

Whew.  I've also tried to not say no to most social off-the-cuff stuff.  Because YOLO and I'm not getting any younger.

[quesyrah]

Aug 1, 2023 17:30:55 GMT -5 laterz said:

Aug 1, 2023 17:17:17 GMT -5 quesyrah said:

Ooh that sounds exciting! What have you bought/done so far if you want to share?

Took up running as a hobby - they lie when they say it's a cheap sport.  
Went to Colorado for a week to see a friend and run a half-marathon.
Went to Door County WI for a week
I've been trying to go to my gym's outdoor pool more often (thankfully that one is part of my membership fee!)
Going to Virginia for a weekend this month
Going to see Pink this month
Going to see Aerosmith next month
Just signed up for Bike the Drive (they close Lake Shore Drive on a Sunday morning so you can bike on it)
Going to Charlotte for a few days in October

Whew.  I've also tried to not say no to most social off-the-cuff stuff.  Because YOLO and I'm not getting any younger.

Nice! I love it.

[pierogigirl]

Susie He can make an appointment with NYS retirement system to go over his options. At retirement, you have to make choices which affect the amount you get monthly and whether you want there to be a death benefit for a beneficiary. From what I understand, once you choose you have a very limited time to make changes and then it's permanent. They recommend you do it* about 10 years before retirement and then when you get closer. I need to make mine ASAP.

The insurance is probably addressed in his contract. I know I can keep my insurance after retirement, but I'm not sure if I can keep the family plan or how much it will cost or if I have to switch once I start collecting social security.

*EDIT - by it, I mean the appointment, not the decisions. I think you have to make the decisions 30 or 90 days before retiring.

[pierogigirl]

ohgillian Have you met with a financial planner? Ours goes over the numbers with our pensions, 403bs, and potential social security. The pension is a huge part of the equation. I feel comfortable that mine will not disappear, and I don't max my contributions to my 403b. I do try to increase it every year and I may be maxing it in a few years.

[midwestmama]

The cc bill from our trip wasn't as bad as I was expecting.  ETA:  We generally stayed within budget, and will pull what we had set aside from our bonuses, so no real cash-flow impact.

chpmnk1015 , same about Mega Millions. I'd be happy with million. After taxes, we'd pay off the mortgage, DH's truck, make a nice deposit to each of the kids' 529s, put some in savings, and plan a couple nice trips.

ETA:  We won $2 from MM, so sadly we will have to continue working.  (Though we are going to try again since no one won the jackpot.)

[bee20]

ohgillian, check to make sure that pension is inflation adjusted and then multiply it by 25, that's about what it's worth in retirement savings at retirement. The other easy way to do it is estimate your expenses and then just subtract your pension. What's left is what you need to cover with savings. (If it's not inflation adjusted then the math gets harder).

I got an E-Bike and am considering it fun exercise but also it's sort of gas savings and was half off. Due to my work schedule and the passport delays I won't be going anywhere for vacation this fall as planned, so I'll enjoy being in town. So far I've used it for groceries and a ride to the lake, saved $5 in gas for a $$$ purchase, lol.

[sadlebred]

I'm on the pension bandwagon, too, but I only have about 6-7 years in the company pension. They discontinued it a long time ago. When we were bought out a few years ago, they kept the buyer's company pension as a benefit. We suspect it will be phased out starting in a year or two. It won't be a huge part of my budget when I retire unless I stay another 10 years or til retirement (looong time away IF they don't do away with it totally). It's nice to know that I'll have it, though. They recently had a lunch n learn call about retirement benefits, and I *finally* understand how they calculate it.

bee20 What ebike did you get?

I'm sure I'll have some W/L/Random within the next few weeks. Usually losses.....

[chpmnk1015]

Aug 1, 2023 8:47:47 GMT -5 chpmnk1015 said:

We spent a ton in july...had to put a large dp down for a trip in Feb that we will be reimbursed for but will have to take money out of savings.

Mega millions is tonight..i dont need a billion, but a million dollar ticket after taxes could pay the mortgage and leave us a nice dp for a lake house...

Aug will be spendy too so looking for a pt job or something

Edited to add..the part time job is in addition to regular job. Wish I could find data entry or something like that because w sports, work travel, etc it's tough.

