Posts made by Burgerwars

Earlier this year I started treatment for a dental implant. I had to have a lower tooth pulled for an uncommon condition called internal resorbtion. After what my puny Aetna benefit pays, my out of pocket for this is about $3,000. I don’t contribute anywhere near that to a HSA. I just charged it to my airlines miles card. I might as well get some points from this. Just put your co-pay on the best points or cash back card you have and move on. Pay in full ASAP to avoid finance charges. You won’t be making money from dental work.

I’m glad you figured it out, but here’s my reasoning:

Let’s say one is not working at 67. They can collect $1,000 a month in SS now, or collect $1,250 a month if they wait until 70 (I’m just rough estimating for the sake of making an example). If they start now, they’ll collect $36,000 for those three years that they can save and/or pay expenses. If they wait until 70 to collect $1,250 a month, if my math is right, it will take 144 months for them to break even (collect the $36,000 of benefits they delayed). That’s 12 years. The 70 year old would have to wait until they’re 82 to break even. This is why I wouldn’t delay collecting if I was in the same position.

Are you still working? If not, I don’t know why you don’t start collecting your SS now. The higher benefit is an actuary adjustment. Chances are it won’t mean more money over the long term. If you don’t need the money now, put those three years of payments in a savings account. It can add up.

I agree do not rent a car, unless you have a specific need for it. In London, the streets will be confusing, they drive on the left (more confusing) and you’ll have a hell of a time parking it. The metro goes everywhere a tourist would want to go. Use that.

If you don’t use a tour company, look at sites like Viator, and plan some day trips from cities you’ll be at.

10 days in the UK you can cover a lot. I suggest splitting half the time around London, and the other half in Scotland, staying in Edinburgh. You can either travel by train between the two cities, or take a plane (about an hour flight). There’s much to do in both areas, but I like London better. Also, you might consider half your trip in London, and the other half in Paris, taking the Eurostar (chunnel train) between the two cities. Arrive from the U.S. in one city and leave back to the U.S. from the other. Between London and Paris, I still like London better.

That’s my two cents. I’ve been overseas 21 times since 2008, and over half of that in Europe. Not once have a considered a car.

Don’t get wound up with trying to save a bit on exchange rates. It’s not worth it. It won’t make any difference in your life. Just enjoy your trip.

Sometimes when clicking at forums it’s just a white page with a donut spinning in the lower right corner. It doesn’t happen all the time, but enough. I need to come back later. It happens both on IE and my Android browser.

@gwraigty said in 401K Contributions Limit Increases for 2018...But...:

@skh12 said in 401K Contributions Limit Increases for 2018...But...:

this should have ZERO impact, on your personal responsibility for your own savings and planning for your future.

Agree. I’ve never understood people who say that because their company doesn’t offer a 401K, that they can’t save for retirement. IRAs and any other savings vehicle are available. It’s just that not all of them are tax-advantaged.

But that isn’t really the point here.

It’s the way people are. I’m a believer in traditional pensions, but that isn’t going to happen for almost all of us.

Using myself as an example, my first job at 18 was working at Taco Bell. No 401k there at the time. The last thing on my mind was to contribute to my own IRA from my poverty wages at the time, so I didn’t. At least with a 401k, your contribution is taken out of your pay. To withdraw money early there are penalties and paperwork. This structure is needed, otherwise many will blow this money on beer and hookers rather than save for retirement that may be decades away.

@ma-barker Correction for Go Bank. If you had the card before they started the monthly fee, you still have no monthly fee. New customers have a monthly fee unless they meet transaction requirements.

@tjtv I’ve also looked at this as the ultimate bargain for an employer. Instead of all the costs in providing traditional pensions, just add 5% to employee salaries for 401k matches, with no other costs or liabilities.

In adding, many of these prepaid cards start out free, but after a period of time the issuers change their terms and add fees. Two that come to mind are Go Bank and BBVA Clearspend. Now they’re only free if you meet a transaction/direct deposit requirement. I’m guessing the issuers plan this all along or start to go bonkers after they see tons of inactive accounts with small balances.

Putting $2,400 into retirement savings a year isn’t much, especially considering traditional pensions are basically non-existent. I don’t think such a draconian change will be made, but who knows. Our crooked politicians are probably thinking of doing this, as many retirement savers don’t think things out. If people are averaging $10,000 a year in contributions now, and all of a sudden can only contribute $2,400, their paychecks will go up $7,600 a year (minus taxes). Many people will think they’re flush with new money, and start blowing it on junk they don’t need, instead of saving it for retirement elsewhere.