Back to retirement thinking! I just filed for Social Security after looking at the open source social security calculator. It actually recommended I file at 62, DH at 70….but I’m too old for that, so filing at 64. Scary to commit like this!
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We still pay for our kids cellphone lines, they are $10 per month, unlimited data, phone and text. It’s a great deal. We also have added my Mom at $10 per month. In fact, we still have my dad’s phone on there, and he’s been dead for two years. Probably time to take him off.
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I think we pay a bit more than $10/phone for the boys (what plans offer that, @busdriver11 ??), but we do get the 4 line discount by keeping them on and we get the military discount. They might be able to get a very inexpensive plan through their company, but (a) we don’t mind paying it an (b) its a longtime standing joke that we do, and how much data younger s uses. We have offered to put their wives on our plan, but they declined.
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The kids are still on our plan, but they pay us for it twice a year. Let’s them have cell service for cheap but we aren’t paying for it.
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Wait what?
typo. we offered to put our daughter in laws on our cellphone plans, but they declined.
So to clarify, they (our s’s) have been on our cellphone plan since before they were married, and their now spouses already had their own plans. We find it our pleasure to help our sons (and DILs).
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We were more than happy to keep our kids on cellphone plans, let them continue to pay us back monthly (or however). But for better or worse we raised kids eager to be on their own, not worry about data usage (we don’t do unlimited).
We are happy to pay the cellphone bill. They know if we wanted to make a change they would take over their own cellphone bills. We don’t ask them to reimburse us. We just don’t care. Our kids are launched and on their own. We have joked/teased about younger s’s data usage (we all have unlimited) but it’s all in jest. It matters not. If we wanted them to reimburse us, they would. We don’t need it and don’t care. It’s our pleasure.
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Unlimited data changed all our lives. Without it, I know ds2 would not be on our plan as he was the data hog when data was limited and he frustrated all of us.
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Just find it odd that your married sons are on your cellphone plan with you paying the bill while their wives are on their plans ( maybe paid by their parents 
)
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My D was on our plan when she got married and her husband on another. Eventually, they both got on a plan from a different provider. I don’t think it was weird. It was just circumstance.
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Might I “suggest” that users start a new thread if they want to discuss cell phone plans
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Slightly off topic, but when a child loses a parent in middle school and receives SS does that “hurt” them when it comes to financial aid (for college)? One the one hand, the household only has one income, the surviving parent. On the other, they have been receiving SS for 6 years (likely $70K over the last 6 years).
Untaxed SS is not reported on FAFSA. Profile is another story - not sure. I kind of think no, but not certain.
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Did you mean to reply to @kelsmom? I have no idea how to answer your question.
Question on 401k retirement plans -
My current employer (where I am working for 1 year) has Fidelity. I didn’t rollover funds from previous employer where it was Vanguard. Now, they are moving to AON. And, I have a personal advisor who works for Empower. So, my options are:
- let funds move from Vanguard to Aon
- rollover funds to fidelity
- rollover funds to Empower
- rollover funds to Vanguard IRA
Within AON, they offer state street funds and also self directed brokerage accounts. Obviously, Fidelity offers tons of funds. I am around 5 years of retirement. So, I would be looking for 60/40 portfolio.
How does three companies (Fidelity, Aon, Empower, Vanguard) compare in terms of cost, service etc.
Thanks in advance
Many years ago, my 401k from a previous employer got “lost” when the employer switched financial companies. Basically I didn’t get letter informing me of the switch. Later, I just rolled it over into an IRA.
As for companies, I like Vanguard better as their fees are among the lowest and I have found the website more navigable than for example Fidelity.
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We use Fidelity. Most, if not all of our retirement money is in a Roth. We converted back when it was unlimited – 2010 I think. Our friends thought we were crazy because it was a high earning year. Ouch on the tax hit that year. Anyway, it was a great decision in retrospect.
But my point is the important thing is to consolidate all your accounts in one place. If not for yourself, for your estate’s executor. We self manage and don’t pay any fees. Fidelity provides a financial consultant who we conference call with quarterly. Our kids also use Fidelity and have access to our “Private Client Group” whatever that means.
I find the Fidelity website easy to negotiate and link to other accounts (such as our USAA checking).
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DH’s employer 401k went through a couple of places - Dreyfus, Principal, and now Empower. We manage that ourselves and are in 3 fund groups there, and previously 4 fund groups. Currently in 2 large cap growth fund (57% and 9%), and a Small Cap Fund group (34%). The largest fund has the best 10 year returns, and the lowest is 11.17% 10 year return. Every time we do withdraw funds (for example moving some funds into Roth IRA every year to balance out when we do need to start taking RMDs and shifting in our low tax years) Empower asks if we would like to have a financial advisor there - and it is good they do ask, as there are people who may benefit from advising on what may be their total retirement nest egg.
We balance off our risk with our 401k funds by spinning out 401k funds into annuities when the 401k gets too large - which we have purchased annuities (recommended and screened by Financial Advisor) attractive to add to our portfolio. This same financial advisor is monitoring and taking actions with our consolidated Roth IRA accounts. The annuities and Roth IRA accounts in addition to DH’s 401k have our consolidated risk level be comfortable for us. We do not have any pensions, so the annuity cash flow is sort of in place of that. The Roth IRAs are now in Fidelity, so I can see it all with our own personal Fidelity investment account.
If you are happy with your personal advisor you have with Empower, the decision you need to make is do you need and want to have other investment funds also managed by this Empower advisor? Can see what the fees would be, and if your return is good with the automated portfolio selection you indicated (60/40) - or if that is managed by your Empower advisor.
You need to understand the fee structure, and perhaps you may be like us, where we can manage some of the funds - in our case it is DH’s 401k - and the general fees are covered by his employer as a retiree (we only pay a nominal fee with funds out - like $50 administrative fee). If I become a surviving spouse, I can continue to have the 401k be in this employer plan/their payment of general fees.
When DH’s 401k went from Dreyfus to Prudential and now to Empower, I got familiar with the investment choices (if there were any changes), and how to handle things with customer service and also doing changes electronically.
Since FA uses Fidelity, our personal stock account is with Fidelity.
Having things organized is helpful - and as another said, be as simple as possible so you can review easily.
When we got with our FA years ago, we worked over time to get things consolidated - we had several types of funds, IRA, SAR/SEP, etc. When things get done gradually pre-retirement, one gains understanding of all the pieces as well as seeing whatever swings the markets have on your portfolio.
Now we monthly generate our financial position - which uses FA’s software (DH pulls it up and prints it out for me). I don’t remember if the Empower 401k amount is linked on the software or if DH has to just plug in the amount.
Our personal stock account - I have not made changes except when wanting to pull out or add funds. Then I also look at the investment choices our FA has for our Roth IRAs, as it is all on Fidelity.