My Settings
Guidelines
Help
Forums
- AARP Online Community
- Games
- Games Talk
- SongTheme
- Games Tips
- Leave a Game Tip
- Ask for a Game Tip
- AARP Rewards
- AARP Rewards Connect
- Earn Activities
- Redemption
- General
- AARP Rewards Tips
- Ask for a Rewards Tip
- Leave a Rewards Tip
- Caregiving
- Caregiving
- Grief & Loss
- Caregiving Tips
- Ask for a Caregiving Tip
- Leave a Caregiving Tip
- AARP Help
- Membership
- Benefits & Discounts
- General Help
- Entertainment Forums
- Rock N' Roll
- Let's Play Bingo!
- Leisure & Lifestyle
- Entertainment Archive
- Health Forums
- Brain Health
- Conditions & Treatments
- Healthy Living
- Medicare & Insurance
- Health Tips
- Ask for a Health Tip
- Leave a Health Tip
- Home & Family Forums
- Friends & Family
- Introduce Yourself
- Housing
- Late Life Divorce
- Our Front Porch
- Home & Family Archive
- Money Forums
- Budget & Savings
- Scams & Fraud
- Retirement Forum
- Retirement
- Social Security
- Retirement Archive
- Technology Forums
- Computer Questions & Tips
- About Our Community
- Travel Forums
- Destinations
- Work & Jobs
- Work & Jobs
- AARP Online Community
- About MichaelD180397
About MichaelD180397
Periodic Contributor
Contact Me
| Online Status |
Offline
|
| Last Visited |
01-10-2023
02:00 PM
|
You Make The Community Strong
The ACE badge is awarded to Online Community members who have been recognized by peers for their high value contributions.
Learn More
The Online Community ACE program enables you to be recognized by your peers for consistent, high value contributions to the Community.
Are you ready to become an ACE? Here's how:
- Upload Your Profile Picture
- Fill Out the "Tell us about yourself" Section
- Share Your "Areas of knowledge"
- Receive 25 Kudos (excluding Politics, Current Events forum) during rolling six month period
- Be In Good Standing Without Community Violations For At Least 30 Days
Understand the Limits of Advice on this Site
The content shared in this community is for informational purposes only. Nothing on this site should ever replace or substitute advice from professionals, particularly in licensed or certified fields such as medicine, pharmacology, law, tax, insurance, real estate, among others. Contributors to this community do not know your unique circumstances and are providing general knowledge only.
All Activity
- POSTS
- KUDOS
- SOLUTIONS
- TAGS
Thanks everyone for joining in on this discussion. You all made excellent points and helped me decide on our best approach. In the end I think that @Tonster521 has a complete analysis of the problem and the solution. I was nearly at the same point...
0
Replies
0
Kudos
2760
Views
@Tonster521 I think you've nailed it. Taxes and interest payments had me going back and forth to the spreadsheet formulas a few times but I had neglected both the amortization and the lost gains from the 401k. FWIW the HELOC is adjustable, but at pr...
0
Replies
0
Kudos
2767
Views
@GailL1 - Well done. I had completely forgotten about the medicare income thresholds. A $100,000 withdrawal from the 401lk, would still have us below the $176,000 threshold where the increase kicks in from $148.50 to $207.90. Alas, we've already ...
0
Replies
0
Kudos
2585
Views
Excellent points @fffred . I'm afraid there is no escaping the 22% trap but I'm building my spreadsheet now trying to determine the real difference in cost between the taxes paid vs the interest on the loan. Your suggestion to parcel out the distribu...
1
Reply
0
Kudos
2594
Views
Hi Gail - Thanks for that. I think you've summed up our thoughts on the HELOC vs 401K distribution and the taxes that go along with that. I should have mentioned that we do still owe some on the mortgage, about 25% of the current value. I'm still ...
1
Reply
1
Kudo
2927
Views
Thanks everyone for joining in on this discussion. You all made excellent points and helped me decide on our best approach. In the end I think that @Tonster521 has a complete analysis of the problem and the solution. I was nearly at the same point...
0
Replies
0
Kudos
2760
Views
@Tonster521 I think you've nailed it. Taxes and interest payments had me going back and forth to the spreadsheet formulas a few times but I had neglected both the amortization and the lost gains from the 401k. FWIW the HELOC is adjustable, but at pr...
0
Replies
0
Kudos
2767
Views
@GailL1 - Well done. I had completely forgotten about the medicare income thresholds. A $100,000 withdrawal from the 401lk, would still have us below the $176,000 threshold where the increase kicks in from $148.50 to $207.90. Alas, we've already ...
0
Replies
0
Kudos
2585
Views
Excellent points @fffred . I'm afraid there is no escaping the 22% trap but I'm building my spreadsheet now trying to determine the real difference in cost between the taxes paid vs the interest on the loan. Your suggestion to parcel out the distribu...
1
Reply
0
Kudos
2594
Views
Hi Gail - Thanks for that. I think you've summed up our thoughts on the HELOC vs 401K distribution and the taxes that go along with that. I should have mentioned that we do still owe some on the mortgage, about 25% of the current value. I'm still ...
1
Reply
1
Kudo
2927
Views
Thanks everyone for joining in on this discussion. You all made excellent points and helped me decide on our best approach. In the end I think that @Tonster521 has a complete analysis of the problem and the solution. I was nearly at the same point...
0
Replies
0
Kudos
2760
Views
@Tonster521 I think you've nailed it. Taxes and interest payments had me going back and forth to the spreadsheet formulas a few times but I had neglected both the amortization and the lost gains from the 401k. FWIW the HELOC is adjustable, but at pr...
0
Replies
0
Kudos
2767
Views
@GailL1 - Well done. I had completely forgotten about the medicare income thresholds. A $100,000 withdrawal from the 401lk, would still have us below the $176,000 threshold where the increase kicks in from $148.50 to $207.90. Alas, we've already ...
0
Replies
0
Kudos
2585
Views
Excellent points @fffred . I'm afraid there is no escaping the 22% trap but I'm building my spreadsheet now trying to determine the real difference in cost between the taxes paid vs the interest on the loan. Your suggestion to parcel out the distribu...
1
Reply
0
Kudos
2594
Views
Hi Gail - Thanks for that. I think you've summed up our thoughts on the HELOC vs 401K distribution and the taxes that go along with that. I should have mentioned that we do still owe some on the mortgage, about 25% of the current value. I'm still ...
1
Reply
1
Kudo
2927
Views
Public Statistics
| Date Registered | 02-03-2021 03:55 PM |
| Last Visited | 01-10-2023 02:00 PM |
| Total Messages Posted | 7 |
| Total Kudos Received | 2 |