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Old 02-05-2018, 11:57 AM
 
71,898 posts, read 71,971,035 times
Reputation: 49447

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Quote:
Originally Posted by eliza61nyc View Post
Hey Gunluvver, where are all the "wild" men. I want them. it's always the wild women. DISCRIMINATION. I want my fair share of wild men.

ignore me, the Eagles won the super bowl. I'm sleep deprived
wild men ? at this age getting lucky is when they leave you alone ha ha ha .

the only reason i would want 2 women today is so they have someone to talk to while i nap
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Old 02-05-2018, 11:59 AM
 
1,838 posts, read 794,961 times
Reputation: 3385
Quote:
Originally Posted by blktoptrvl View Post
If you reach the age of mandatory withdrawals (70?) from your IRA and Roth, you you don't actually need that money because you are just living on saving accounts, what do you do with that cash?

Do you just shift to a regular savings accounts, or is there some other kind of sheltered account you can send it to? Or is this when you starting giving a lot of money away?
There is no minimum withdrawal from a Roth if you are living. It is only after dying that your heirs would be subject to minimum withdrawal. IRA rules forbid you putting your RMD into another tax advantaged retirement account but I don't know how it applies to something like tax free bonds. If you aren't at the age yet for mandatory withdrawals and your income is fairly low you might start converting some of your IRA over to ROTH accounts. If you are at the age, while you can't convert your RMD to a roth you can take out more than the RMD and convert the difference. You still pay taxes on the total amount but if you have little income and no need for the money just yet it may be worth it. You might talk with a money planner or your tax accountant. This Q&A article is good https://www.marketwatch.com/story/ca...oth-2014-02-14

Last edited by NorthofHere; 02-05-2018 at 12:10 PM..
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Old 02-05-2018, 03:51 PM
 
Location: Nebraska
4,235 posts, read 7,276,358 times
Reputation: 6705
Quote:
Originally Posted by eliza61nyc View Post
Hey Gunluvver, where are all the "wild" men. I want them. it's always the wild women. DISCRIMINATION. I want my fair share of wild men.

ignore me, the Eagles won the super bowl. I'm sleep deprived
A few generations back Horace Greeley(?) told his generation "Go West young Man, go west". They did and there has been a shortage of "real" Men in NYC ever since.

Leave NYC ASAP and don't slow down until you cross the Missouri River. I watched the highlights of the Super Bowl. Congrats to the Eagles. They beat a really great team.
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Old 02-05-2018, 07:56 PM
 
4,649 posts, read 6,493,188 times
Reputation: 5395
Put some in a life insurance policy. Make a charity the beneficiary and blow the money on life.
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Old 02-05-2018, 08:55 PM
 
3 posts, read 1,396 times
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TO: DOTHETWIST
" I see poverty that I can do something about. Not send something off in an envelope or via PayPal and wonder what it goes for. "
Obviously I don't know you but to me you are thoughtful, mindful of other's needs and generous.
I am in the boat of retirees who don't have enough money to just give it away randomly. First is my family including money towards our Grandson's future education. We have given money to my daughter for this purpose since he was born eight years ago. We feel it is a good investment and we help my daughters when in need with money and other ways~but they DO NOT expect it and when really needed they do all they can before timidly requesting a loan. (Has only happened once) As for charities it is hard to know who really is doing good with donations. I was giving to environmental charities and for children charities for years. But it seemed that I got requests to contribute as I did last year from organizations I had not given before~I felt that I really did not feel comfortable so this year for Christmas we gave my daughter and her husband a Thank You from Heifer for the purchase of an Alpaca which my daughter has thought of farming before she got married. Heifer trains the recipients in how to take care of them, breed them and share with others in their villages. Because the honey bees are being depleted I gave my other daughter the bees, hives and containers and again they are taught how to care for them. We gave our Grandson 'A Basket of Hope' with chicks and rabbits. It is good nutrition and income for the family and their village. My youngest daughter who is the single mother of our Grandson said she had gotten their pamphlet and wants to do that next year. None of us are rich or even wealthy but we know the world is full of so many in need. I volunteer at a Thrift Store and the things they were throwing away I said to bag up and I take them to various missions in the city nearby where many are homeless and in great need. One place is a home for runaways~ ages 7 to 18. I can't imagine the life of a 7 yr old that would push them to runaway. It breaks my heart. I don't understand why these people, who have more money than I do, don't understand why a warm coat with a stain on it wouldn't keep someone poor warm in this cold, where shoes out of fashion will help people who are barefoot and so on. I count my blessings that I am not in such need. Helping people and seeing the good it does can't be beat. I applaud what you do and hope you are able to continue for a long time. I imagine you giving them lots of love as well. Bless you.
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Old 02-05-2018, 09:14 PM
Status: "Is that all there is?" (set 26 days ago)
 
Location: Southeastern Pennsylvania
996 posts, read 865,714 times
Reputation: 2298
If this has already been mentioned, sorry for the repetition. But maybe it bears repeating.