And dh is away w son again next week for scouts so another week this summer w no money from him. Ugh.

[lessel]

Oh, I just paid off our minivan. We typically like to alternate car payments and only have one at a time... so H is on deck to get the next new car. He's driving a 2013 Santa Fe that's had some issues the past 2ish years. But also right now it seems to be running totally fine so I hate to run out and replace it for no real reason. He's thinking maybe Hybrid CRV or something for his next car.

[bee20]

sadlebred , it's an REI brand cargo bike but is a little lighter than other e-bikes in its price range.  I have some hand numbness issues so I need a more upright style.  I had an old bike I only used camping but am hoping I can continue to use this for errands around town.  Interested in viewpoints from actual bikers!

[janegold]

We own two summer cottages, next door to one another. One was bought by H's parents in the 80s, and we now own it. One we bought last year.

The one we bought is bigger and direct oceanfront, so we've prioritized fixing that one up and renting it out when we don't use it. It's been a cash cow.

The one next door that H's parents bought is tiny and more rustic. We have had friends or family stay there a handful of times in the last few years but its otherwise been empty. There's no mortgage on it and taxes/HOA fees are pretty low, but it feels like a weight to me and I've been lobbying to sell it or get it on a more full time rental schedule. H was digging in his heels for some reason but FINALLY he got it listed on AirBnB a few days ago, and it's been booked like 10x already. I feel so much better about it already!

[wildrice]

This month we have to replace a section on our fence (for real this month! I've been dragging my feet on figuring this out) and get a new roof. Roof should be covered by insurance, but first step I'll need to do is submit the claim. I am hoping to get that going this weekend. Anyway, that's probably at least $3000 worth of stuff for the house that isn't fun or exciting.

We are also going on a mini vacation to the Poconos in 3 weeks so I guess I need to figure out what the plan is for that. Hopefully it will be a cheap trip? We have a rental booked and we're driving, so we just need to budget for food and any activities. I guess we also still have a balance due for the rental, too - we only paid a deposit.

[mlkgls]

W: The entire family has been sick for the last week plus, so I’ve saved on a week’s worth of gas not commuting.
W: This week marks my last ever daycare payment. I’ve felt the pinch this summer, but will continue to get reimbursed the rest of the year because of how the dependent care funds are deposited. If only we didn’t have to pay the last two weeks when we couldn’t use it. Lol. (I did and did not complain about it. It’s a wonderful independent center.)
W: I requested my car insurance be reevaluated and will receive a $150 refund due to the difference in expected vs actual mileage driven. 

L: I ended up buying DS a game this week when I realized he was going to miss his first sleep over and a second, and his last, week of his summer program. It was completely unnecessary, but I felt terrible for him and I’m a sucker. 

ohgillian , my BSA troop is looking for a treasurer and I’ve gotten several pointed looks from friends about it. Insert backing away slowly gif. I love a good spreadsheet and I know I would be able to manage it, but I don’t want to do it. My job is a lot and I just don’t have the bandwidth for it. Hopefully by the time we’re able to go back they will have found someone else. 😬

Edit: I’m going to plead COVID brain as I realize this the randoms rather than the Wins/Losses. Oops. 

[mlkgls]

Actual random…I have no idea where I truly stand with retirement. I’ve met with several of the 401k financial advisors over the years and they always tell me I’m fine and well above what most people have. However, I swear the retirement calculator on their website is “whelp, you really need to SAVE MORE” and it’s been giving me low-level anxiety lately. Realistically, there isn’t room to save more without sacrificing other savings goals so it’s a moot point, but ugh. I hit the 4x by 45, but 6x by 50 isn’t looking good and my savings rate has increased!

[Roc A Bee]

Aug 1, 2023 8:46:09 GMT -5 ohgillian said:

-Anyone else here in a defined benefit pension plan? I know they're rare and I'm lucky to have one, but sometimes I get stressed out by all the "you have to max out your 401k" talk. Our pensions will pay out about 55% of our final income, and we've saved a ton for retirement on top of that, but we aren't maxing and sometimes I feel bad.

I am. I pay into CalPers. My mandatory contribution is 7% and I factor that into my retirement savings so I aim to save 13% in my 403b/Roth. I think I’ll be fine in retirement.

