Rules of financing / planning for retirement
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Thread created 10-24-2012 by Altron1000
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Max HSA / FSA, if available?
Rules of financing / planning for retirement
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Thread created 10-24-2012 by Altron1000
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23 Replies
2,135 Views
become a banker
Rules of financing / planning for retirement
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Thread created 10-24-2012 by Altron1000
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Ooops, that should only read max HSA. You're right, FSA money goes away at the end of the year, but HSA money doesn't.
Rules of financing / planning for retirement
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Thread created 10-24-2012 by Altron1000
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Does HSA disappear if you leave or are discharged from a company?
Rules of financing / planning for retirement
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Thread created 10-24-2012 by Altron1000
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No. It's a bank account, but you can only make deposits if you meet the qualifications (basically, if you have a high deductible health plan). You can withdraw at any time, and can continue to do so...
Rules of financing / planning for retirement
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Thread created 10-24-2012 by Altron1000
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Ah yes. I understand the effective tax rate. I was referring to calculating the "effective" rate on your student loan. Perhaps I should give a simplified scenario:
Suppose your effective tax...
Rules of financing / planning for retirement
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Thread created 10-24-2012 by Altron1000
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Yes.
But really, if you're putting this much effort in to it, you're gonna be winning like crazy no matter the decision you make here.
Rules of financing / planning for retirement
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Thread created 10-24-2012 by Altron1000
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? What's wrong with putting a small amount of effort into understanding a solid strategy for student loan repayment with disposable income?
Rules of financing / planning for retirement
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Thread created 10-24-2012 by Altron1000
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Eh, if you're single, then you probably don't have anyone that depends on your income, so life insurance isn't important. The only thing you'd be doing is probably locking in a lower rate, but you...
Rules of financing / planning for retirement
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Thread created 10-24-2012 by Altron1000
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Thanks Serus. I am currently single and have a decent job. I live frugally and was able to save a lot each year.
You are correct, when i said debt, i mean bad debt. Finished all the student...
Rules of financing / planning for retirement
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Thread created 10-24-2012 by Altron1000
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I remember back in the days, there is a rule in slickdeals finance forum which goes something like this.
0) Pay off all debt
1) Match company 401k
2) Max IRA (roth)
3) Max 401k
4) HoB
Is...
Rules of financing / planning for retirement
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Thread created 10-24-2012 by Altron1000
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Good advice. Is there an easy way to calculate (based on your AGI) what your student loan interest rate would effectively be after tax deductions? For example, if one has a $5000 balance on a...
Rules of financing / planning for retirement
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Thread created 10-24-2012 by Altron1000
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No life insurance needed since you're single, unless someone else is dependent on your income. As stated, disability insurance may be beneficial, but it depends on your career and your employer may...
Rules of financing / planning for retirement
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Thread created 10-24-2012 by Altron1000
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your tax bracket= percentage off
Rules of financing / planning for retirement
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Thread created 10-24-2012 by Altron1000
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I hadn't thought of that, nor had I considered state taxes.
Could you provide an example with round numbers?
Rules of financing / planning for retirement
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Thread created 10-24-2012 by Altron1000
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I'm in a pretty high tax bracket, but my effective rate is about 14 percent.
Depending on your situation, yours may be a lot lower than your marginal rate (kids, mortgage, etc).
Rules of financing / planning for retirement
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Thread created 10-24-2012 by Altron1000
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Haha! I did think you wrote whining
Thanks again
Rules of financing / planning for retirement
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Thread created 10-24-2012 by Altron1000
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?
If you subtract 15/25% from your student loan rate you'll be in the negatives.
Are you referring to taking the tax bracket percentage OF the student loan rate? For example, if AGI lies in...
Rules of financing / planning for retirement
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Thread created 10-24-2012 by Altron1000
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You can access 401k funds without penalty using 72(t) withdrawals or converting chunks of it to a Roth IRA and waiting 5 years.
Rules of financing / planning for retirement
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Thread created 10-24-2012 by Altron1000
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You should base it on your effective tax rate, rather than the marginal rate, for a proper comparison.
Rules of financing / planning for retirement
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Thread created 10-24-2012 by Altron1000
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And I meant to type winning.
Looks like you thought I meant whining.
Rules of financing / planning for retirement
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Thread created 10-24-2012 by Altron1000
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I'm certainly not being critical.
I was applauding your effort.
Rules of financing / planning for retirement
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Thread created 10-24-2012 by Altron1000
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Nooo don't max HSA/FSA if you aren't going to spend the money within the year, otherwise it's gone. Only put in what you know you can spend.
As for OP, does pay off all debt include mortgage?...
Rules of financing / planning for retirement
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Thread created 10-24-2012 by Altron1000
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Think of it more as a medical 401k, except you aren't taxed if the money is used for qualifying medical expenses. You can also invest the money in the HSA in funds.