You can make a direct contribution to a charity using funds from your RMD, and it saves you the income taxes that would otherwise be due on that part of the RMD. The tax savings depend on the amount you contribute and your tax bracket.

https://www.vanguardcharitable.org/n...ritable-giving

We did it in 2017, our first year when both of us had RMDs. Vanguard makes it very easy. They issue a check made out to the charity, and they send it to you. You write the cover letter and send it to the charity. The charity sends you an acknowledgement.
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Old 02-05-2018, 11:31 PM
 
335 posts, read 132,741 times
Reputation: 910
Quote:
Originally Posted by mathjak107 View Post
just because you are aware of different causes does not mean you just want to hand them dollar bills so getting an education on more efficient ways of giving can be helpful .

there are ways of giving that are better than other ways .

just because he has money to donate does not mean HE knows exactly where HE wants to donate it yet , but HE may want that deduction now .

perhaps HE wants to donate a sizable sum and not drips and drabs yet get HIS yearly tax deduction .

fidelity investments has charitable gift accounts you can set up that can do all of the above .

some charitable trusts will even pay you an income for your donation and allow you to take the deduction .

https://www.fidelity.com/growing-man...ritable-giving
I thought your choice of pronouns was interesting. I didn't see where OP states the we speaking was a he....
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Old 02-06-2018, 02:07 AM
 
71,898 posts, read 71,971,035 times
Reputation: 49447
by the same token didn't see where they were a she
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Old 02-06-2018, 03:01 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,689 posts, read 40,062,283 times
Reputation: 23833
Quote:
Originally Posted by Pocopsonite View Post
If this has already been mentioned, sorry for the repetition. But maybe it bears repeating.

You can make a direct contribution to a charity using funds from your RMD, and it saves you the income taxes that would otherwise be due on that part of the RMD. The tax savings depend on the amount you contribute and your tax bracket.

https://www.vanguardcharitable.org/n...ritable-giving

We did it in 2017, our first year when both of us had RMDs. Vanguard makes it very easy. They issue a check made out to the charity, and they send it to you. You write the cover letter and send it to the charity. The charity sends you an acknowledgement.
pay CAREFUL attention to points made: (ONLY SDRF) (Disaster Relief) is allowed if donations are passed through VC.
Alternatively...
1) prior planning could have availed a DAF contribution (Donor Advised Fund). (Pre RMD)
2) DIRECT contribution to 501(c)(3) public charity. (RMD is Not allowed to pass through VC (Vanguard Charitable / or equivalent, UNLESS directed to SDRF)
What are some charitable giving options for RMDs?
  • You can still donate your RMD to Vanguard Charitable. You will have to pay income taxes on the distribution, but the subsequent charitable contribution tax deduction may help offset these costs.
  • You can donate your RMD to Vanguard Charitable’s Sustainable Disaster-Relief Fund (SDRF), which supports communities recovering from natural disasters. The SDRF is a field-of-interest fund (targeted for a specific need), not a donor-advised fund. As a result, it is eligible to receive QCDs. But because the SDRF is not donor-advised, you will not have discretion over grants from this fund.
  • You can donate your RMD directly to a qualified 501(c)(3) public charity. As long as the charity qualifies, this distribution can be made tax-free.

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Old 02-06-2018, 07:29 PM
 
Location: Columbia SC
9,018 posts, read 7,778,187 times
Reputation: 12267
Quote:
Originally Posted by Pocopsonite View Post
If this has already been mentioned, sorry for the repetition. But maybe it bears repeating.

You can make a direct contribution to a charity using funds from your RMD, and it saves you the income taxes that would otherwise be due on that part of the RMD. The tax savings depend on the amount you contribute and your tax bracket.

https://www.vanguardcharitable.org/n...ritable-giving

We did it in 2017, our first year when both of us had RMDs. Vanguard makes it very easy. They issue a check made out to the charity, and they send it to you. You write the cover letter and send it to the charity. The charity sends you an acknowledgement.
Sorry but no mater the tax bite, I am going to "gift" it to me and spend it on me..me..me...not some charity.

I operate the "I Lost Money Playing Golf Today Charity". While not tax deductible, feel free to donate.
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