[heygrey]

I have mostly stopped caring about retirement. H and I both have pensions that, with company matches, save 15 and 18% respectively. We put a little bit into an RRSP (Canada's retirement savings plan) every month, but it stresses me out to run calculators and see that we're behind. I'm not even sure what we're calculating for at this point. We will own our house outright before we retire, we don't have to worry about huge medical expenses, we don't plan to travel extensively or live lavishly. We're not being frivolous and irresponsible with our money now, there just isn't more to save. What we have will have to be enough.

[sahara78]

Aug 1, 2023 8:46:09 GMT -5 ohgillian said:

- I just took over being Treasurer for my Girl Scout troop from someone who hates banking and isn't money minded. Given that, she really did a fine job and I'm grateful she did it for 3 years, but OMG the state of the books and the randomness of her spreadsheets.

- I have an HSA at Health Equity, where investment options are limited to a set list of funds. I'm wondering about moving my $ out to something like HSABank where I can invest in whatever, but it's an active HSA so I would have to move the contributions out on a regular basis or at least a few times a year and I don't know if it's worth the hassle. Right now I have everything thrown into a Vanguard 2055 Target Retirement Fund.

- Anyone else here in a defined benefit pension plan? I know they're rare and I'm lucky to have one, but sometimes I get stressed out by all the "you have to max out your 401k" talk. Our pensions will pay out about 55% of our final income, and we've saved a ton for retirement on top of that, but we aren't maxing and sometimes I feel bad.

I also have a Health Equity HSA. Late last year I opened an HSA with Fidelity to have more investment options. I’ve been doing quarterly “partial transfer out” transactions using the HE online portal. Now that I have all the info (Fidelity address required me calling them), it takes less than 5 minutes each time. Hope that helps!

[winemaker06]

Aug 1, 2023 8:46:09 GMT -5 ohgillian said:

- I just took over being Treasurer for my Girl Scout troop from someone who hates banking and isn't money minded. Given that, she really did a fine job and I'm grateful she did it for 3 years, but OMG the state of the books and the randomness of her spreadsheets.

I’m taking over as being PTA Treasurer and similar experience here! I’m learning that everyone does this as a volunteer not necessarily understanding what they’re doing or why. So yea, I have a lot of spreadsheets to rebuild!

[fryjack2]

Aug 3, 2023 9:30:57 GMT -5 janegold said:

We own two summer cottages, next door to one another. One was bought by H's parents in the 80s, and we now own it. One we bought last year.

The one we bought is bigger and direct oceanfront, so we've prioritized fixing that one up and renting it out when we don't use it. It's been a cash cow.

The one next door that H's parents bought is tiny and more rustic. We have had friends or family stay there a handful of times in the last few years but its otherwise been empty. There's no mortgage on it and taxes/HOA fees are pretty low, but it feels like a weight to me and I've been lobbying to sell it or get it on a more full time rental schedule. H was digging in his heels for some reason but FINALLY he got it listed on AirBnB a few days ago, and it's been booked like 10x already. I feel so much better about it already!

Sell the tiny one it to us We will spent the next several years making it cozy and cute and our kids can play together and we can have drinks

[janegold]

Aug 5, 2023 22:04:28 GMT -5 fryjack2 said:

Aug 3, 2023 9:30:57 GMT -5 janegold said:

We own two summer cottages, next door to one another. One was bought by H's parents in the 80s, and we now own it. One we bought last year.

The one we bought is bigger and direct oceanfront, so we've prioritized fixing that one up and renting it out when we don't use it. It's been a cash cow.

The one next door that H's parents bought is tiny and more rustic. We have had friends or family stay there a handful of times in the last few years but its otherwise been empty. There's no mortgage on it and taxes/HOA fees are pretty low, but it feels like a weight to me and I've been lobbying to sell it or get it on a more full time rental schedule. H was digging in his heels for some reason but FINALLY he got it listed on AirBnB a few days ago, and it's been booked like 10x already. I feel so much better about it already!

Sell the tiny one it to us We will spent the next several years making it cozy and cute and our kids can play together and we can have drinks

Sounds perfect!  But trust me, it's too tiny for you guys. It's perfect for a family of 2 or 3, or a family of 4 for a weeklong rental.  But you guys would go crazy after more than a week there - it's why we bought the other one!